Compare and contrast Traditional Financial Planning & Goal based Financial Planning:

Expert Solution

Goal is key for measurement of success of financial planning , the concept of financial planning should start with setting clear goal like retirement planning, fund accumulation for college cost, or big home. The traditional approach of financial planning was not appropriate to achieve goals on time.

Differences:

Parameter	Goal Based Planning	Traditional planning
Time frame	Clear and defined	Not defined
Amount of saving	Fixed as per goal	Varies as per availability
Under accumulation	Generally not happen due to regular investment	May occur due to irregular investment
Risk Management	Well calculated in advance	Risk amount varies as per choice made as per situation

jeff jeffy answered 2 years ago

Compare and contrast traditional and contemporary organizational designs.

Taxes are probably the most important aspect of personal financial planning. Compare, contrast and comment on...

Taxes are probably the most important aspect of personal financial planning. Compare, contrast and comment on the lifetime financial effect of not making an IRA contribution, a traditional IRA contribution and a Roth IRA contribution. Assume a 50% tax rate, 50 years and 15% compounding.

Compare and contrast the traditional roles of mothers and fathers in caring for their children in...

Compare and contrast the traditional roles of mothers and fathers in caring for their children in Western culture. What do you see as the advantages and disadvantages of these roles? Would you change the parenting roles to improve the child's chances for healthy development? If so, how?

define traditional approach to disease prevention. compare and contrast the social determinants of health approach with...

define traditional approach to disease prevention. compare and contrast the social determinants of health approach with the traditional apporach.

Question

Compare and contrast Traditional Financial Planning & Goal based Financial Planning:

Solutions

Expert Solution

Related Solutions

Compare and contrast traditional and contemporary organizational designs.

Taxes are probably the most important aspect of personal financial planning. Compare, contrast and comment on...

Compare and contrast the traditional roles of mothers and fathers in caring for their children in...

Compare and contrast the risks of investing in futures compared to traditional investments such as shares...

Compare and contrast the Traditional View of Conflict, the Human Relations View of Conflict and the...

Compare and contrast traditional (e.g. waterfall) and iterative software development models.

Compare and contrast "The Goal" and "Critical Chain" novels by Goldratt as it relates to Project...

Compare and contrast measures based on activity and measures based on strategy

Compare and contrast financial accounting and managerial accounting.

define traditional approach to disease prevention. compare and contrast the social determinants of health approach with...