Financial planning is an essential step in the journey of life. It is a phased approach to help you reach your goals and manage your money in the best possible way. It involves much more than just selecting investments, although that is often part of a financial plan. A financial plan acts as a guide throughout life's journey, helping you control your income, expenses, and investments. Financial planning can help you develop a strategy to calculate the amount of resources needed for monthly expenses.
It also helps you make sound financial decisions, assess risks, manage cash flow, and set objectives. Studies have shown that clients with a financial plan have 60% more advisory assets than those without one. Having a financial plan is essential for achieving life goals. It can help you make the most of your money and ensure that you are on track to reach your goals. With the right financial plan in place, you can make sure that your money is working for you and that you are making the most of your resources.