Got a Financial Plan?? We can help!

By: Zach Wood and Madison Orton

What is a Financial Plan???

It is a plan that involves specifying financial goals and describes in great detail the spending, financing, and investing plans needed to reach your goals.

Step 4: Managing your Risks

Risk- is the possibility of a financial loss

Insurance Planning- component of a financial plan that determines the types and amounts of insurance you need.

Step 5: Plan for Your Investing

People invest money to make money, but the different types of investments have different types of risks. Riskier investments can produce greater returns, but may also cause greater losses.
Big image

Step 6: Your Retirement

Saving for retirement while your younger causes you to have to put less money back when your older helping you retire earlier.

Step 7: Communicating and Keeping Records

Communicating your financial plan to your family is critical. The reason that it is critical is because your family needs to know what your goals are, and how you plan to spend or use your money.

You need to keep good records for when you file your taxes and calculate your net worth. Financial records can be used as a motivational tool.
Big image