Financial planning provides you a written personalized financial plan putting it all into perspective. SHARES. Our core purpose is to help improve your financial situation and to help you Get Retirement Ready. Know your income, assets (what you have that counts as money) and liabilities (things that count against you like loans on a house or car) goals. 01 Establish and define the client-advisor relationship This means that every component of financial statements is important. You don't, however, need to be a financial planning expert to have a firm grasp on what each of these concepts means and how they impact you. Answers will vary. Flashcards. SHARES. Essential Components of Financial Statements. Test. Give one debit and one credit example for each component account for the United States. Created by. What Are the Seven Components of Financial Planning? Nice work! In that case, the person you choose will be able to step in and take care of your financial affairs. Personal financial planning is the process of managing your money to achieve personal economic satisfaction. 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Rather, it is about the big picture: bringing together all aspects of personal finance to achieve your financial goals. Month after month of operating in the red can cut deep into your optimism. Just like there is planning involved in marketing a product and distributing it. To do this, many or all of the products featured here may be from our partners whom we receive compensation from. 9 components of personal finance . 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