Tuesday, January 15, 2008

Personal Financial Planning

Financial planners recommended the following steps to do your financial planning:

1. Check your current financial situation: if you are debt-ridden your priority will be settling your debt.
2. Set financial goals: Goals such as buying a car in two years and a house in five years.
3. Design financial plans: Your plans should include cash budget, savings and investment, children's education, insurance coverage and retirement.
4. Put your plans into action: Don't be distracted by short-term enjoyment for long term benefits.
5. Review your financial situation every six months: Changes in your lifestyle, especially when you get married, will affect your goals. It is necessary to revise your goals and plans.

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