What is the purpose of financial planning?

The purpose of financial planning is to create a roadmap for individuals and businesses to achieve their financial goals. It involves evaluating current financial status, setting specific objectives, and developing strategies to meet those goals. Financial planning helps individuals and businesses make informed decisions about saving, investing, and managing their money. It provides a comprehensive view of one's financial situation, including income, expenses, assets, and liabilities, allowing them to make better financial choices and ensure long-term financial stability and success. Additionally, financial planning helps individuals and businesses anticipate and prepare for potential risks and economic challenges.

This mind map was published on 6 July 2023 and has been viewed 57 times.