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FINANCE PLANNING COMPONENTS. You will find different levels of finance planning and their main purpose is ensuring that you receive security, growth, and security. There are three levels that can be used to plan your finances. They include safe and secure plan, comfortable plan, and a rich plan. In the safe and secure financial plan you will find three components which include the protection component, saving and the growth components. In the protection financial plan you will find basic financial plans like a car and home insurance, liability umbrella insurance, life, disability and health insurance. All these insurance covers should be accessed by any member of the family regardless who gets disabled or who dies. When choosing an insurance cover during the finance planning process ensure that you focus on the strategy and not the product. For instance, all the insurance companies offer almost the same products and what you should concentrate on is the relationship you have with the company and not the products they are offering you. The growth component is the second component of finance planning which is a safe and secure plan. This is a safe and secure financial plan because where you put away all the expenses for three to six months so that you can secure your account. This is a safe financial plan that assures you that your family will continue living after you have stopped earning. If the bread winner of a family dies or loses a job, becomes disabled or dies most of the families suffer. It is important that you put some money aside that your family will be using before you are able to solve your problems. It is important that you consider the benefits being offered by your company as a way of finance planning. Also, consider the retirement plan as one way of your financial planning because it is a savings plan. Retirement plan is a great accumulator of money of money because you can’t spend the money as a way of discipline.
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The third component where you do the financial planning is in the comfortable component. With this component you can be able to build the real wealth. Anytime you want to build the real wealth you will have to put a little money in the stock account or in the mutual account depending on the capability you have. In this financial plan you can be able to move from the growth financial plan to a comfortable financial plan. Financial planning enables you to analyze your current financial situation, you can make suggestions and recommendations which will enable you to secure a long-term financial future. The financial advisor you choose to work with should understand your financial aims and objectives so that they can be able to assist you to plan your finances successfully.The Beginner’s Guide to Investments