A financial plan is a crucial document detailing a person’s current financial circumstances and their short- and long-term monetary goals, along with strategies to achieve those goals. This guide will walk you through the essentials of financial planning, helping you establish and plan for fundamental needs like managing life’s risks, income, spending, and debt reduction. Key Elements of a Financial Plan 1. Understanding a Financial Plan A financial plan is a detailed document outlining an individual’s short- and long-term financial goals, with a strategy to achieve them. It should be…