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A financial plan is not only a comprehensive evaluation of a person’s current finances, but is also a strategy that takes into account a person’s future financial position. It can be used to predict future cash flows, asset values as well as determine the best withdrawal strategy for getting the highest return on investments. If you’d like to learn more, then follow the below five goals of financial planning devised by Andrew Scott Corbman.
Define Your Goals and Objectives
The first step to financial planning is just that – to make a plan. Think carefully about what you would like to achieve fiscally and write it down. The more comprehensive the plan, the easier it will be to start implementing it. It should include all the elements such as a personal net worth statement, cash flow analysis and retirement strategy.
Gather Your Information
“This regards to your financial and personal information.” Says Andrew Corbman. The success of your financial plan will depend largely on how much and how accurate the information you give to your financial planner is. The step following this is to analyze this information. Using ratios such as the solvency ratio and savings ratio, your financial planner will be able to give you a more thorough understanding of your financial circumstances.
Start Early
“Although this isn’t possible for everyone,” Says Andrew Corbman. “The best time to start saving is ten years ago, the second best time is right now.” In order to have enough money saved up for retirement, or ensure that your estate is thriving when you die, it’s important to start saving money and sinking money into investments as soon as possible. Many people won’t realize this until it’s too late. It’s important that you not be one of them.
Implement Your Plan
After the information has been gathered and analyzed, it’s time to put the plan into action. This might involve starting a new pension or investment strategy, adding extra life insurance or changing debt provider, but for a successful outcome it’s important to follow the investment of your financial planner. For any doubts, get in contact with Andrew S. Corbman.
