Everyone want to be ensured of their future especially in the aspect of
There are at least five key steps in personal
First, one should assess his or her financial condition. This involves computing the monthly income, expenses, and possible savings. It also includes the assessment of the values of movable and immovable properties taking into consideration their appraisal and depreciation. This part focuses on the present.
Second, goals must be set and determined. Based on the present financial condition, a person must come up with an attainable goal for which he or she will have to work on financially. This step focuses on the future. It calls the person to picture out himself or herself in the future living one’s chosen lifestyle.
Third, a proper, comprehensive, and doable plan must be made. This provides for the particular acts and changes one has to undergo to ensure that the goals will be realized. This part calls for a serious commitment because at this point, one might realize that he or she has to cut spending to save more money and work harder to increase one’s salary. This pertains to changes in lifestyle and spending habits.
Fourth, a strong will and determination to execute the plan must be had. No matter how perfect a plan, achievable the goals, and complete the needed resources to attain the objectives of personal
Fifth, regular monitoring and assessment are important to ensure one remains on the right path of achieving the goals of financial planning. Possible adjustments and changes must be made along the course of execution to remedy any defect or to avail of the opportunity to hasten the achievement of the goals and objectives of financial planning.
These steps in financial planning are very important to ensure that the person will not frustrate himself or herself of exerting every effort but still ends up at the losing end. Personal