Every different expert will interpret the term ‘investment planning’ differently. Here, ‘investment planning’ does not mean the strategy for the investment portfolio, but rather “the process of planning to engage in investing”. Putting your money anywhere other than savings account and under the pillow IS investment planning. If you it is your objective to start growing your money, you should do it AS SOON AS POSSIBLE!
Results of studies have shown that by thinking and planning, your financial situation will be greatly improved in the long run. Investment planning begins when you start thinking about your current situation and where you want to be at different stages in the future. This is done by considering assets and liabilities, current and expected income level and risks of different life stage; followed by laying down your financial goals and concerns. Here is a guide for the thought process.
What are you investing for?
How much is the target amount?
How long is the time frame?
Is there a requirement to withdraw whole or part of the sum?
Where are you going to get the information and learn about risk, market cycles, etc?