9 Financial Planning Tips
Description
This article is from the Financial Aid, Scholarships, and Fellowships FAQ, by Mark Kantrowitz with numerous contributions by others.
9 Financial Planning Tips
Financial planning is the process of designing a plan to meet your
financial goals. It involves identifying the goals (e.g., saving for
your retirement, paying for your children's education, buying a
house), your current position (net worth = assets - liabilities; net
cash flow = income - expenses), and the steps you need to take in
order to reach those goals. Just knowing how much you spend on monthly
expenses can be an eye-opening experience. Given this information, you
can then play "what if" games and make better decisions for your
future.
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