Elements of Personal Financial Planning and the Wealth Management Process

Academic studies have shown that following a financial plan will help you build wealth more rapidly than is possible without one. This is because a financial plan enforces self-discipline, the key to any future accumulation of wealth. People earning between $20,000 and $100,000 per year who follow a financial plan typically have up to twice as much savings as those in the same income bracket who have no financial plan. For those earning more than $100,000 per year and following a financial plan, the savings rate is some 60 percent greater than that of their peers. Clearly, ...

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