¶ … financial planning is something that they do not take seriously until later on life. Evidence of this can be seen with a survey conducted by Lawyers.com. They found that only 35% of Americans have a will and 21% have a trust established. This is problematic, as the lack of planning can hurt the trustee's ability to reduce taxes and other liabilities for beneficiaries. (Sarji, 2011)
To avoid these challenges, requires establishing a financial plan which is taking into account a number of scenarios. This will be accomplished by looking at: the current / future income needs, debt acquisition / retirement preparation, the purchasing / disposal of personal assets, emergency funds and investment / retirement / estate planning. Together, these different elements will show how to create a financial strategy that is prepared for a host of events. (Sarji, 2011)
Current and future needs
Any kind of planning should take into account current and future needs. This is because there will be inevitable changes to individual lifestyle choices over the course of many years. As this is taking place, there will be greater demands for access to specific services and products. This will provide the individual with the resources they need to feel happy and comfortable. The way that this should be achieved is to offer continuous cost...
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