Identifying your financial needs is an important step in the financial planning process. For many people, the most pressing needs are to have available funds for the tertiary education funding for their children, home ownership and for their very own retirement.
Upon identifying your financial needs, the next step in the financial planning process will be to set up a financial planning strategy to meet your financial needs and objectives, taking into consideration your time horizon; savings plan, investment vehicles and investment planning to achieve the required rate of return of your investment, not forgetting risk management and insurance planning to hedge against unexpected and unforeseen events.