Financial Planning 2019-12-20 08:00:00

Financial Planning

A financial plan is a roadmap for an individual to achieve specific financial goals. It is a long-term plan. Financial planning is the process of creating, updating, and following this roadmap. A financial plan can be created by the individual or with a financial planner.

Creating a financial plan involves an analysis of your current financial state. Adding up all of your assets and deducting all your liabilities equals your net worth. A financial plan will often ensure you have enough money for retirement and other needs years from now. For many, it should also increase their net worth. Some elements of a financial plan include retirement, tax strategies, risk management, investment strategies, and estate planning.

 


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