PURPOSE
The purpose of financial planning is to help individuals and families achieve their life goals through proper management of their finances. This process allows them to see where they stand financially and determine what steps they must take to reach their objectives.

BENEFITS
Financial planning provides direction to financial decisions and gives insight on how each decision affects other financial areas of life. Viewing each financial decision as a whole allows one to consider its effects on short- and long-term goals.

COMPONENTS
The components of financial planning include, but are not limited to, the following subject fields:

  1. Financial statement preparation and analysis
  2. Investment planning
  3. Income tax planning
  4. Education planning
  5. Insurance planning and risk management
  6. Retirement planning
  7. Estate planning


Steps in the Financial Planning Process

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