What Is Financial Planning Process – This is partly due to the financial industry’s shift towards lower investments, lower debt and higher assets.
Along with this is a growing number of great podcasters, YouTubers, and others like myself who are trying to help people achieve their best financial results.
What Is Financial Planning Process
So a lot of people can confidently manage their money with these things, and I’m all for it.
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When we think about managing our money, we immediately jump to investing, getting out of debt, or trying to budget.
The first step in the financial planning process is “Understanding the client’s current personal and financial situation.”
When you do this on your own, it means you need to make a list of where you are right now before logging in.
Why is it important to know your starting point before you can figure out how to get where you want to go?
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A typical example I see is when people start budgeting before they realize how much they are spending today.
If you want to spend $8,000 a month, there is a big difference in achieving that for someone spending $8,500 versus $11,000.
In my experience, people underestimate how much money they spend, and that’s the main reason they can’t stick to a budget.
Many people start by analyzing their other debts and obligations before looking at the bigger picture. How do they know that the money they have left is going where it needs to go?
Financial Planning Process —
I also see people who end up with credit card debt because they focus on saving for retirement before realizing it’s putting them in the red every month.
Those who know exactly where they stand today can move forward with confidence in their goals.
There are three main things you need to do when planning your own finances. It all starts with managing your finances now.
It doesn’t have to be difficult. Thinking that will make it overwhelming and can prevent people from taking that important first step.
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Your personal balance sheet is a snapshot of your current financial situation, a list of your assets and liabilities.
This will show you what to fill the bucket with and help you prioritize what to spend the extra money on.
If you don’t know where to start or how to put it together, I have a free balance sheet and guide that you can get for free.
Balance (how much money is coming in and going out) is the best thing you can do to achieve financial security and a secure financial future.
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Start by signing up for a budgeting app like Mint or YNAB. Look for one that will automatically link your bank account to your credit card account, as they usually get data from the last 90 days.
After doing this, review the data for 10 minutes and make sure that all large inputs and outputs are properly separated.
You can then use their graphs, charts, and numbers to see your total receipts and payouts.
Now that you’ve completed the first step of the financial planning process, you can indicate where you want to end up.
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That’s all well and good, but it’s hard to think about achieving financial freedom or planning for retirement when you have lights to turn off, like no cash or credit card debt.
The budget will be smarter because you’re not pulling numbers out of a hat. You know where your money goes and how much you spend on different budgets.
Finally, you can create a very thoughtful budget and spend your hard-earned money on the things you care about, eliminate unnecessary things in your life, and spend as much money as you can towards your financial goals. like this:
You should also work with a financial advisor if you don’t want to do it yourself or if you feel you need a professional opinion to help you make financial decisions.
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Also, stay away from people who try to get you to buy a permanent or whole life policy if you don’t already have a medical condition.
Some of this information will be in the required disclosures, but make sure they take the time to explain it to you and read it yourself.
This is a bright spot in the field of financial planning, which is why I began to specialize in family budgeting.
My sole mission is to help couples and families ultimately find the money they need at the end of the month to pay their bills, build up their savings, and invest in their future, helping them get on the same page and strengthen their relationships.
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