Personal financial planning

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viki
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Personal financial planning

Post by viki »

:lol: A key component of personal finance is financial planning, a dynamic process that requires regular monitoring and reevaluation. In general, it has five steps:

Assessment: One's personal financial situation can be assessed by compiling simplified versions of financial balance sheets and income statements. A personal balance sheet lists the values of personal assets (e.g., car, house, clothes, stocks, bank account), along with personal liabilities (e.g., credit card debt, bank loan, mortgage). A personal cash flow statement lists personal income and expenses.

Setting goals: Two examples are "retire at age 65 with a personal net worth of $200,000 American" and "buy a house in 3 years paying a monthly mortgage servicing cost that is no more than 25% of my gross income". It is not uncommon to have several goals, some short term and some long term. Setting financial goals helps direct financial planning.

Creating a plan: The financial plan details how to accomplish your goals. It could include, for example, reducing unnecessary expenses, increasing one's employment income, or investing in the stock market.

Execution: Execution of one's personal financial plan often requires discipline and perseverance. Many people obtain assistance from professionals such as accountants, financial planners, investment advisors, and lawyers.

Monitoring and reassessment: As time passes, one's personal financial plan must be monitored for possible adjustments or reassessments.

Typical goals most adults have are paying off credit card and or student loan debt, retirement, college costs for children,medical expenses,and estate planning.

* edited by mod to remove link building *

expensetracker
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Re: Personal financial planning

Post by expensetracker »

One of the most important part of personal financial planning is to create your own budget. Some experts believe that it will be good to have a personal budget when you are in debt. However, I will say that you will have to think about it even if you are not in debt!

icfmindia
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Re: Personal financial planning

Post by icfmindia »

A financial consultant is generally paid through charges, comissions, or a mixture of both. For example, a financial consultant may be paid in one or more of the following ways-
An hourly fee for advisory services
A fee for assets under management

Abdullah
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Re: Personal financial planning

Post by Abdullah »

Financial planning is really important for everyone to reach goal. Make your plan and go for it. You should start planning at the age of student. Because it will help you to be financially establish. You can take help from financial planners.

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