Alexandra Armstrong: Hi my name is Alexandra Armstrong. I am a member of the Financial Planning Association. Today I am going to talk about the basics of financial planning. Financial planning is not a product, it is a process. Think of it as a road map, a way to get from here to there in designated time with a fewest detours and puddles along the way. Financial planning isn't just about getting rich, for getting the latest stock tip. It's about helping you to achieve your life goals.

Each of you undoubtedly has specific life goals. Comfortable retirement, college education for your children, a business you want to start, and a state you want to pass on to your family or favorite charity, a dream home you want to build. Financial planning helps you reach those goals with the development and proper management of your financial resources.

From establishing your life goals to developing a financial plan, I will walk you through the process and discuss each step in detail.

First, I will discuss how to establish your goals. It is important to think about what you want to accomplish now or in the future. Next, I will talk about the data that you need to gather in order to create a financial plan. Then, I will tell you how to analyze and evaluate your financial status. It is important to asses your resources to see financially where you are at right now and where you are headed in the future. The next step, I will discuss is developing your financial plan. This includes devising specific tactics to pursue your goals. Then I will discuss implementing the financial plan. You should list each step and a deadline for accomplishing it. Finally, I will talk about monitoring the plan and making necessary adjustments. This is the most important step in the process because of the potential of achieving the objectives you have established.

Before we get started let me tell you a little about the Financial Planning Association. The Financial Planning Association connects those who provide support and benefit from financial planning. We provide a variety of educational resources, tools and services to help you discover the value of financial planning and help you achieve your life goals and dreams. Our mission is to help create a world where every one thrives and prospers. So let's get started on financial planning basics.