5 Best Steps Financial Planning Florida

A key component of personal finance is financial planning, a dynamic process that requires regular monitoring and reevaluation.

 In general, it has 5 Best Steps Financial Planning Florida

  1. Assessment: One’s personal financial situation can be assessed by compiling simplified versions of financial balance sheets and income statements. A personal balance sheet lists the values of personal assets (e.g., car, house, clothes, stocks, bank account), along with personal liabilities (e.g., credit card debt, bank loan, mortgage). A personal income statement lists personal income and expenses.
  2. Setting goals: Two examples are “retire at age 65 with a personal net worth of $200,000” and “buy a house in 3 years paying a monthly mortgage servicing cost that is no more than 25% of my gross income”. It is not uncommon to have several goals, some short term and some long term. Setting financial goals helps direct financial planning.
  3. Creating a plan: The financial plan details how to accomplish your goals. It could include, for example, reducing unnecessary expenses, increasing one’s employment income, or investing in the stock market.
  4. Execution: Execution of one’s personal financial plan often requires discipline and perseverance. Many people obtain assistance from professionals such as accountants, financial planners, investment advisers, and lawyers.
  5. Monitoring and reassessment: As time passes, one’s personal financial plan must be monitored for possible adjustments or reassessments.

Successful financial planning and investing are much more than crunching numbers, listening to popular opinion, and understanding the latest market trends.

As much as people need to know about financial markets and investments, they also need to know about themselves.

A large part of investing involves investor behavior. Emotional processes, mental mistakes, and individual personality traits complicate investment decisions. As Ben Graham, the father of value investing, once noted: “Individuals who cannot master their emotions are ill-suited to profit from the investment process.”

Mintco Financial Financial Planning in Florida:

Like most people, you have hopes, dreams and life goals for yourself and your family.

These might include buying a home or business, saving for college education, taking a dream vacation, reducing taxes and retiring comfortably.

Financial planning is the process of wisely managing your finances so that you can achieve your dreams and goals —
while at the same time helping you negotiate the financial barriers that inevitably arise in every stage of life.

Managing your personal finances is ultimately your responsibility.

However, you don’t have to do it alone.

A qualified financial planner can help you make decisions that make the most of your financial resources.

Mintco Financial Team of Independent Advisors can help you!

Contact us for a complimentary meeting at 813-964-7100

Email us at info@mintcofinancial.com