What is Financial Planning and Why is it Important?
According to google Financial Planning is the long-term method of wisely managing your finances so you can achieve your goals and dreams while at the same time negotiating the financial barriers that inevitably arise in every stage of life. In order to create a sound financial plan, goals must be first established. Essentially, Financial Planning helps us to be in control of our income, expenses, and investments so that we can achieve our goals. So where do we start? Here are the 4 Financial Goals that you can start with. 1. Income Protection - According to study, if you are a breadwinner or the provider of the family, you at least must have 10x of your annual income set aside, this way just in case anything happens to you as a breadwinner, the family that you leave behind will have at least 10 years worth of the income to use. This will give them the chance or the time to recover from the loss and be able to establish a life without the breadwinner. 2. Health Coverage - This one...