FINANCIAL LIFE PLANNING

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Finominal Education
FINANCIAL LIFE
PLANNING
It is the process of helping you understand
whats important to you in your life and it is
the roadmap that helps you achieve your goals.It
is an ongoing process that can reduce your stress
about money and support your current needs for
your long-term goals, like retirement.
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Helping you understand whats important to you in
your life
A financial plan paints a beautiful picture of
your current finances, any strategies you've set
to achieve those goals, and your financial goal.
Financial planning must include the details of
your cash flow, savings, debt, investments,
insurance, and any other elements of your
financial life. Creating a financial plan is most
important because it helps you to make the most
of your money, helps to achieve your future
goals, and gives you the confidence to be
financially independent.
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THE IMPACT OF FINANCIAL LIFE PLANNING
Financial life planning not only helps you to
manage your money but also gives you greater
peace of mind. The end result is increasing your
wealth with your values and you will feel more
fulfilled by the positive thoughts you've changed.
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FINANCIAL PLANNING IN 7 STEPS
1. Set financial goals
A good financial plan is made by your own
financial goals. If you approach your financial
planning from the start of what your money can do
for you whether it's buying a house or anything
else you'll definitely save money more
intentionally. Make your financial goals
inspirational for yourself. Ask yourself most of
the time What do I want my life to look like in
five years? Where am I seeing myself in the next
10 and 20 years? Do I want to own a house or a
car? Do I want an international trip? Pay off my
loans? How do I see myself in retirement?
2. Track your money
Look at your monthly cash flow whats coming in
and whats going out. An accurate look is a key
to creating a financial plan and can reveal ways
to direct more to savings or debt pay-down.
Seeing where your money can help you to develop
immediate, medium-term, and long-term plans.
developing a budget for an immediate plan. budget
principles Put 50 of your take-home pay toward
needs (housing, recurring payments, utilities,
transportation, and many more ), 30 toward wants
(entertainment, clothing, dining out) and 20
toward savings and debt payment. Reducing credit
cards or other debt is a common medium-term plan,
and planning for retirement is a typical
long-term plan.
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3. Get your employer match
The basis of any financial plan is putting cash
away for emergency expenses. You can start saving
a small part of your salary to cover small
emergencies and repairs so that an unexpected
bill doesnt run up credit card debt. Your next
goal could be more than tha last savings, then
one months basic living expenses, and so
on. Building credit is another way to increase
your budget. Good credit gives you options when
you need them, like the ability to get a car
loan. It can also boost your budget by getting
you insurance and letting you skip utility
deposits.
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4. Tackle high-interest debt
A difficult step in any financial plan Pay down
high-interest debt, such as title loans and
rent-to-own payments and credit card balances,
payday loans. Interest rates on some of these are
so high that you end up repaying two or three
times what you borrowed. If youre struggling
with a debt consolidation loan or debt management
plan, revolving debt may help you wrap several
expenses into a monthly bill at a lower interest
rate.
5. 6. Invest to build your savings
Investing sounds like it is only for rich people
or for when youre financially stable or
established in your career and family life. Its
not. Investing can be as simple as putting money
and as frictionless as opening an account. It
uses a variety of tools to invest for retirement,
a house, or college..
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7. Protect and grow your financial well-being

• 7. Protect and grow your financial well-being
• With each of these steps, you're building a
  castle to protect yourself and your family from
  financial drawbacks. As your career progresses,
  you can continue to improve your financial plan
  moat by
• Increasing contributions to your accounts.
• Saving your emergency fund until you have three
  to six months of essential living expenses.
• Making insurance to protect your financial
  stability, so that a car crash or illness doesnt
  affect you. Life insurance protects the ones who
  depend on your income. Term life insurance helps
  to cover 10-year to 30-year periods, and is a
  good fit for most peoples needs.

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Finominal Education
Benefits Of Joining Finominal Education to gain
Financial Education
This module course shows the way that various
financial mathematics formulas can be utilized to
conduct a detailed analysis of a bunch of
information or potentially factors. This
FINANCIAL EXAMS Training courses with an
excellent opportunity to equip exceptionally well
for the FINANCIAL EXAMS and pass the exam in your
first attempt. Contact us, call or WhatsApp us on
9650353883. Finominal Education is an ideal
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