Successful financial plan must include or take into account the following condition:

- It is based on ‘hard’ facts, such as age, earnings, health, investments; and ‘soft’ data such as attitudes, beliefs and values.

- The plan must be a clearly written, logical document that uses language appropriate to the individual. (more…)

For a complete look at your financial situation, you should create a personal balance sheet and a cash flow statement. These reports are known as personal financial statements. A personal financial statement is a document that provides information about an individual’s current financial position and presents a summary of income and spending. (more…)