Financial planning encompasses processes and various steps leading to the proper management of available income and expenditure. Managing personal and family finances demands thorough estimation of the incoming revenue and outgoing expenses on a daily basis.
Personal financial plan on the other hand is a plan that specifies one’s financial goals and describes the spending, financing, and investing plans that are intended to achieve those goals. A well defined personal or family financial calls for budgeting and tax planning, managing liquidity, financing one’s large purchases, protecting one’s assets and income (insurance), investing money, as well as planning his/her ...
