The Number. Planners Present 6 Important Steps
Asking how much capital a person needs to save to generate enough income for a comfortable life in the twilight years is a bit like asking how long is a piece of string. The answer really is "it depends." CNN gives us information.
THE SIX-STEP PROCESS
Financial planners generally use a six-step process that helps you take a 'big picture' look at where you are and where you want to be financially. The process involves:
1. Gathering your financial data, such as details on your income, debt level, commitments.
2. Identifying your goals
3. Identifying any financial issues or deficiencies between where you are now financially and where you want to be.
4. Preparing your financial plan, which may identify recommended investments and address your attitude to risk.
5. Implementing your financial plan.
6. Reviewing and revising your plan to ensure it stays up-to-date and relevant to the economic climate and your changing lifestyle.
Wise Owl