There are four stages in developing a comprehensive financial plan, all of which
are covered in various sections in this book:
1. Establishing a firm foundation: The first step to success in your personal
finances are to establish the necessary foundations, including an
understanding of the personal financial planning process, the necessary
tools, and the tax effects of your financial decisions.
2. Securing basic needs: The second step is to secure your basic needs.
This step includes meeting your consumption and housing needs, setting
aside funds for financial emergencies, protecting your assets with insurance,
establishing a career path, and making educated employee benefits
decisions.
3. Building wealth: After you have secured your basic needs, you can
begin to think about wealth building to meet future needs, such as
retirement and college funding. With financial security comes the need
to protect your wealth
4. Protecting wealth and dependents: The final stage in the process of
developing a comprehensive financial plan includes the protective
elements of life insurance, long-term care insurance, and estate planning.
Replies
Oh My God, We are loving this. When we begin to seek God from our Spirit, He will begin to give us knowledge of "The Know How". These step are very unique and will work. One thing we've learn is to "Start", that's the hardest. Start to do something different, that will make a change, a serious change that will last.
This is a great plan for achieving your Goals financially...I will use it wisely.
Glory to God, I can see myself in the process...
Great information but I do not think I am a business owner lol but I do receive all this for the building of the kingdom of God.
Amen. So i have to think about this now. Wow.