How to build a financial plan

How to guide

Financial planning is the road map to any investment decision – this is often the hardest part of the process. It requires the investor to be realistic in their expectations because without this the goal is often impossible to achieve. It also requires the investor to be flexible, as circumstances change and plans change. A rigid inflexible plan will fail.

We believe there are four steps to the financial plan…

Step 1 – How to get our house in order?

This is the most crucial step in the process. Having a budget provides an understanding of what is coming in and what is going out.

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Step 1

Step 2 – What are our goals?

This is possibly one of the hardest questions because human emotions come into play.

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Step 2

Step 3 – How do we draw up a plan?

Drawing up a plan comes under three headings – define it, cost it, and fund it.

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Step 3

Step 4 – review, review, review

1 in 3 people do nothing once their investments are set up.

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Step 4

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Where there is reference to performance you should note that past performance is purely a guide and investments can fall as well as rise.

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