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THE FINANCIAL PLANNING COMPONENTS. In finance planning you will find different levels and the main purpose of this levels is to ensure a person is receiving security, growth, and safety. There are three levels in financial planning. The three levels include safe and secure plan, a rich plan and a comfortable plan. In the safe and secure financial plan you will find three components which include the protection component, saving and the growth components. In the protection financial plan you will find basic financial plans like a car and home insurance, liability umbrella insurance, life, disability and health insurance. Ensure that any member of the family can be able to access these insurance covers regardless of who dies or who gets disabled. When choosing an insurance cover during the finance planning process ensure that you focus on the strategy and not the product. In the market you will find so many insurance companies that are offering the same products, you should concentrate on the relationship you will have with the company and not the products they are offering you. The growth component is the second component of finance planning which is a safe and secure plan. This is a safe and secure financial plan because where you put away all the expenses for three to six months so that you can secure your account. This is a safe financial plan that assures you that your family will continue living after you have stopped earning. With this financial plan the family will not suffer even if the breadwinner dies loses a job, or even becomes disabled. It is important that you put some money aside that your family will be using before you are able to solve your problems. It is important that you consider the benefits being offered by your company as a way of finance planning. Also, consider the retirement plan as one way of your financial planning because it is a savings plan. Retirement plan is a great accumulator of money of money because you can’t spend the money as a way of discipline.
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The third component of financial planning which is safe and secure is known as the comfortable component. In this component you will be able to build the real wealth. Anytime you want to build the real wealth you will have to put a little money in the stock account or in the mutual account depending on the capability you have. It is in this financial plan you are able to move from the growth plan to a comfortable plan. The main aim of financial planning is analyzing your current financial status, make suggestions and recommendations that will help you secure your long-term financial future. The financial advisor you choose to work with should understand your financial aims and objectives so that they can be able to assist you to plan your finances successfully.If You Read One Article About Services, Read This One