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Gathering Information
Gathering information provides you with a "snapshot" of your current financial situation, showing you on paper what you have to work with.
You will need to gather information which will include details of your sources of income and expense and existing debts, values of personal
savings and retirement accounts, financial details on your superannuation, life and disability insurance policies, and examinations of your will
and/or trust documents.
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Setting
Goals
Setting financial goals is by far the most important part of the
planning process! You must establish and clearly define attainable
goals that you can feel comfortable with and endorse in a heartfelt
way. Vague, overly aggressive estimates of what you would like to
achieve, as well as lack of motivation will only lead to procrastination,
inactivity, and, ultimately, failure to attain your true goals.
Some examples of common financial goals that many people wish to
achieve include funding a college education, estate planning, and
financial security/retirement planning. |
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Finally, in addition to developing clear objectives, it is equally important
to prioritise your financial goals by relative importance and time horizon
to achieve them.
Creating a Financal Plan
Copyright 1996 - 2005
Australian Financial Services Directory
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All rights reserved.
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