Financial Planning Process: Defining The Financial Planning Process

• Define the financial planning process
Financial planning process can be defined as the ability to properly outline goals and assess the possibility of implementing those goals. In other words, it is a projection of where one intends to be and understanding how to arrive at that financial destination. Financial planning process requires flexibility because of the changing nature of our economic environment; therefore, even in defining our goals, a careful attention should be given to identifying and evaluating new choices so that when changes occur, our financial plans can move along with those changes.
• List the elements of a good financial plan.
A good financial plan has various elements. Below is a list of an effective financial plan. Defining goals, assessing the current situation, Identifying choices, evaluating choices, choosing, assessing the resulting situation, redefining goals, Identifying new choices, evaluating new choices, and assessing the resulting situation time and again (Siegel & Yacht, 2009, p. 18).
• Identify and discuss the three

For instance, a man who has a family would by every stretch of the imagination include his partner in the financial plan. Furthermore, the plan becomes larger when such partners begin to have children that have to be supported as the society demands. So the larger the dependency, the more financial planning decision is affected. In some society, the man who is considered the bread winner of the home have to plan and make financial decisions beyond the nuclear family needs, but could also involve extended relations as the case maybe. In the words of Siegel and Yacht (2009), “Providing for others increases income needs” (p. 10) and therefore, family structure constitute a factor that affect our financial planning decision. Another factor that affects our financial planning decision