Templates
Wealth Management
Family Financial Planning Process: Phase I – Family Formation
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Family Financial Planning Process: Phase I – Family Formation

Optimize your family's financial health with our comprehensive "Family Financial Planning Process: Phase I โ€“ Family Formation" workflow.
1
Identify your financial goals
2
Evaluate current financial situation
3
Create a family budget
4
Determine the amount needed for emergency funds
5
Establish an emergency fund
6
Identify potential risks and purchase necessary insurances
7
Choose a suitable childcare option
8
Consider buying a house
9
Assessment of current debt
10
Develop a plan to pay off debt
11
Plan for children's education
12
Set up retirement savings plan
13
Investigate and utilize potential tax benefits
14
Create a will and estate plan
15
Approval: Planning Assumptions
16
Review and update the plan annually
17
Consider the cost of future family events
18
Discuss and decide on joint or separate bank accounts
19
Select a financial advisor
20
Approval: Final Planning