Personal financial planning is one of the important tasks every individual and family should consider working on. It helps understand the current financial position of an individual or a family and identify future goals and objectives in the short and long run. It also involves preparing a detailed financial plan to be able to reach those objectives.

According to CFP Board online portal financial planning involves working with individuals’ “entire financial picture” with an aim “to achieve their short- and long-term financial goals”. CFP Board considers financial planning as a comprehensive exercise ‘from saving for education and planning for retirement to effectively managing taxes and insurance” which would result in “confidence today and a more secure tomorrow” (www.cfp.net).

In this section, readers will find writings on topics related to various components of financial planning in details. The process of financial planning is a complex one and explanation on its different components will help readers understand many small moving parts within the bigger picture.