As most people continue to review and organize their finances at the beginning of a new year, what are the essential elements of a Personal Financial Plan? Paul Fain, president of Asset Planning Corporation joins us now with the 6 steps toward financial planning success!
WHAT ARE THE FIRST STEPS IN DEVELOPING A FINANCIAL PLAN?
- Determine your financial GOALS in dollar terms and time frames.
- Retirement
- Investing
- Protection
- College
- Estate and tax
- GATHER AND REVIEW INFORMATION about your current financial condition: Net Worth, Cash Management. Liquidity. Debt.
AT WHAT POINT DOES FINANCIAL PLANNING REQUIRE SOME FINANCIAL SAVVY?
- ANALYZE your situation, crunch numbers, run (Use worksheets. Calculators. Online tools.
- Develop your ACTION PLAN. Prioritize To Dos. Consider alternatives.
WHAT ARE THE FINAL STEPS?
- IMPLEMENT the Plan: buy insurance, open an investment account, get a Will. DIY or hire a professional: use a Certified Financial Planner, a broker, agent, attorney, accountant.
- Regularly REVIEW AND REVISE your Plan! As most people continue to review and organize their finances at the beginning of a new year, what are the essential elements of a Personal Financial Plan? Paul Fain, president of Asset Planning Corporation joins us now with the 6 steps toward financial planning success!
For more free resources check out our website https://assetplanningcorp.com/free-resources/
