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Financial Planning - Coggle Diagram
Financial Planning
Steps for Establishing Goals
how much time do you need to accomplish it
prioritize your goals
Estimate the cost of each goal
Divide your goals based on how long they will take
List Your Goals
Net Cash Flow = Surplus or Deficit
Create a schedule
Risk Factors
Personality
Life Stage
investment Experience
Financial Goals
Budgeting
Review Prior Expenses to see if they will reoccur
Determine what new expenses are anticipated
Estimate the amount of each expense every month
Add individual estimated expenses
Short Term Planning
Saving for College
Saving for the summer
Plan for 1.5-6 Years
Long Term Planning
Saving for Retirement
Buying a House
Planning for 6+ years
Major events that trigger a review of your financial plan
Kids
Death
Marriage
Emergency Fund
3-6 months worth of savings
Emergency Fund and Setting goals are the foundation for a successful financial plan
Setting your goals
How
Smart
Attainable
Relevant
Measurable
Specific
Timely
Retirement should start now!
Tax Deferral can help your money grow
Risk Tolerance
Direct relationship between risk & return
Growth + income stability
Increase Cash Flow
Unsecured vs Secured Debt
Wills