Three Most Important Personal Factors
The process requires some thought and can be intimidating. According to Siegel & Yacht, (2009, p.18) there are some steps that should be followed for a successful plan.
The first is to define your goals, which will change over time for example, the goals for a young man fresh out of college will be vastly different than a 50 year old man and looking forward to retirement. Using S.M.A.R.T. ( Specific, Measurable, Attainable, Realistic, and Timely) goals is the best method for setting goals.
The second step is to gather your records and begin evaluating your current situation, are you extremely in debt and barely making ends meet? Then financial planning can seem to be a waste of time, however, if you ever want to correct your current situation, financial planning is the key.
Next, it's time to …show more content…
A good financial plan will have clear and reasonable goals, an honest evaluation of the current financial situation, an outline of what choices you must make to achieve your financial goals, and finally, this plan must be reevaluated from time to time to determine if new choices must be made and to re-assess goals to make sure they are still realistic and relevant to your current life situation. Consequently, you could say that financial planning is an ongoing process. ·Identify and discuss the three most important personal factors and the three most important economic factors that affect your financial planning decisions.
The three most important factors are martial status or family, personal health, and age. Moreover, age plays an increasing pivotal role that takes precedence as you get older. Just as Siegel & Yacht, (2009) mentioned, a deciding factor on returning to college to me was age and my lack of desire to create debt, being over 50 it is important to remain as debt free as possible. Consequently, career choice will be an important consideration throughout life, since it is a determining factor for income
The first is to define your goals, which will change over time for example, the goals for a young man fresh out of college will be vastly different than a 50 year old man and looking forward to retirement. Using S.M.A.R.T. ( Specific, Measurable, Attainable, Realistic, and Timely) goals is the best method for setting goals.
The second step is to gather your records and begin evaluating your current situation, are you extremely in debt and barely making ends meet? Then financial planning can seem to be a waste of time, however, if you ever want to correct your current situation, financial planning is the key.
Next, it's time to …show more content…
A good financial plan will have clear and reasonable goals, an honest evaluation of the current financial situation, an outline of what choices you must make to achieve your financial goals, and finally, this plan must be reevaluated from time to time to determine if new choices must be made and to re-assess goals to make sure they are still realistic and relevant to your current life situation. Consequently, you could say that financial planning is an ongoing process. ·Identify and discuss the three most important personal factors and the three most important economic factors that affect your financial planning decisions.
The three most important factors are martial status or family, personal health, and age. Moreover, age plays an increasing pivotal role that takes precedence as you get older. Just as Siegel & Yacht, (2009) mentioned, a deciding factor on returning to college to me was age and my lack of desire to create debt, being over 50 it is important to remain as debt free as possible. Consequently, career choice will be an important consideration throughout life, since it is a determining factor for income