What Are The 7 Steps In The Financial Planning Process?

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.

What Is A  Financial Plan?

– Helps you understand your income

– Understand your current cash flow

Why Is a financial plan Important?

– Creates steps for you to achieve your money goals

1. Understand your personal and financial circumstances

The 7 Steps of the Financial Planning Process

2. Identify your goals and expectations

3. Analyze your course of action and evaluate the status

4. Developing the financial planning recommendation There are different areas of focus here: -Set up where your money is going and how much. -Plan for how you are going to be investing your money.

The 7 Steps of the Financial Planning Process

5. Reviewing the financial planning recommendations

The 7 Steps of the Financial Planning Process

6. Implementing the financial planning recommendations

7. Monitoring progress and update as need

There are a few reasons why you might want to consider hiring a financial planner:

Should You Hire A Financial Planner?

- You need someone to hold you accountable for your financial plan and your progress. – Your free-time is limited due to work and family commitments that you won’t have much time to build a plan on your own.

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