The Three Components of Financial Planning

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A financial plan has dissimilar levels and its purpose is to ensure the security/safety and growth of the person. There are three levels in the financial plans. These are the safe and regain plan, the comfortable plan and the rich plan. The meaning and relevance is clear from the terminologies.

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The Safe and regain plan has three components:

the safety component
the savings component
the growth component

The safety component consists of the basic car and home insurance, liability umbrella, disability and health insurance. This also includes life insurance. In case the man has a family, all these should make sure the house is able to do anything they want to do regardless of whoever dies or gets disabled. The man should focus on strategy and not products. For instance, if a man wants to buy life insurance, he should focus on how he is interacting with the insurance business and things like that, rather than on the product. Roughly all the insurance companies offer the same products. So, wasting a lot of time choosing between the dissimilar insurance companies is not necessary.

The second component in the safe and regain plan is the growth component. This necessitates putting away three to six months of expenses in a very safe and regain account. This is very leading to ensure that the house will continue to live, if a man stops to earn. A lot of families suffer when the man earning the income becomes disabled or dies. Holding away money that can cover the house expenses for sometime is the solution for these problems. Benefits offered by the hiring business should also be looked up. This can take dissimilar forms. Seclusion plans should also be thought about since we have to think it as a recovery plan. It is a great accumulator of money as there is some discipline in that you can't spend the money.

The third component of the safe and regain financial plan is the growth component. This is where the real wealth gets built. This might start with putting a minute bit of money in stock catalogue or mutual funds depending on the financial capacity of the person. This component is also the transition from the safe and regain plan to the comfortable plan.

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