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Financial Planning Process

The Financial Planning Process And Its Importance To You

Do you know the importance of going through a Financial Planning Process with your Financial Planner?

And this process is not just plainly buying insurance plans through your Financial Planner but rather more of understanding of your personal and financial situations, current/future needs and objectives.

If you have not really done so or do not know what is this all about, I will be sharing what are the benefits that you can actually get out from going through one.

First – What Is This Financial Planning Process And Its Benefits

To Financial Planners, this is the process known as “Knowing Our Clients” and every insurance companies do have their own means in the form of either a software or booklet, ranging from between 10 to even 20 pages and in which a lot of your personal information and particulars will be recorded.

Certain Important Particulars Like:

1. Occupation (to assess the risks) and Family Dependents

2. Total Savings, Investments and Loans/Debts

3. Current Total Income and Expenditure

4. Your Available Budget

And to your benefits of this, there will also be calculations done and these numbers will be of great importance to you! These numbers, if properly calculated based on your full and truthful declaration, will let you know whether you are:

– Protected Against Any Financial Risks Or Long Term Care

There’s enough means for you carry on your lifestyle in situations like a sudden short-term illness/injury or for your family to continue living in any case of premature death.

What about conditions that are long term or permanent? Knowing your numbers will help you to take care of this situation and also lessen any burdens on your family.

– Protected Against Living Too Long

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You have enough money to last through your retirement based on the lifestyle that you want. You will also be able to “really” retire by then and not having to continue to work just to keep the income coming in.

– Able To Pay For The Costs Of Raising Your Children And Their Education

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