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Basic Financial Planning
What is the most essential for you?

Answer this question and you'll know what your basic financial planning needs to cover.

As you saw in financial planning activities an in the financial planning pyramid, there are various aspects that you need to consider in your financial planning.  If it seems that this implies too much work and effort, perhaps you may not wish to go all the way.  But, what is the least that a person should do?

It's not easy to provide a general answer to this question because the answer depends on your personal objectives and situation. For example, if your long term goal is to achieve financial security, it may be that you do not need an investment plan which involves financial derivatives (options, futures, etc.).  But if you want to achieve financial freedom and wish to use these investment vehicles, then your planning needs to take them into account.

In a few words: what basic financial planning means for you doesn't apply to everyone.

Another way of analyzing the basics which you need to plan is to identify the basic or probable events which could affect you, for example:

  • It is unavoidable that some day you're going to die,
  • It is unavoidable that you'll get older,
  • It is unavoidable that you need clothing, shelter, food, education and for this you need a sure source of income (not a secure job since that doesn't exist)
  • It is almost unavoidable that you'll have health problems,
  • Etc. etc.

Therefore, if you know all that could happen beforehand, what should your basic plans be?



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