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FINANCIAL PLANNING PROCESS

Financial Planning is the process of meeting one"s life goals through the proper Management of Personal Finance.

Step 1: Determine Your Current Financial Situation

In this first step of the financial planning process, you will determine your current financial situation with regard to income, savings, living expenses, and debts.

Step 2: Develop Financial Goals

You should periodically analyze your financial values and goals. Your financial goals can range from spending all of your current income to developing an extensive savings and investment program for your future financial security.

Step 3: Identify Alternative Courses of Action

Developing alternatives is crucial for making good decisions.like Expand the current situation, Change the current situation

Step 4: Evaluate Alternatives

You need to evaluate possible courses of action, taking into consideration your life situation, personal values, and current economic conditions.

Step 5: Create and Implement a Financial Action Plan

In this step of the financial planning process, you develop an action plan. This requires choosing ways to achieve your goals.As you achieve your immediate or short-term goals, the goals next in priority will come into focus

Step 6: Reevaluate and Revise Your Plan

You need to regularly assess your financial decisions. Changing personal, social, and economic factors may require more frequent assessments

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Portfolio Management

create your diversified portfolio

Personal Finance

Manage your Financial Conditions

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personal finance

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Bharat Shah What is Personal Finance? Personal finance is the process of planning and managing personal financial activities such as  income  generation, spending, saving,  investing , and protection. The process of managing one’s personal finances can be summarized in a  budget  or financial plan. This guide will analyze the most common and important aspects of individual financial management. Areas of Personal Finance In this guide, we are going to focus on breaking down the most important areas of personal finance and explore each of them in more detail so you have a comprehensive understanding of the topic. As shown below, the main areas of personal finance are  income , spending, saving, investing, and protection. Each of these areas will be examined in more detail below #1 Income Income refers to a source of cash inflow that an individual receives and then uses to support themselves and their family. It is the starting point for our financial planning pro
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IMPORTANCE OF FINANCIAL PLAN

It provides direction to your goals or dreams. it helps you understand your goals better in terms of why you need to achieve these goals and how they impact other aspects of your life and finances.

Evaluates your financial condition

Evaluates your financial condition

Personal finance planning gives you an insight into your financial condition. This is achieved by budgeting and taking into account all the investments, income, expenses and savings in all your accounts and schemes.

Keeps you focused on your money goals

Keeps you focused on your money goals

To be financially sound means to be aware of your financial goals. For this, you have to build your wealth gradually over time. At the same time, you need to keep a check on the financial path you have laid out for yourself.

Helps in building a better future

Helps in building a better future

Your future lies in your hands and you are the only one who can make or break it. Therefore, take care of the health of your future by designing it right

Enables you to produce extra money

Enables you to produce extra money

An investment done right is an investment for life. Therefore, you must invest wisely. Instead of confining yourself to a specific policy or plan, you must scatter your investments across different portals and insurance providers