You can think of a written financial plan as your roadmap designed
to get you to your desired destination.
Every financial plan is unique because it is a written assessment of
an individual's own goals and resources. However, personal financial
plans are usually developed in the same way and have key components
that are similar.
Financial planning begins by determining your current financial status,
setting financial goals, learning to budget, saving and investing, and
monitoring your progress.
Types of Financial Goals
Be realistic as you set your goals and you won't be disappointed or put
undue stress on your family.
- Short Term goals are those you can accomplish in one year or less.
- Medium Term goals take from two to four years to accomplish.
- Long Term goals are those that take five or more years to reach.