Financial Planning-Basics Steps To Getting Started

Financial planning comprises of two main elements -The financial strategy (or plan), and the investment strategy. The financial strategy looks at wealth creation, debt management and retirement planning, while the investment strategy examines asset allocation and investment selection.Regardless of the scope of the Financial Plan the process includes six basic steps. These are illustrated below.1. Gather all the factsYou need to put together an accurate picture of your financial situation including the assessment of your investment and risk profile, which can range from conservative to aggressive. Work out your monthly cash flow.2....

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Turbocharged Financial Planning

Financial planning is an ongoing process individuals and businesses should implement by organizing all aspects of their finances. This will assist in identifying financial goals, providing a comprehensive written Financial Plan, and implementing the plan in accordance with the objectives that are most important to you.Comprehensive financial planning should involve these areas and these specific questions.ESTATE PLANNING*How can you accumulate a sizable estate to pass on as a family legacy?*How will your hard-earned assets be distributed after your death?*How can you minimize federal estate taxes and state inheritance taxes?*How can...

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Investing Without Financial Plan and Goals

In times of plenty, we seek safe haven for surplus cash that will generate passive income for the future. In times of need, some of us take desperate steps to increase our money supply to meet the demands of the day. Both actions necessitate investment decisions, decisions that many of us are oftentimes not qualified nor experienced to make wisely without help. Thus, begs the need to know the answers to the four "wives" (why, when, where, who) and one "husband" (how) questions with respect to investing and financial planning. This article will discuss the two most important pre-requisites to making wise investments.As a licenced...

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The 3 Concerns of a Financial Plan

Step by step planning towards achieving financial goals forms the very essence of creating an efficient and effective financial plan. Defining a brief outline for a financial plan requires addressing certain concerns like Achieving flexibility, liquidity and tax minimization Achieving Flexibility. Developing or creating a financial plan requires deep understanding of your personal and financial goals. Financial goals are situation specific and may vary individual to individual. The goals pertaining to an individual may change or vary relative to prevailing situations in your life. For example, events such as births, deaths, illnesses, and marriage can affect your goals profoundly. Other factors like change in employment, inflation, investments and results, and miscellaneous...

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Benefits Of Financial Planning

Most of us are aware of the term 'Financial Planning' but only a few of us are able to understand the real meaning of the term. Financial planning actually involves a formal process which includes constructing the perfect way for financial goals and objectives which takes into account the assets of the business or the individual, liabilities and the credit standing as well. Financial planning is essential for both businesses and individuals and it is concerned with the aspect of taking control of the financial accounts as well as taking the advice of experts or of the counsel regarding matters of real estate so that the right decision regarding insurance policies and evaluation of stock options is taken.SignificanceAs planning is performed both for the individual and for the...

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Financial Planning the Right Way: Mapping Your Future With a Professional Financial Advisor

Anyone can write a financial plan, or at least it seems that way. You can consult your banker, go to a brokerage firm, or hire someone who calls himself or herself a financial planner to prepare a plan for you. Financial planning simply isn't that complicated, right?Let's consider what's included in a comprehensive financial plan. There's a section on what happens if you died today. Will estate taxes be due? Does your estate have enough liquidity? Another section outlines what happens if you become disabled or need long-term care. Have you saved enough for retirement? And how will you pay for your kids' or grandkids' college education? What about charitable giving, income tax savings, and investment allocation?The first place to start is selecting the right person to develop...

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What Is The Best Financial Planning?

Financial Planning is a term we hear bandied about in the media all the time, but ask people "What is financial planning?" and you are bound to get many different answers. It means different things to different people, but the most important question is what does it and what should it mean to YOU?To a young couple starting out the best financial planning could be a way to save up the down payment for a home while still paying for all the bills and keeping consumer debt under control.To a couple with children planning to fund college or university expenses could be the most important issue.For someone who has lost their job it might just be figuring out a way find new work or generate an income.To folks suffering from crippling debt it can be discovering a way to comfortably maintain...

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