Mukund Mohan (@mukund) is a serial entrepreneur. He has written many inspiring articles and well known for his leadership in start-up world:)
What is life planning?
Life planning is an infinite amount of events and adjustments to have a better life for you and your family.
No one life is perfect, and it goes through different ups and downs. Keeping a balanced life in ups and downs is the key.
They say, every three months you evaluate and take stock of balance score card
Why analyze Income and expenses?
In order take care of needs, which will have arisen due to unforeseen events. You would need to forecast from the beginning and plan for the same. This planning is mostly on income and expenditure.
- For employee – Salary components ( which is variable amount, since you can work)
- For employer – Profits or fixed income (if any)
- Returns for other investment
- Returns from property, infrastructure or other means
- Available money in shares, Mutual funds or other instruments
- Fixed deposits
- Loans are given to others (if they return)
- Existing bonds, gold and other ornamenents
- Fixed and/Or Variable Bonus, if applicable (Yearly, Monthly, Quarterly)
- Any other goods, which are not listed above
- Current expenses
- Education, Loans
- Self and dependent expenses
- Monthly/Yearly/Quarterly installments loan/Car/Home and any others
- Salaries to the employees (Driver, Maid, assistants)
- Health, Car, Medical, Personal insurance
- For Employer – employee salaries
Hope this helps