The process through which your life goals are met by efficient management of your finances is called financial planning. Good financial planning helps you make provisions for expected and unexpected financial needs that might arise in the future.
When you diversify your investments, the probability of seizing long-term investment opportunities increases. At the same time it helps you minimize the concentration of risks, along with decreasing the opportunity of being overly exposed to any particular short term investment.
A quick budgeting for your present finances is a great way to start determining the amount you should invest. Make a note of your expenses and subtract them from your income. If your saving is smaller than you wish it to be, cut back on your expenses. This can be the base for calculating how much you should invest.
The answer to this question is different for every family or person. We, at Sri Chakra, help you set your goals and ideals for retirement depending on where you want to live, travel, health, etc. Usually, it is a percentage of your current income, which can be set once we understand your goals.
A trusted financial advisor will help you navigate through the financial world successfully and is very important while planning for the future. First thing to do is assess your financial situation and knowledge of the market, and understand what kind of advisor you need. Talk to people and take references for a good financial advisor. Also, look for accreditations and professional qualifications for the advisor.