What are the 5 steps in financial planning?
- Step 1 - Defining and agreeing your financial objectives and goals.
- Step 2 – Gathering your financial and personal information.
- Step 3 – Analysing your financial and personal information.
- Step 4 – Development and presentation of the financial plan.
- Step 5 – Implementation and review of the financial plan.
Just so, what are the 5 steps in the financial planning process?
Financial Planning Process: 5 Simple Steps
- Step One: Know Where You Stand. The first step to creating your financial plan is to understand your current financial situation.
- Step Two: Set Your Goals.
- Step Three: Plan for the Future.
- Step Four: Managing Money.
- Step Five: Review Your Plan.
Furthermore, what are the six steps in the planning process? The six steps are:
- Step 1 - Identifying problems and opportunities.
- Step 2 - Inventorying and forecasting conditions.
- Step 3 - Formulating alternative plans.
- Step 4 - Evaluating alternative plans.
- Step 5 - Comparing alternative plans.
- Step 6 - Selecting a plan.
Herein, what are the steps in financial planning?
The financial planning process is a logical, six-step procedure:
- (1) determining your current financial situation.
- (2) developing financial goals.
- (3) identifying alternative courses of action.
- (4) evaluating alternatives.
- (5) creating and implementing a financial action plan, and.
- (6) reevaluating and revising the plan.
What are the steps involved in the financial planning process quizlet?
Terms in this set (6)
- step 1: determine your current financial situation.
- step 2: develop your financial goals.
- step 3: Identify Alternative Courses of Action.
- step 4: evaluate your alternatives.
- step 5: create and use your financial plan of action.
- step 6: review and revise plan.