Explain the five fundamental steps in the financial planning process.

Expert Solution

Five fundamental step in financial planning process are as follows -

A. Determination of the financial objectives and financial goals in advance is the first fundamental step of creation of financial planning process

B. Collection of all the personal informations and financial incomes and expenditures of the individual

C. one should try to analyse the financial information which has been collected and finding out the synchronisation with the the individual information with the goals and objective

D. Formulation of the financial plans accordingly which will be customised in nature

E. Implementation of the financial plan which will involve taking various steps in order to achieve the financial objective and goals

F. Continuously and regularly monitoring the financial plans and deviations in order to control them and rebalance them so that all the objectives are achieved within specified time.

jeff jeffy answered 2 years ago

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