A financial plan is a blue print of how you will build, develop and protect your lifestyle.
It is a map of how you will achieve your lifestyle goals through investments, financial products and insurance. It is a comprehensive analysis that looks at your current situation, helps establish your goals and formulates a plan on how to achieve them.
A good financial plan considers factors such as how to best maximise your opportunities to save tax, how to build wealth and capital and how best to protect your assets and dependants.
It also takes into account your appetite for risk, how much time you have to achieve your goals, your current assets, liabilities and expenditure and important life events that may be taking place or approaching.
Proper financial planning can be complex and should therefore be done with the assistance of a suitably qualified financial adviser.