Basically, personal financial planning will take into account the following areas: budgeting, savings and investment, insurance, management of "big ticket" items, cash flow management.
A good financial planning book will let you know that a good financial plan starts with budgeting, and it is true. A budget enables you to decide how much you can spend and keep.
Of course, the main idea is to ensure that your outgoings (expenses) do not exceed your income. This will create excess funds with which to save and invest.
To really benefit from financial planning you have to be as open and honest as you can as only when your financial advisor really has an understanding of your goals, both long and short term, can they set into motion a plan of action that is suited to you, your lifestyle and future.
The development of your personal financial plan is only the beginning of a long term relationship, financial planning services should be ongoing and include an annual review of the performance of your investments, any changes in your situation and what needs to happen next to carry on meeting your financial objectives.
One would definitely like to know as why financial planning is so important and specific to Phoenix. The reason is because Phoenix is not a major manufacturing region in the country or even in the state. Owing to its pristine white beaches, it attracts a lot of tourists and hence tourism is one of the thriving businesses here.
Also due to its idyllic setup it is a favored place for retired people as well. Little industries do exist but they are not as big or important to change/alter the economy of the city. Moreover, there are more people employed in various services (mainly state and federal) than people in any other sector.
A good financial planning book will let you know that a good financial plan starts with budgeting, and it is true. A budget enables you to decide how much you can spend and keep.
Of course, the main idea is to ensure that your outgoings (expenses) do not exceed your income. This will create excess funds with which to save and invest.
To really benefit from financial planning you have to be as open and honest as you can as only when your financial advisor really has an understanding of your goals, both long and short term, can they set into motion a plan of action that is suited to you, your lifestyle and future.
The development of your personal financial plan is only the beginning of a long term relationship, financial planning services should be ongoing and include an annual review of the performance of your investments, any changes in your situation and what needs to happen next to carry on meeting your financial objectives.
One would definitely like to know as why financial planning is so important and specific to Phoenix. The reason is because Phoenix is not a major manufacturing region in the country or even in the state. Owing to its pristine white beaches, it attracts a lot of tourists and hence tourism is one of the thriving businesses here.
Also due to its idyllic setup it is a favored place for retired people as well. Little industries do exist but they are not as big or important to change/alter the economy of the city. Moreover, there are more people employed in various services (mainly state and federal) than people in any other sector.
from Choosing A Financial Planner
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