Here is my answer to – What are some of the data you need to prepare for your own personal Financial Planning?
Answer by Joy A. Adams:
Speaking from the perspective of a financial advisor and a person who has her own financial plan here is a list of info/data you will need;
- A list of current expenses, paycheck studs and other sources of income to create a cashflow statement.
- A list of current liabilities and assets to create a balance sheet statement.
- Bank, investment, pension/retirement savings and mortgage statements to get current balances, etc.
- Existing insurance coverage mounts and premiums. This would include life, disability, critical illness, house, car insurance, etc.
- Last two years tax returns/notice of assessment -to obtain tax liability amounts, registered investment room, pension adjustment amount, etc.
These are the documents I usually ask for before I meet with a client or use any financial planning tools.
Hope this was helpful.