Asked by: Moulay Solanki
asked in category: General Last Updated: 2nd February, 2020

How do you explain financial planning?

Financial Planning is the process of estimating the capital required and determining it's competition. It is the process of framing financial policies in relation to procurement, investment and administration of funds of an enterprise.

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Similarly, what is meant by financial planning?

Financial planning is the task of determining how a business will afford to achieve its strategic goals and objectives. The Financial Plan describes each of the activities, resources, equipment and materials that are needed to achieve these objectives, as well as the timeframes involved.

Subsequently, question is, what are the three aspects of financial planning? The main elements of a financial plan include a retirement strategy, a risk management plan, a long-term investment plan, a tax reduction strategy, and an estate plan.

Simply so, what is the role of financial planning?

Financial planning helps you determine your short and long-term financial goals and create a balanced plan to meet those goals. Tax planning, prudent spending and careful budgeting will help you keep more of your hard earned cash. Capital: An increase in cash flow, can lead to an increase in capital.

What does financial planning look like?

Financial Planning is simply a process that an individual and their family work through in order to achieve a defined set of financial and lifestyle goals. It is a detailed process of assessing what one really wants out of life and then translating that into financial terms.

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