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FINANCIAL PLANNING IS FOR EVERYONE Importance of having a financial plan and the difference between Financial Planning vs Retirement PlanningJalene Thompson Hahn, CFP WWA Planning & Investments 427
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What is financial planning for?
Financial planning is for assessing an individual's or organization's financial situation and creating a strategy to achieve financial goals.
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Individuals, families, and businesses looking to manage their finances effectively and reach their financial objectives are required to engage in financial planning.
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To fill out a financial plan, gather relevant financial information, set financial goals, analyze current resources, and create a detailed strategy with timelines and actionable steps.
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The purpose of financial planning is to provide a structured approach to managing income, expenses, investments, and savings for short-term and long-term financial stability.
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Information that must be reported includes income sources, expenses, debts, assets, investments, insurance coverage, and retirement plans.
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