Thursday, October 28, 2010

Taking Charge of Financial Planning Process

Finding good investments, minimizing taxes, beating inflation, and managing money are at the top of many people’s lists. Still, even if you recognize how important financial planning is, you may be waylaid by financial paralysis, unsure of where to begin, or even fearful of making mistakes. Pulling together an entire financial plan can be daunting. Maybe you’ve created a plan that you’re having difficulty following or fear isn’t comprehensive enough. Or you may be confused about what steps to take first.

Here are sequence of steps for taking charge of the financial planning process.
These are the steps:

Step 1: Determine where you are financially.
Step 2: Set goals.
Step 3: Develop a plan.
Step 4: Keep simple records.
Step 5: Make an informal budget.
Step 6: Deal with shortfalls, credit, and debt.
Step 7: Review your progress.

I will try to elaborate in details in every steps. Hopefully this can give u some ideas about financial planning works. :)

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