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    The Financial Planning Workbook: A Comprehensive Guide to Building a Successful Financial Plan (2023 Edition)
    The Financial Planning Workbook: A Comprehensive Guide to Building a Successful Financial Plan (2023 Edition)
    The Financial Planning Workbook: A Comprehensive Guide to Building a Successful Financial Plan (2023 Edition)
    Ebook126 pages1 hour

    The Financial Planning Workbook: A Comprehensive Guide to Building a Successful Financial Plan (2023 Edition)

    By Coventry House Publishing

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    About this ebook

    "The Financial Planning Workbook" provides a wealth of resources to help you create and monitor a successful financial plan. Explore the keys to financial success including investments, retirement planning, income planning, cash flow management, insurance, dependent planning, and estate planning.

    By breaking down complex financial concepts into clear, manageable tools, "The Financial Planning Workbook" provides an excellent balance between theory and practice, and is the definitive guide for building your own financial plan.

    Inside this innovative workbook you will learn to:
    • Set specific and achievable financial goals
    • Apply economic analysis to all financial decisions
    • Analyze income and asset protection strategies
    • Integrate and develop your personal financial plan
    • Monitor your plan’s success on an ongoing basis

    Whether you’re a recent college graduate or decades into your career, "The Financial Planning Workbook" will provide you with the necessary tools to build a strong financial future and achieve peace of mind.

    LanguageEnglish
    PublisherCoventry House Publishing
    Release dateDec 7, 2016
    The Financial Planning Workbook: A Comprehensive Guide to Building a Successful Financial Plan (2023 Edition)

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    Reviews for The Financial Planning Workbook

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    • 4/5
      nice book easy at the begining and more complicate later. glad to come across this book
    • 4/5
      This book caters to the American audience in general . Nevertheless, I found it really practical and easy to read and understand. The authors have kept it simple without using too much jargon which is good. I recommend this everyone, especially those in their early 20's who are barely starting out into the realm of personal finance . Overall a good guide book towards achieving financially literacy.
    • 4/5
      Good review of items and costs to consider. I thought the salary by degree was a bit low, though?

    Book preview

    The Financial Planning Workbook - Coventry House Publishing

    Copyright © 2023 Coventry House Publishing

    All rights reserved.

    The author and publisher have provided this e-book to you without Digital Rights Management software (DRM) applied so that you can enjoy reading it on your personal devices. This e-book is for personal use only and may not be printed, posted, or reproduced.

    Contents

    Chapter 1: Preparing Your Financial Plan

    Chapter 2: Income Planning

    Chapter 3: Determine Your Net Worth

    Chapter 4: Investments

    Chapter 5: Retirement Planning

    Chapter 6: Insurance

    Chapter 7: Dependent Planning

    Chapter 8: Estate Planning

    Epilogue: Your Next Steps

    About the Authors

    1

    Preparing Your Financial Plan

    Welcome to The Financial Planning Workbook. Our goal is to help you build or repair your financial plan using the proven methods and exercises outlined in the following chapters. Inside this book you will be introduced to the practice of personal financial planning and you will learn how to create and monitor a successful financial plan. But before you can begin your path to financial independence, you first need to identify your starting point. By recognizing where you are today, you’ll be able to set tangible goals and track your success from this point forward.

    Exercise 1.1: Identifying Your Habits

    For this exercise, indicate which of the following statements apply to you. The chapters that follow will help you break these poor financial habits and replace them with responsible alternatives.

    • I routinely carry a balance on my credit cards that I’m unable to pay in full each month.

    • At least one of my credit cards is currently maxed out.

    • I’ve had to borrow money from family or friends to pay my bills within the last year.

    • I do not have any money saved for emergencies.

    • I don’t bother balancing my checkbook or reconciling my bank statements at the end of each month.

    • I’m not sure whether my employer offers a retirement plan or a company match.

    • I’m not sure how much I’m currently saving towards retirement.

    • I haven’t reviewed my investments within the last year.

    • I don’t have a will, living will, financial power of attorney, or healthcare power of attorney.

    • I haven’t given serious thought to when I’d like to retire or how much I plan to spend during retirement.

    • I’m not sure what would happen if I became disabled and couldn't pay my bills.

    • I’m not sure if my family would be financially stable if I were to die.

    Exercise 1.2: Evaluating Your Current Financial Plan

    Now that you’ve identified the parts of your financial plan that may be failing you, it’s time to assess your strengths. Indicate whether the following statements are satisfactory or need improvement.

    • My ability to set realistic and attainable financial goals

    • My ability to create and maintain a budget

    • My ability to save money

    • My credit score

    • My understanding of the investments I have and their associated risks

    • My current level of retirement savings

    • Life and disability insurance premiums, deductibles, and coverage amounts

    • Home, auto, and umbrella insurance premiums, deductibles, and coverage amounts

    • My overall estate plan

    Exercise 1.3: How Well Do You Know Your Financial Situation?

    Maybe you’ve identified a few bad habits that you’d like to break and you realize that a fair amount of your financial plan needs improvement. It’s unlikely that you’ve intentionally made poor financial decisions that led you to this point; it’s much more likely your financial plan has been failing you because you simply aren’t aware of the many intricate details involved. To explore this possibility, indicate which of the following statements are true regarding your present financial situation.

    • I know how much I earn and how much I spend each month, and what my savings surplus or deficit is.

    • I know the value of my assets, liabilities, and net worth within a few thousand dollars.

    • I have recently reviewed the various lines of insurance that I have and discussed their adequacy with my insurance agent.

    • I have met with my accountant to discuss tax planning strategies within the last year.

    • I understand the basic characteristics of the various investments that I own and they match my tolerance for risk.

    • I know how each of my investments has performed over the last year.

    • I know the fees associated with each of my investments.

    • I know the current balance of my investment accounts within a few thousand dollars.

    • I participate in my employer’s retirement plan and take advantage of the company match.

    • I make the maximum contribution to my IRA each year.

    • I have reviewed my credit report and checked my credit score within the last year.

    • I know how much

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