Financial plan basics

Everyone needs a financial plan.  To develop a financial plan for you, a financial planner will ask you for information about your goals and the current state of your finances and use this information to show you how you might reach your goals.

You can ask yourself these questions and you can even write your own simple financial plan.  You have the capacity to learn the skills necessary to manage your money so that you can reach your goals. 

Take control of your financial future, learn the basics, develop the right money habits and you will head in the right direction!

Scroll down to the bottom of the page to find a list of ASA's internal resourses relevant to this topic or explore the questions below - links will take you to ASA internal resources or external sites in a smaller popup window.


How do I work out my investment goals?

Investopedia Investing with a purpose
Suncorp Investment Goal Calculator

How do I manage investment risks?

ASA Tutorial A guide to making good investment decisions

 

Moneysmart Risk versus Return, Is it worth the gamble, investment scams
Investopedia A tutorial

How do I reap the benefits of compounding returns?

Investopedia Definition
Get Rich Slowly Article
Moneysmart Calculator

Why do I need to create a budget?

Moneysmart Excellent resource with basic hints and tips and a budget calculator
National Australia Bank Useful overview on budgeting basics
Investopedia Series of tutorials - make sure you scroll down to find them - well worth a browse
Australian Bankers Assoc Bank account basics including a budgeting fact sheet
Templates A range of useful templates

Why do I need to work out my net worth?

Investopedia A good definition
Moneysmart A useful networth calculator
About.com A great step by step guide