What is a financial plan called?
A financial plan is sometimes referred to as an investment plan, but in personal finance a financial plan can focus on other specific areas such as risk management, estates, college, or retirement.Click to see full answer. Then, what is in a financial plan?A financial plan is a comprehensive document that includes details about your cash…
A financial plan is sometimes referred to as an investment plan, but in personal finance a financial plan can focus on other specific areas such as risk management, estates, college, or retirement.Click to see full answer. Then, what is in a financial plan?A financial plan is a comprehensive document that includes details about your cash flow, savings, debts, investments, insurance and other elements of your financial life. A good financial plan takes the stress out of setting and prioritizing goals, and maps out clear strategies for achieving them. what is meant by the term financial planning? Definition of Financial Planning Financial Planning is the process of estimating the capital required and determining it’s competition. It is the process of framing financial policies in relation to procurement, investment and administration of funds of an enterprise. Then, what are the types of financial planning? There are three types of financial plans, viz., Short-term financial plan is prepared for maximum one year. This plan looks after the working capital needs of the company. Medium-term financial plan is prepared for a period of one to five years. Long-term financial plan is prepared for a period of more than five years. How do I write a financial plan?To write a personal financial plan, start by making a list of your assets, such as money in the bank or real estate. Then, write a list of any liabilities you have, such as credit card debt or a student loan. Next, subtract your liabilities from your total assets to calculate your net worth.
