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The Stages Of Financial Planning You Ought To Know

The Stages Of Financial Planning You Ought To Know

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The Stages Of Financial Planning You Ought To Know

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  1. The Stages Of Financial Planning You Ought To Know

  2. Who doesn't want financial freedom? These days, there are a lot of information offering tips and techniques towards financial freedom. There are financial experts who claim that you should increase your literacy when it comes to growing your wealth. There are also those who say you should seek the aid of a seasoned and trusted financial planner to guide you every step of the way. Surely, there is no definite or absolute way towards financial freedom. For one, every person has varying personal circumstances and different goals in life, too. For another, every person has different point of view when it comes to building wealth and preserving it for his or her heirs. But one thing's for sure, every person wants to secure his or her future.

  3. There are actually four essential stages of wealth building. They are deposit, equity, freedom and retirement. In each stage, you need the services of a trusted financial planner to guide you and lead you to the next stage as swiftly as possible. In the first stage - Deposit, you must build solid financial foundations. Your main objective is to gather all your financial resources and be able to make your very first big investment. Your financial planner should be able to help you identify the best asset to invest in. In this stage, there are many crucial actions you should learn. These include improving your financial literacy; improving your rate of savings through sound budgeting and cashflow organisation; consolidating accounts into one for easy tracking; and assessment and establishment of personal risk insurances.

  4. The second stage - Equity, is where you'll learn to use your assets to acquire more. You have to work on structuring assets through sound tax planning to cushion against income tax; reconfiguration of your budget and cashflow management to help cope with increased demands; expansion of the coverage of your personal insurances; and utilising surplus equity and cashflow to acquire more assets.

  5. This leads you to the third stage - Freedom. At this stage, you should talk with your financial adviser the best way to utilise your superannuation to keep you in the best financial situation. Talk about assessment and reconfiguration of your superannuation structure; planning and implementation of pre-retirement strategies; estate planning; and diversification of asset base to hedge against market volatility. Your financial planner should also help you craft a sound exit or succession strategy if you own a business.

  6. The fourth stage - Retirement, is the stage where you'll reap the fruits of your years of hard work. At this stage, your focus will be more on the preservation of your wealth. You should learn how bitcoin price to protect your asset and create a tax-effective income stream as well as finding ways to get the most out of your government benefits.

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