Which of the following is the backbone of financial plan? *
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An important part of any financial plan is cash flow. It's the backbone of a good financial plan. Cash flow strategies may include: Reviewing your budget and expenses to reduce waste.
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Cashflow is the backbone of the financial plan. Proper management of money is good for financial planning and cash flow is foundation of financial plan.
What is Financial plan?
Financial plan act as a guide in person's life as it is a step to step approach for setting life goals.
A good financial plan depends on following components:
- Record keeping
- Budgeting
- Cashflow plan
- Retirement plans
- Money investment
- Managing risk
Thus, it is concluded from the above points that what are the things needed for good financial planning.
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