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Discover Financial Planning

Broadly speaking, financial planning is the task of deciding how strategic goals and objectives are met. Usually, a financial plan is created immediately after the vision and objectives have been set.

A financial plan describes what is needed to achieve these objectives, as well as setting timeframes for meeting the objectives.

The process of a financial planning activity involves:

> Assessing the economic environment
> Confirming the vision and objectives
> Identifying resources needed to achieve the objectives
> Quantify the amount of resource needed
> Calculating the cost of each resource
> Creating a budget from the summarization of the costs
> Identifying risks once the budget has been created