Financial Plan Question............................?

Question

Can anyone describe the several steps they would use in developing a personal financial plan.

Answer 1

Step 1 - Assess your situation / Determine your needs (your nut, your expenses)

Step 2 - Determine your wants

Step 3 - Put info into a spreadsheet showing assets/liabilities/ cashflow

Step 4 - Determine goals

Step 5 - Find and apply strategies to get to the goals

That said, one of the easiest ways would be to visit a financial planner. Most will consult with you for free, give you all sorts of handouts, etc.

Absent meeting with someone, here a few sites that'll get you started.

http://financialplan.about.com/
http://www.ameriprise.com
http://www.financial-planning.com/
http://www.fpanet.org/
http://www.finance.cch.com/

Hope that helps!

Answer 2

I could write it down - but many companies have it available for free - try fidelity.com - they have the 3 minute version, and then one that will take about 20 minutes (if you have your financial information). Dave Ramsey also has a decent plan.

Without knowing if you're drowning in debt, close to retirement, or just want to know where to put the extra $10 Million, it's hard to give a good answer.

Answer 3

I usually set financial plans for financial goals I might have. First, set your financial goal then set a plan of action to achieve it. Many of our local bank branches have at least one financial planner employed on staff that can assist you with financial plans.