Financial planning is the process of setting, achieving, and managing financial goals through the evaluation of one’s current financial situation, future aspirations, and needs. It involves creating a comprehensive strategy that addresses various aspects of an individual’s or organization’s finances, including budgeting, saving, investing, retirement planning, tax strategies, and risk management. The aim of financial planning is to ensure that resources are allocated effectively to meet both short-term and long-term financial objectives, providing a roadmap for achieving financial stability and growth. It typically involves analysis of income, expenses, assets, and liabilities, and may require the assistance of financial advisors or planners to tailor strategies to specific situations and goals.
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