Financial Planning Case Study: Shikhar, 24
Shikhar is a 24 year old young guy who has just completed his studies and has recently entered the corporate world. He lives with his parents, thus has no rent expense, his education was funded by his parents, so no loans to worry about. He takes care of his own expenses and also helps out a little with the household expenses. A typical urban Indian youngster but with a crucial difference. Shikhar knows the importance of saving early for a better future, thanks to him being a finance graduate.
He has a few plans for the future. He wants to start saving for his wedding though he does not plan to get married for another 4–5 years. His wedding budget is about 10 lacs. Before that he wants to buy a decent car. He wishes to buy a house in the next 10–11 years. He believes that a decent house today can be bought in around 50 lacs. Obviously saving for his retirement is an important goal, something he has learnt from his parents.
He knows there are many free tools available online that will help him plan for the future. A quick search leads him to the MoneyWorks4me’s Financial Planning Tool, which he finds allows him to plan for all his goals and also make changes with ease. After watching a short demo video, he fills up his details, eager to find out what his plan would look like.
Here’s a snapshot of his financial plan:
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