Life Events of Financial Planning
Financial needs continually change throughout an individual’s lifetime. Many people follow similar financial patterns during their life. However, everyone has an individualized financial plan that is dependent on many different factors in an individual’s life. Financial planning is a tool used to pursue financial success based upon the development and implementation of financial goals. It is important to use financial planning to help a person avoid financial difficulties. By having well-written financial goals and implementing them into a financial plan, a person will have the means to pursue the standard of living they desire. An individual’s values, goals, personal choices, major life events, lifestyle conditions, and life cycle needs work together to determine the details of an individual’s financial plan. As these factors change, so does an individual’s financial plan. Financial planning is an ongoing process that is affected by expected as well as unexpected events.