Understanding the Basics of Financial Planning

What is Financial Planning?

Financial Planning is an ongoing process to help you make sensible decisions about money that can help you achieve your goals in life.  You can build a plan on your own, or if your needs are more complex you might want the help of a Financial Planner.

Create a sound financial plan in six steps:

  1. Establish your goals in life – short, medium and long term
  2. Work out what assets and liabilities you have – write them down
  3. Evaluate your current financial position –  how close are you to achieving your goals?
  4. Develop your plan – create a “route map” for achieving your different goals
  5. Implement your plan – make the changes and make it happen
  6. Monitor and review your plan at least yearly and make adjustments when needed

Check out the ‘Understanding the Basics of Financial Planning’ Presentation.