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1、FinancialPlanningFinancialplanningisanessentialpartoflifemanagementaswellasofpracticemanagement.Itmustbeinstitutedearlyinacareerandgivenpriority. Planningisfacilitatedbythesettingofgoals(short-tolong-term);forfinancialplanningthesegoalsconcern:budge
2、tingtaxesinsuranceinvestmentsretirementincomeestateplanningAbeginningpractitionershouldinstituteafinancialplanwiththesamecareasapracticeplan.Thereare5stepstobetaken:currentfinancialstatusmustbecalculatedfinancialgoalsandobjectivesmustbeputintowriting
3、financialcounselorsmustbeselectedfinancialgoalsmustbeprioritizedandaplandevelopedtoachievethemperiodicreviewofprogressmustbeperformedTheprocessofplanningbegins withthecalculationofnetworth onafinancialstatement.Assets andliabilitiesarelisted,anda “bo
4、ttomline”resultisobtained that,formanybeginning practitioners,ishumbling. However,thisisanecessarysteptorecognizingwhereprioritiesmustbedirected(e.g.,paymentoflong-termdebt)andwhereassetsareneeded(e.g.,cashforpurchaseofahome).Assetsincludecars(usual
5、ly),professionalequipment,books,instrumentsandsoforth.Otherassetsincludewholelifeinsurancepolicies(cashvalue),theincomeproducedbyworkingspouses,anypart-timeemployment,scholarshipsorawards,andanysourcesofcontingentincome(e.g.,thebeneficiaryofaparent’s
6、retirementplanorinsurancepolicy).Goals:BudgetingAfirstgoalinfinancialplanningistodevelopabudget;incomeshouldbemonitored,asshouldfixedanddiscretionaryspending(limitedto6%to8%ofmonthlyincome);debtservice(e.g.,educationalloans,mortgage)shouldbelessthan3
7、0%ofincome. Onceadebtispaid,thatincomeshouldbedirectedatsavingsorinvestmentsratherthanatincreasesinthestandardofliving. Budgetingisthebestwaytoensurethatincomeisusedasneededratherthanwastedonunnecessaryexpenditures.Themostimportantbudgetitemforstud
8、entsisusuallyaneducationalloan.Remember:moneyborrowedinschoolandpaidbackwithin5yearsaftergraduationstillcosts150%asmuch.Promptpayoffsavesmoney!Statisticsshowthatrepaymentofeducationalloansbystudentsvaries:•within5years—49%•within5to10years—20%•moreth
