The Three Components of Financial Planning

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

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The Safe and secure plan has three components:

the protection component
the savings component
the increase component

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

The second component in the safe and secure plan is the increase component. This necessitates putting away three to six months of expenses in a very safe and secure account. This is very leading to ensure that the family will continue to live, if a someone stops to earn. A lot of families suffer when the someone earning the income becomes disabled or dies. Keeping away money that can cover the family expenses for sometime is the clarification for these problems. Benefits offered by the hiring company should also be looked up. This can take different forms. Relinquishment plans should also be thought about since we have to think it as a saving plan. It is a great collector of money as there is some discipline in that you can't spend the money.

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

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