In our experience, there are 5 general stages of life, so let’s break down what the financial planning process looks like at each of these phases.

The 3 Stages of Wealth Management They include wealth protection, wealth accumulation, and wealth distribution.

• Stage 1: The Early Years.
• Stage 2: The Golden Years.
• Stage 3: The Retirement Years.

A life cycle is a series of stages that people pass through on their lifes journey. At every stage in life we have different wants and different needs. This ever changing ability to earn income and our ever changing wants and needs can be described as our financial life cycle.

• Early Career.
• Mid-Career.
• Pre-Retirement.
• Early Retirement.
• Later Retirement.

A financial plan is a comprehensive picture of your current finances, your financial goals and any strategies you’ve set to achieve those goals. Good financial planning should include details about your cash flow, savings, debt, investments, insurance and any other elements of your financial life.

7 Keys to Financial Success

• Pay yourself first. Make saving for your future a first priority, which you put before your other financial obligations.
• Always maintain a long-term perspective.
• Invest with a plan.
• Keep it simple.
• Don’t turn down free money.
• There is no such thing as a free lunch.
• Diversify.

Terms in this set (6)

• step 1: determine your current financial situation.
• step 2: develop your financial goals.
• step 3: Identify Alternative Courses of Action.
• step 4: evaluate your alternatives.
• step 5: create and use your financial plan of action.
• step 6: review and revise plan.

Financial goals are the personal, big-picture objectives you set for how you’ll save and spend money. They can be things you hope to achieve in the short term or further down the road. Either way, it’s often easier to reach your goals if you identify them in advance.

Since budgeting allows you to create a spending plan for your money, it ensures that you will always have enough money for the things you need and the things that are important to you. Following a budget or spending plan will also keep you out of debt or help you work your way out of debt if you are currently in debt.

The activity shouldn’t take more than a few minutes each day if you adopt an expense-tracking approach that works for you, but if you consistently track your expenses, you will be able to save more, spend less, and make other necessary changes to finances that will allow you to build wealth and go after the things you …

5 Steps for Tracking Your Monthly Expenses

1. Check your account statements. Pinpoint your money habits by taking inventory of all of your accounts, including your checking account and all credit cards you have.
2. Categorize your expenses. Start grouping your expenses.
3. Use a budgeting or expense-tracking app.
4. Explore other expense trackers.
5. Identify room for change.

Track your income by adding money to your budget categories every time you get paid or receive money from any source. On payday, enter your income into your budget and add money to the categories that you will use before you receive your next paycheck.

Most Popular Mint No list of expense tracker apps would be complete without a mention of Mint, one of the best known personal finance tools around. Mint is great because it is free, supports a wide range of banks and lenders, and comes from one of the largest and most trusted names in financial software, Intuit.

Be careful using a budgeting app on public Wi-Fi — You should never check your bank account or use a budgeting app over unsecured public Wi-Fi — it’s just too easy for hackers to see everything you’re doing.

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