7 Steps In The Financial Planning Process 

The financial planning process is important to understand as it can help you create efficient action items to better your money.

What Is A Financial Plan?

It is a personal document created to help assess your current financial situation, create various money goals, and help you make better financial decisions going forward.

The seven steps of the financial planning process were created by the CFB Board. And the goal of these steps is to help financial planners have a guideline to their process of working with clients.

Analyze everything from your money mindset, to what your current lifestyle is, and what your goals will be.

Step 1: Understand your personal and financial circumstances

Step 2: Identify your goals and expectations

All of these goals and expectations can help you determine which aspects are most important and where you may need to focus your money and efforts.

Step 3: Analyze your course of action and evaluate the status

A majority of your financial plan involves you analyzing your current status and adjusting as needed.

Step 4: Developing the financial planning recommendation

This is where you’ll be putting action items in place to crush your goals and improve your financial health.

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