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Financial Planning Process

Do you picture yourself owning a new home , starting a business or retiring comfortably? These are a few of the financial goals that may be important to you , and each comes with a price tag attached.

That's where financial planning comes in . Financial Planning is a process that can help you reach your goals by evaluating your whole financial picture , then outlining strategies that are tailored to your individual needs and available resources.

Why is financial planning important?

A comprehensive financial plan serves as a framework for organizing the pieces of your financial picture. With a plan in place , you will be able to focus on your goals and understand what it will take to reach them.

One of the main benefits of having a financial plan is it can help you balance competing financial priorities. You will clearly notice how your goals are related-for example , how saving for your children's college education might impact your ability to save for retirement. 

Common Financial Goals are:

Investment Planning
Saving and investing for Retirement
Saving and investing for college education
Establishing an emergency fund
Risk management and insurance planning
Minimizing Income taxes
Providing for your family in the event of your death (Estate Planning)