Saylor Foundation: The Financial Planning Process

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As outlined in Personal Finance, Saylor Foundation (2009), a financial planning process involves the following steps: Defining goals, Assessing the current situation, Identifying choices, Evaluating choices, Choosing, Assessing the resulting situation, Redefining goals, Identifying new choices, Evaluating new choices, Choosing, and the reassessing and reevaluating stage as and when required.
These steps cover the setting of a goal through to the reassessment of the plan and circumstances. It should be noted that as economies, markets, personal circumstances, and other variables change, it is a process of reevaluating the plan to confirm it is still operating as required or what has changed and needs to be adjusted. This can often be an ongoing process.
Good financial planning should consider all the variables and factors to make an informed decision. Some of these key factors are the income capabilities, health of the family, ages of the people involved and …show more content…
This should also be expanded upon to the type of work these individuals do as this can affect their working life, earning potential and their health. The current budget and ongoing costs, any risks involved and what is the goal and what needs to be achieved to reach that goal.
Three important personal aspects that I consider to be of high importance when making financial planning decisions is available funds, what is the risk, and what will be personally achieved by the plan. To help explain in context I will use the hypothetical example of buying a car. The available funds would entail, do I
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