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Goal Based Financial Planning
Goal-based financial planning is a comprehensive approach to financial planning that helps individuals and families align their financial decisions with their long-term goals
Here are the key steps involved in goal-based financial planning:
1. Set financial goals
The first step in goal-based financial planning is to set specific and measurable financial goals.
4. Implement your plan
Once you have developed your plan, put it into action. This might involve opening new accounts, setting up automatic savings, and adjusting your spending habits.
2. Assess your current financial situation
Once you have set your financial goals, assess your current financial situation.
5. Monitor and adjust your plan
Regularly monitor your progress towards your goals and adjust your plan as necessary.
3. Develop a plan
Based on your financial goals and current financial situation, develop a plan that outlines the steps you need to take to achieve your goals.
6. Seek professional advice
Consider seeking professional advice from a financial planner or advisor.