How To Do Your Own Financial Planning

A financial planner is someone who has been hired to help you plan some specific goals like retirement or investments or someone who advises on various financial topics such as taxes, saving, insurance and more. It is always good advice to consult a financial planner before finalizing anything. But you can at least control your flow of money. So let’s see how you can do your new financial planning.

 

Determine your personal financial goals

You should be clear about your future goals. What can be included in financial goals? Planning for retirement, purchasing a home, developing a financial safety net against unexpected disasters or life change- all these can be included in your financial goals in general. (There could be a specific goal too which you have to list down).

Determine your current financial situation

By defining your net worth you will be able to calculate your assets.  By doing this, you can be aware of your current financial position. And ultimately, this can be helpful in making decisions about your future goals.  This can be helpful in new financial planning.

List your assets

Asset simply refers to the things you own and can include things like cash on hand, savings and checking accounts, properties, retirement fund, etc.  After listing assets, you should write the value of your assets. For example, if you own an office, list its value.

Decide to create a budget

It is more essential to know the flow of your money like where your money comes from or where your money goes. This will give you an exact idea of what you spend your money regularly and having all these costs written down can tell you exactly where savings can be found.

Determine your source of income

Focus on the assets which generate monthly revenue like salary, property, fix deposit, child support, etc.

Choose appropriate investments

If you are facing difficulties in taking out the time, comfort-level, or risk tolerance for individual stocks, you can go for mutual funds. For a mutual fund, you can go to dealer group services or account limited license. These are suitable for longer or medium-term goals like retirement or saving for a future of a child, but are more "hands off", and you can often just check on them yearly or semi-annually to make sure they are performing as you want them to. You can research mutual funds on your own and purchase them through a dealer group service or account limited license or visit your local bank or financial advisor for alternatives.

Seek trusted advice when you need it

Financial planning can often be successfully self-directed. Although, if you feel that you don’t have the time to do research and manage the flow of your finance, don’t know where to begin with new financial planning, or if you are dealing with something unpredicted (like an inheritance or illness), you should consider consulting with a certified financial planner.

Our experts will guide you in a niche way to get mortgage finance solutions to your problems. Get in touch with us for any query at https://www.lavernecapital.com.au/ or call us on 1800 883 007.