Financial Planning Objectives
Goals of the financial planning process as follows:
- Standard of Living Maslow's basic needs satisfied such as food, water, clothing, shelter, and nice-to-have discretionary items, such as automobiles, vacations, entertainment.
- Savings emergency funds for sudden and unexpected events, such as extra living expenses because of a fire at one's home.
- Protection DISABILITY INCOME INSURANCE; HEALTH INSURANCE; LIFE INSURANCE; PROPERTY AND LIABILITY INSURANCE (all forms designed to offer coverage against the uncertainty of a financial loss due to the PURE RISK).
- . Investment Accumulation of wealth through the return on assets deployed leading to financial independence.
- Estate Planning distribution of the invested assets held for the purpose of the accumulation of wealth in a tax efficient and effective manner.
Popular Insurance Terms
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Local life insurance office that sells and services ordinary life insurance as well as other forms of life insurance except debt insurance. ...
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Means of funding permitted under the employee retirement income security act of 1974 (ERISA). The administrator of a pension plan can comply with required minimum funding standards by ...
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