Knowing how to manage money helps you make smart choices and allows your money to work harder for you. You will be more likely to avoid traps that can undermine your ability to achieve your financial goals. You will be in a better position to pay off debt and build savings.
Financial planning is the process of achieving your life goals through proper management of your finances. Some typical life goals are; buying a home, saving for your child's education or planning for retirement.
The financial planning process consists of six steps that help you take a "big picture" look at where you are financially.
The process involves:
We know the importance of earning a return on our money and planning in order to achieve our lifestyle goals, but we may not know how to start an investment program that will put us on the right path.
Your personal investment goals
Your first step as a potential investor is to determine what you want to accomplish with your money, and when you want to accomplish it.
What are the next steps?