The Financial Consultant first makes a note of your financial goals and their priorities. Then the planner analyses your current financial situation, recommends the right plan with proper asset allocation, monitoring it regularly, rebalances your portfolio from time to time based on your changing lifestyle and investment opportunities.
The Financial Pyramid
The Financial Pyramid is the most essential part of the Financial Planning process. The Financial Pyramid is the only picture to help you understand the necessary steps to reach Financial Freedom.
Wealth Creation methods
Emergency &Debt Planning
Protection/Risk Management
Foundation of Planning
Financial Planning is an ongoing process
Benefits of consultation
To Achieve your goal
To reduce your liability
Proper Budgeting to spend your money
Safe & cure for your Financial life
Achieve your future goal
Purpose of Consultation
Savings of valuable time
Improve cash flow
Professional review of goal and investment
Reduce In mental stress
proper asset allocation
Expert advice
Continuous Process if tracking and Rebalancing
Unlimited Income potential
It will manage your wealth
Preplan for your future
Steps for Setting Financial Goals
1. Write your goals and be specific
When you write your financial goals it will help you to visualize them. It should be specific and realistic
2. Identify your time-specific goals
Short-Term Goals
The goals which you want to achieve within 1 a year. For example your child's play school admission.
Medium-Term Goals
You want to achieve these goalswithin5 years. For example your child's school admission.
Long-Term Goals
Goals that you want to achieve after 5 years. For example Retirement, Child's Education, and Marriage.
3. Priority
After listing your Financial Goals, it's time to number them according to your priority.
4. Analysis of your Current Financial Situation
Cash Flow Statement : It will give you the full information about your income and expenditure.
NetWorth : NetWorthis an overall statement of your assets and liabilities. NetWorth Asset-Liabilities
5. Set up a plan towards your financial goals
Now you know your needs, your time frame, and resources to reach your financial goals. All this information is crucial. Without the above steps, it is impossible to set up a plan.
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