What is Financial Planning

A financial plan documents an individual’s short-and long-term financial goals and includes a strategy to achieve them.

The plan should be comprehensive and highly customized.

It should reflect an individual’s personal and family financial needs, investment risk tolerance, and plan for saving and investing.

Planning in finance starts with a calculation of one’s current net worth and cash flow.

A solid financial plan provides guidance over time and serves as a way to track progress toward your goals.

•