Financial planning helps you take control of your financial future. A financial plan is developed by a financial planner in accordance with your requirements. It sets out your current financial situation and your financial goals, taking into account your priorities and attitude to risk. It then sets out investment, wealth preservation and protection strategies that can help you meet your goals. It may also include estate planning strategies. A financial plan should be reviewed regularly and updated to take account of your changing circumstances.
A plan that will help you reach your financial objectives, such as paying for college, retirement, etc. One study found that on incomes of $10,000--$100,000, consumers who reported having a written financial plan had twice as much money in savings and investments as those without a plan.
A comprehensive strategy designed to help individuals achieve specific financial goals and prepare for unexpected life challenges or events. Financial plans may include investing, tax planning, asset allocation, risk management, retirement planning, education funding, accumulation funding, estate planning and insurance.
The financial annex to the community plan that identifies all the funding that a community uses to deliver their programs and services. Sources of each contribution (fundraising, municipal, provincial, etc.) should be identified. Each funding source will be noted as ‘confirmed' or ‘unconfirmed'. Funding will be considered ‘confirmed' when there is a commitment in writing for a specific amount. The financial plan will not include any funds received directly from the federal government. In-kind contributions must be confirmed by the supplier.
A financial plan is a written analysis of an individual's financial circumstances developed by a financial planner, in light of the individual's goals, resources, and current tax law, investment options, and insurance needs.
A set of projected financial statements indicating what resources will be needed, where they will come from, how they will be used, and the anticipated financial status of the business at a specified point in the future.