What is Financial Planning?
A financial plan defines your goals and objectives; your hopes and dreams that take finances to achieve, and creates a plan to achieve them. It may involve saving for both short and long term, investing and having adequate insurances to protect you and your family. It should take maximum advantage of the benefits from your employer(s). It also should help you have the necessary legal documents in place to prepare your family in case of emergencies.
And why do you need one?
Do you have hopes and dreams? Will it take money to achieve them? Without a plan to get there, those hopes and dreams are mere fantasies that will never be realized. If you have a plan, you can take the appropriate action and be on your way. Most people spend more time planning a vacation than they spend on planning their financial lives.