A financial plan is a comprehensive picture of your current finances, your financial goals and any strategies you’ve set to achieve those goals. Good financial planning should include details about your cash flow, savings, debt, investments, insurance and any other elements of your financial life.
Financial planning is an ongoing process that will reduce your stress about money, support your current needs and help you build a nest egg for your long-term goals, like retirement. Financial planning is important because it allows you to make the most of your assets, and helps ensure you meet your future goals.
Financial planning isn’t just for the wealthy: Creating a roadmap for your financial future is for everyone. You can make a financial plan yourself, or you can get help from a financial planning professional. Due to online services like robo-advisors, getting assistance with financial planning is more affordable and accessible than ever.