We can't deny that every one of us can't run away from financial matters, thus, planning it wisely would put you on a better path to achieve financial goals as desired. Does this called "financial planning"? Hmmm... Many people think that financial planning is for high-income earner and the rich. But is this true? If not, what is it actually?
Generally, financial planning is a journey to achieve financial goals set with a comprehensive and systematic step-by-step process. It involves taking a broad view of one's financial affairs covering many areas of wealth management.
What's Included in Financial Planning?
- Cash Flow management:
- assessing your current financial net worth
- budgeting
- debts eliminations
- building savings
- Insurance planning
- ensuring that our assets and family are well protected by having adequate insurance coverage
- Investment planning
- this is the wealth accumulation step, whereby investing a portion of your savings with the aim of getting a higher return.
- an investment strategy is needed to ensure greater success
- Tax planning
- this is an area largely ignored or forgotten by most taxpayers
- it involves strategies to optimize our income, including from investments, by legally minimizing the tax payable.
- Retirement planning
- this is crucial to ensure that your golden age won't be miserable
- start planning as young as possible, the better
- Estate planning
- writing a will is the most common steps in this stage
- ensuring that your estate will be passed on to your beneficiaries, as you desired, smoothly and to avoid family disputes
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| The 6 steps of financial planning |
The next question is: "Who should you sit down with to discuss financial planning?"
Stay tune for more...
Thanks for sharing this post.
ReplyDeleteWhat i understand on financial planning is you just need to make sure the better and of course financially to secured your future.So,it is vital to have a financial planning.Hence,you just need those people to meet just to be sure that you're comfortable with them in managing your money.Cheers
Hiring a financial planner is the best way to you , to manage your money properly .Thanks to share such as an informative post .
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Hi there! this is such an informative post. Thank you for sharing. Cheers!
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financial planning is the best way to maintain the amount. It is essential in every budget we make..
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ReplyDeleteGreetings! Very useful advice in this particular post! It’s the little changes which will make the most significant changes. Many thanks for sharing!
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ReplyDeleteThis article does a great job explaining the basics of financial planning. However, it would be helpful to include examples of how individuals can get started, especially for those who might feel overwhelmed by the process.
ReplyDelete