Financial Planning

Financial Planning

In the book "The Moneysense Guide to Planning your Family's Financial Future" produced by the Insurance and Financial Practitioners Association of Singapore and Life Insurance Association, six areas of financial planning are highlighted:

Personal Financial Planning
 

1. Cash Flow Management: Allocate your income to meet expenses, savings, and other commitments.
2. Risk Management: To have sufficient insurance to cover accidental death, disablement, and illness.
3. Investment Planning: Manage your portfolio wisely to allow your wealth to grow.
4. Retirement Planning: Building sufficient wealth during working years so that you can retire independently.
5. Tax Planning: Take advantage of tax benefits and incentives to reduce your tax liabilities.
6. Estate Planning: To allow minimum tax and hassle-free transfer of your estate to your beneficiaries.

Image source:https://investmentu.com/personal-financial-planning-guide/