Financial plans are written, organized strategies for maintaining financial health and accomplishing financial goals. Developing a personal financial plan will not only allow you to control your financial situation, but can enhance your quality of life by reducing the uncertainty you feel about money-related issues and future needs. While you may opt to employ a professional financial planner, developing your own financial plan is a perfectly feasible practice. Most financial planning experts recommend following a six-part process to develop a robust plan for the future of your finances.
Key Takeaways:
- We all know that we should create a thorough, comprehensive financial plan.
- All financial planning roads lead to cash flow. Only by tracking what is going in and what is going out will you be able to determine how to achieve your financial goals.
- Be sure to list all of the interest rates associated with your obligations and when/if they have maturity dates.
“Be sure to list all of the interest rates associated with your obligations and when/if they have maturity dates.”
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