By Brad Singer
A financial plan creates a roadmap for your money and helps you achieve your goals. Financial planning can be done on your own or with a professional.
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.
What is financial planning?
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.
Do you need financial planning help?
A financial plan isn’t a static document — it’s a tool to track your progress, and one you should adjust as your life evolves. It’s helpful to reevaluate your financial plan after major life milestones, like getting married, starting a new job, having a child, or losing a loved one.
