Financial planning is the process of estimating the capital required and determining its competition. It is the process of developing financial policies for an enterprise’s purchase, investment, and administration of finances.
According to James McArthur AG Morgan, there are several types of financial planning available and e has to choose according to the needs!
Types of Financial Plans:
1. Corporate financial plan: A corporate financial plan is a complete roadmap that takes into account all the revenue and expenses of a company for a certain period of time. This type of financial plan is usually prepared by large corporations or businesses.
2. Individual financial plan: An individual financial plan is a plan that takes into account the income, debts, assets, and investments of a person. This type of financial plan is usually prepared by individuals or families.
3. Government financial plans: Government financial plans are the type of financial plans that are prepared by the government for its various departments and agencies.
4. Non-profit financial plan: A non-profit financial plan is a type of financial plan that is prepared by a non-profit organization. This type of financial plan takes into account the income and expenses of the organization.
5. Educational financial plan: An educational financial plan is a type of financial plan that is prepared by an educational institution. This type of financial plan takes into account the income and expenses of the institution.
6. Retirement financial plan: A retirement financial plan is a type of financial plan that is prepared by individuals who are nearing their retirement age. This type of financial plan takes into account the income and expenses of the individual during his retirement years.
7. Business financial plan: A business financial plan is a type of financial plan that is prepared by businesses. This type of financial plan takes into account the income and expenses of the business.
8. Personal financial plan: A personal financial plan is a type of financial plan that is prepared by individuals. This type of financial plan takes into account the income and expenses of the individual.
9. Family financial plan: A family financial plan is a type of financial plan that is prepared by families. This type of financial plan takes into account the income and expenses of the family.
10. Wedding financial planner: A wedding financial planner is a type of financial planner who specializes in weddings. This type of financial planner takes into account the income and expenses of the wedding.
11. Travel financial planning: Travel financial planning is a type of financial planning that specializes in travel. This type of financial planning takes into account the income and expenses of the travel.
12. Event financial planner: Event financial planning is a type of financial planning that specializes in events. This type of financial planning takes into account the income and expenses of the event.
13. Sports financial planner: Sports financial planning is a type of financial planner who specializes in sports. This type of financial planner takes into account the income and expenses of the sports.
Conclusion:
Financial planning is an important process that helps individuals, businesses and government organizations in estimating the capital required and determining its competition.
