Rani Jarkas – Know about A Comprehensive Financial Plan

A comprehensive financial plan is only possible with a clear and practical financial goal, thorough understanding of the current financial status, and comprehension of all required knowledge and expertise to facilitate the forming of a good financial plan.

 

Knowing your financial goal as well as your current financial status is where your financial plan starts, as it is ultimately a process of working out a feasible plan to reach your goal on the basis of the current situation.

 

When it comes down to the financial plan itself, it is constituted of several points roughly including:

 

  • Current budget and cash flow– an overview of your monthly income and expenses, and an analysis of current spending and how spending patterns may change in the future;
  • Investments–organization of your investment accounts; understanding of risk tolerance and comfort; buildup of emergency funds, savings for intermediate-term goals (such as down payment on a home), review of non-retirement accounts and more;
  • Retirement savings– how much you’ve saved for retirement and in which type of accounts; and making sure you have enough spending money once retirement begins;
  • Educational and family savings– education savings for children, grandchildren and, if you may be supporting an older family member, funds for family support;
  • Risk management– life insurance for your family and insurance for property, such as home and car insurance; and protection planning against other “what-ifs” such as a disability or long-term care event;
  • Estate planning– wills, plans for disposition of your assets, powers of attorney for both your health and your finances if you should become incapacitated.

 

In case that you are seeking professional financial planning services, Cedrus Group is always at your service. It is a global boutique investment firm headquartered in Hong Kong, specializing in Asset Management, Financial Advisory Services and Private Wealth Management. And it is relentlessly committed to provide clients with solutions that enable them to meet their financial goals through its state-of-art open-architecture platform, first-class business partners, extensive international experience and connections, including offering all its clients access to institutional-caliber products in the global market place, best-of-breed investment products, securities, bonds and commodities on exchanges abroad. To know more, visit Rani Jarkas.