Rudman Cannon Financial Advisors Blog
Financial planning is a valuable tool that gets you prepared for your brighter tomorrow. Being financially stable is important especially if you already have a family. Experts say that if you want to plan your finances, you should start as early as your 20s.
The steps in financial planning are being widely used by certified financial planners that orient different people who want to explore and plan on their finances. To plan ahead and be stable in advance, here are six steps in financial planning or the financial EGADIM to get you started:
Step 1: Establish the goal/relationship
If you are a financial adviser, looking for one, or already found the one who can help you, establishing a goal and a good relationship with them will make your financial planning better. In this way, you can easily open up honestly where your finances stand or where you want your finances to take you.
Your adviser should know your financial plans so that they could help you know how to go about your current finances.
Step 2: Gather the relevant data
After you establish the goal and the relationship, it is time to get to know the strategies you should have based on your relevant data or the data that your client provides.
Step 3: Analyze the data
This is where you can establish your timeline on when you exactly want the return of your every investment. Calculating and analyzing your finances will walk you through the idea of how much you should earn, how much you can possibly spend, how much you should invest and save.
Step 4: Develop the plan
This could be the most exciting step in the process. Developing your plan makes you realize all the goals you want to achieve and all the vision you should use to get ahead of the game. This is where you could see how you will be able to reach all your goals and how you can manage to reach it.
Step 5: Implement the plan
This is where you start to work on towards your goals. As much as possible, you should follow the timeline you set so you’d know how you can possibly turn your plans into reality.
Step 6: Monitor the plan
Monitoring the plan helps you tweak and reverse some that you do not think works. It is also essential to see how it works.
Being financially secure is not that easy. It needs good planning and lots of hard work. At Rudman Cannon Financial Advisors, we put our clients first by offering them policies that they can afford. Learn more about our products and services by calling our agency at (212) 790-4256. You can also request for a free quote by clicking here.