By definition, financial planning involves evaluating current pay and assets, then determining the future financial needs and goals for a person, family or organization. Through financial planning, you make strategic decisions on how to meet those financial goals and project the results of the decisions. A financial plan can focus on the short term, which offers a higher degree of certainty than long-term plans that must account for market fluctuations. Solid financial planning aims to meet a combination of short-, intermediate- and long-term goals.