I Went to 4 Finance Pros for Their Best Advice: Here’s the Ultimate Financial Planning Guide
recently got a promotion and figured it was a great time to start really hashing out my finances. I wanted to make a financial plan of some kind, but wasn’t sure where to start. When I reached out to experts on the matter, many of them referenced the six steps in the financial planning process, according to the Certified Financial Planner Board of Standards. Here’s what those steps are and how the experts suggested navigating them.
‘Automatic Millionaire’ Author David Bach: These Are the 2 ‘Primary Escalators to Wealth’
Learn: How To Build Your Savings From Scratch
What Are the 6 Steps in the Financial Planning Process?
Here are the six steps in the financial planning process, according to the Certified Financial Planner Board of Standards.
6 Financial Planning Steps
- Understand personal and financial circumstances
- Identify and select goals
- Analyze the current course of action
- Develop and present financial planning recommendations
- Implement the financial planning recommendations
- Monitor progress and update
I personally needed all the help I could get, but you might be further along in planning and realize you’ve already accomplished some of these.
I’m a Self-Made Millionaire: These Are the 6 Investments Everyone Should Make During an Economic Downturn
Step 1: Understand Personal and Financial Circumstances
The first thing I did was take stock of what my life looked like in terms of money. Jenna Biancavilla is a wealth advisor and owner of Pearl Capital Management. She says you can start to understand how you’re doing by taking a look at your budget and cash flow.
