Personal Finance Essentials
Financial Planning
Financial Planning is the Process
of Identifying Your Goals and
Creating Strategies
to Achieve Them
The process involves determining the cost of each goal and the date you wish to attain it, then calculating the amount you need to invest (in either monthly or via a lump sum) to amass the funds needed.
Assumptions, which you can change as you update your plan over time, include inflation rates, tax rates and investment rates of return.
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