The best time to start planning for your senior years is when you first start working but few people do that. If you haven’t already started your financial planning for retirement, now is the best time to commence.
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What is Financial Planning ?
In general usage, a financial planning in Dubai, is a comprehensive evaluation of an individual's current pay and future financial state by using current known variables to predict future income, asset values and withdrawal plans.
Financial planning process :Establish and define the client-adviser relationship.Getting to know you.Analyse and evaluate financial status.Develop and present financial planning recommendations and/or alternatives.Implement the financial planning recommendations.Monitor the financial planning recommendations.
Types of Financial Planning :Short-term financial planMedium-term financial planLong-term financial planShort-term financial plan This prepared for a maximum of one year.
This plan looks after the working capital needs of the company.
Medium-term financial plan This prepared for a period of one to five years.
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The best time to start planning for your senior years is when you first start working but few people do that.https://www.megri.com/financial-planning-for-seniors-5-smart-strategies-5624