is personal financial planning?
Personal financial planning is
the development and implementation of total, coordinated plans for the
achievement of one’s overall financial objectives. The essential
elements of this concept are the development of coordinated plans for a
person’s overall financial affairs based upon his or her total financial
objectives. The idea is to focus on the individual’s objectives as the
starting point in financial planning, rather than emphasize the use of one
or more financial instruments to solve only some financial problems.
Because of the comprehensive nature of financial planning, it must be
coordinated with all the other members of the planning team—attorney,
accountant, investment advisor and insurance agent. The planning process
can be divided into six stages:
- Establish goals and objectives
- Process and analyze information
- Recommend a comprehensive plan
- Implement the plan
- Monitor the plan.
Who needs Financial Planning?
Everyone whose financial aims are
not yet defined or fulfilled. Those with high incomes or
substantial business or property interests may require a more
sophisticated plan. However, even those with modest income or assets may
actually have a greater need for discipline in financial matters. Some of
the more significant needs are:
For more information, contact:
Planning Services, Inc.
573 Millwood Road
Chappaqua, NY 10514-1317
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