Financial Planning is the long-term process of wisely managing your finances to help achieve your Financial Goals, while at the same time negotiating the financial barriers that inevitably arise in every stage of life. Remember, Financial Planning is a process, not a product. Financial Planning is the process of developing a personal roadmap for your financial well being. The inputs to the Financial Planning process are:
your finances i.e. your income, assets and liabilities
your goals i.e. your current and future financial needs and
your risk profile
The output of the Financial Planning process is a personal financial plan that tells you how to
use your money to achieve your goals, keeping in mind the crucial aspects such as inflation,
expected returns and taxes.