Get Clear about Financial Planning
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Transcript of Get Clear about Financial Planning
Financial Planning
Financial PlanningDreaming about a career that gives you a secure
job, fame, money, career growth and satisfaction? A career as a financial planner can
be your ideal career option. As a financial planner you need to work with numbers and with people. A course in financial planning teaches you how to
save, spend and invest intelligently.
History of Financial PlanningThe financial service sector has come a long way since the last decade. Earlier there were distinct
divisions within the industry such as banks, brokers, agents, mutual fund agents and so on. So an individual needed to go to the bank for taking loans, consult brokers for investments.
Mutual funds were a completely different sector.
History of Financial PlanningThis made people long for a holistic approach
towards financial planning. There was need for planning for children's education, retirement, emergencies etc. Thus, financial planning, a
relatively young profession, emerged.
History of Financial PlanningProfessional financial planning takes a holistic
approach towards managing an individual's financial resources. Financial planners make
recommendations for growing and preserving wealth, minimizing tax, retirement benefits, insurance, investment planning - and more, depending on the client's financial status.
• Specific
• Measurable
• Attainable
• Relevant
• Timely
BUDGETING
1. PAYCHECK
2. RENTAL INCOME
3. GOVERNMENT BENEFITS
4. INTEREST
5. INVESTMENT INCOME
INCO
ME
1. FIXED EXPENSES
2. DISCRETIONARY EXPENSES
SURPLUS/DEFICITBUDGETING
EXPE
NSES
Emergency FUND
RISK MANAGEMENT
WITH INSURANCE HEALTH
INSURANCE AUTO INSURANCE
LIFE INSURANCE PROPERTY
INSURANCE LIABILITY
INSURANCE DISABILITY
INSURANCE LONG-TERM CARE
INSURANCE
The Three C's of Credit
Capacity--Can you repay the credit you're granted? What's your income?
Character--Will you repay the credit you're granted? What's your previous track record?
Collateral--Is there tangible property that can secure the credit extended?
Debt
INVESTING
•GROWTH• INCOME•STABILITY
SAVING FOR RETIREMENT
• BASIC CONSIDERATIONS• WHAT KIND OF RETIREMENT DO
YOU• WHEN DO YOU WANT TO RETIRE• HOW LONG WILL RETIREMENT
LAST?START PLANNING NOW
Estate Planning
PLANNING FOR INCAPACITY
WILLS
FINANCIAL PLANNING FOR BUSINESS
FINANCIAL PLAN
• START-UP COSTS• CASH FLOW PROJECTIONS• PREPARING A CASH FLOW PROJECTION• INCOME STATEMENTS• BALANCE SHEETS• BREAK-EVEN ANALYSIS
Methods of Financing Your Business
• Equity Financing• Partner Investment• Shareholder Investment• Employee Investment• Venture Capital• Debt Financing
HOW TO APPROACH LENDERS
• DOES YOUR BUSINESS REALLY NEED TO BORROW MONEY?
• HOW MUCH DOES YOUR BUSINESS NEED TO BORROW?
• HOW FAST SHOULD YOU REPAY YOUR LOANS?
• UNDERSTANDING THE LOAN APPROVAL PROCESS
• WHAT LENDERS ARE LOOKING FOR
• ESTABLISHING A POSITIVE RELATIONSHIP WITH YOUR LENDER
WHY BUSINESS LOANS SOMETIMES BECOME PROBLEM LOANS
Start PLANNING
THANK YOU
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