The 7 Steps of the Financial Planning Process

This series of steps will be your go-to strategy that outlines how to budget, where to invest, and what other assets can help you achieve your financial goals.

What Is A Financial Plan?

A financial plan 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. You can create this plan on your own or work with a certified financial planner.

Why Is a financial plan Important?

Here are a few reasons a financial plan is important:   - Helps you understand your income - Understand your current cash flow - Learn how to build more capital - Improve your family’s finances - Helps you start building better investments

The 7 Steps of the Financial Planning Process

Analyze everything from your money mindset, to what your current lifestyle is, and what your goals will be. All this information that you write down and master will be used to build your financial plan.

Step 1: Understand your personal and financial circumstances

The 7 Steps of the Financial Planning Process

As you begin analyzing your financial data and current state, you can start building your goals. This can be a more interesting part of the financial planning process as you can think big! 

Step 2: Identify your goals and expectations

The 7 Steps of the Financial Planning Process

A majority of your financial plan involves you analyzing your current status and adjusting as needed. Whether you are already on a good path financially or not, you’ll be able to identify areas that can use a boost. 

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

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