Financial Planning is all about planning your finance. It is all about money from the money you earn and the money you spent. Generally, financial planning involves taking a broad view on personal financial status covering many areas of wealth management, and then going a step-by-step process to solve financial problems and achieve financial goals.
Below is the element of financial planning:
- Cashflow management:
- Know your current net worth. Generally your asset minus your liabilities.
- Eliminating bad debts.
- Frequently save some of the money you own.
- Budgeting
- Investment Planning
- Consider where to put your saving. Better place your saving where the money retur or the dividend is high, for bumiputera, ASB is oe of the bes choice around
- Insurance Planning
- Ensure all your asset and family are well protected with suitable insurance.
- Tax Planning
- This involves strategies to make the most of your income, stocks, real estate, property under the local tax regime.
- Retirement Planning
- Surely you want to retire rich and not retire poor. You also don't want to work if your age is 6o++. This is important aspect of financial planning and somehow many people did not think for the future.
- Estate Planning
- An estate planning or a will can provide financial security for your family, ensure your property is preserved and passed to beneficiary and avoid disrepute. For muslim, you can hire a will planner so the Will is in accordance syara'.
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