Financial Plan FAQs What is a financial plan? Financial plans are documents that provide an overview of your current financial situation and present guidelines on how to achieve your financial goals. What is the purpose of a financial plan? A financial plan is intended to assist you in making the most of your money and achieving your long-term financial objectives. A financial plan offers a systematic and detailed plan to accomplish your goals. What should a financial plan include? A financial plan should include financial goals, a net worth statement, a cash flow projection, and a short-term and long-term budget. It should also contain debt management, investment, insurance, and retirement plans. Lastly, it should include an implementation strategy. What is an example of a financial plan goal? Possible financial plan goals are repaying credit card balances, creating a budget for your daily living, and saving six months' worth of income in an emergency fund. How can financial advisors help in making a financial plan? Consulting with a financial advisor can help you create a complete financial plan that considers your unique situation. Getting help is necessary if you do not know where to begin or need assistance developing a practical and feasible strategy. They can assist with several complex financial subjects. About the Author True Tamplin, BSc, CEPF® Facebook Linkedin Instagram Twitter Youtube True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists. True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics. To learn more about True, visit his personal website or view his author profiles on Amazon, Nasdaq and Forbes.