The whole idea of making a personal financial plan my seem a bit daunting. Well it really isn't. It's like anything new, you approach it step by step. Start with making a simple One Year Budget with Income, Expense and Cash Flow. Also take a snapshot of your Net Worth including Assets and Liabilities. Here is how.

Handling of taxes in personal financial planning is often ignored or simplified because the topic seems too complex. Yet without considering the true impact of taxes on your financial plans your plans may not be realistic. It is important to have a clear understanding of how your financial plan handles taxes, whether it be estimating, averaging, or calculating actual amounts based on known formulas and rates.

An important aspect of personal financial planning is saving for the future. The types of savings may include real estate, personal assets and different types of saving and investing accounts.  You need to understand about the types of investments, returns, risk and diversification.

Everyone needs a personal financial plan, but where to start. In this article we provide some basics to get you thinking in the right direction. First you need to set purposeful and realistic short term and long term goals. You need to understand your sources of income, how to manage expenses, and deliberately managing and tracking your cash flow. The best way to do this is to have a financial plan spreadsheet that allows you to budget and track your finances. We make it easy for you to make...