Financial planning is an ongoing process individuals and 
businesses should implement by organizing all aspects of their 
finances. This will assist in identifying financial goals, 
providing a comprehensive written Financial Plan, and 
implementing the plan in accordance with the objectives 
that are most important to you.

Comprehensive financial planning should involve these areas 
and these specific questions.


ESTATE PLANNING

 * How can you accumulate a sizable estate to pass on as a 
   family legacy?
 * How will your hard-earned assets be distributed after your 
   death?
 * How can you minimize federal estate taxes and state 
   inheritance taxes?
 * How can you best provide for your surviving spouse and 
   children?
 * Whom do you want to carry out your wishes?


RETIREMENT PLANNING

 * How can you accumulate enough in retirement savings and 
   pension benefits to enjoy a comfortable retirement free 
   of financial worry and not be a burden to your family?
 * How much (or little) can you expect to receive from Social 
   Security?
 * How can you coordinate your IRA, 401k, pension, Social 
   Security, and other retirement benefits for maximum 
   effectiveness?
 * At what age can you really afford to retire, especially 
   if you have children to send to college?


TAX PLANNING

 * Are you taking full advantage of the tax laws so that you 
   are not paying more than necessary?
 * Are there changes you could make in your business structure 
   that would reduce your income taxes?
 * Do you have access to changes in tax law that affect you?


RISK MANAGEMENT

 * How are you protected against the unpleasant and potentially 
   catastrophic losses associated with natural disasters, 
   illness or accident, disability, property loss, personal 
   liability, and premature death?
 * Is your business protected against these potential losses?
 * How would your business be affected if your key people were 
   no longer able to function?


INVESTMENT STRATEGY

 * Do you really have a structured investment strategy or do 
   you just invest haphazardly in the latest investment fad?
 * Do you know how to increase your investment returns and lower 
   your investment risk through the use of the principles of the 
   Modern Portfolio Theory of Asset Allocation?
 * Is your asset mix appropriate for your short-term needs as 
   well as your long-term goals?
 * Do you adjust your investment strategy as your investment 
   objectives change?
 * Are your investments effectively overcoming the ravages of 
   inflation and taxation?
 * Do your investments accurately reflect your risk/reward 
   profile?

Answers to these questions should be incorporated into a 
customized personal financial plan tailor made just for you.

A Financial Plan is specific to your unique needs and will 
include the following:

 * Current and projected financial statements
 * "What if" scenarios with different assumptionsv *Cash flow 
   objectives
 * Retirement goals and tax-efficient ways to achieve them
 * Funding children's education
 * Protecting against the financial impact of premature death 
   or disability
 * Implementation schedule with a time frame to follow.

Expect this process to be an eye-opening experience. You should 
be able to see all the disparate areas of your financial life 
come together into a comprehensive, meaningful, integrated whole.

All parts will work together like a well-oiled machine. You will 
see exactly where you are now, where you want to go, and most 
importantly, how to get there. Any obstacles you face will be 
clearly identified.

Your personal financial plan is a living document that should be 
reviewed on a regular schedule and altered to meet your changing 
circumstances.

Developing your financial plan is only the first step in 
a life-long process of wealth accumulation and financial 
security. Free financial planning resources are available at 
http://www.flanancialplanninginfo4u.com when you are ready to 
begin. 

C.C. Collins is a Wealth Strategist and Author of 
“Your Virtual Financial Advisor” at: http://wealthscientist.com 
Find more information at: http://www.financialplanninginfo4u.com