What is financial planning and its steps and features?

Financial Planning is an ongoing process to help you make sensible decisions about money that can help you achieve your goals in life; it's not just about buying products like a pension or an ISA. The steps: Establish your goals in life – short, medium and long term Work out what assets and liabilities you have – write them down Evaluate your current financial position – how close are you to achieving your goals? Develop your plan – create a “route map” for achieving your different goals Implement your plan – make the changes and make it happen Monitor and review your plan at least yearly and make adjustments when needed

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