Financial planning plan: Introduction. Financial planning and its essence

4) Evaluate Alternatives. 
The proposed recommendations are then further 
assessed. This is your chance to discuss the alternatives face-to-face and take 
necessary actions bearing in mind your current situation, financial 
standings,
and 
personal interests. If you have any concerns regarding your financial planner’s 
recommendations, those can be altered and revised. Alternatives can be 
closed
based 
on the decisions you make. For instance:
 
The idea of carrying on your education attests you cannot do a full-time job. Decision 
making thus stands as an ongoing process which works side by side with your 
personal and financial situation so lost opportunities because of your decision 
making should always be kept in mind while analyzing the alternatives. 
Risk Evaluation. While evaluating the options you might end up having uncertain 
ideas. For instance, choosing your career over studies involves risk. How can you 
ensure 
if 
it’s 
rewarding 
in 
your 
future? 
Other financial decisions involve a comparatively low degree of risk such as saving 
your money in a savings account or purchasing some object of great value with it. 
The option of losing that object is low in such scenarios. 
Thus, while making financial decisions, finding out risks and evaluating them is 
tricky. You need to collect data based on your experience and the experiences of 
others as well. Decision-making process will require you to frequently update your 
knowledge politically, economically, and socially so you can make informed 
decisions.
5) Put Together a Financial Plan and Implement. 
Once you are content with 
the recommendations and feel good about proceeding, the implementation of the 
plan will be carried out. This step of the financial planning process can be 
considered as an action plan where you will pick ways to achieve your short, 

---

10
immediate, or long-term goals. Often taken as the toughest step for some people 
but makes a huge difference in the long run! The key thing to consider here is to 
carry it out as early as you can. The longer it’s left unattended, the longer it will 
take you to grow your wealth – ultimately a great shortfall in your savings when 
you retire.