The financial planning process consists of five steps: (1) Assessment: compiling simplified financial balance sheets and income statements; (2) Setting goals: establishing objectives to meet financial requirements; (3) Creating a plan: detailing how to accomplish goals, such as reducing expenses or increasing income; (4) Execution: implementing the plan, often requiring discipline and potentially professional assistance; (5) Monitoring and reassessment: reviewing the plan over time for necessary adjustments.

Authors

• Person: Not available Organization: Bethune-Cookman University
  Personal Finance and Debt Management

Sources

• Personal Finance and Debt Management www.cookman.edu Bethune-Cookman University via serper

Referenced by nodes (3)

• income concept
• financial planning concept
• financial goals concept