Financial planning is the comprehensive process of managing an individual’s or organization’s financial resources to achieve long-term goals and objectives. It encompasses a broad range of activities, including budgeting, saving, investing, insurance, tax planning, retirement planning, and estate planning. The primary purpose of financial planning is to provide a roadmap for financial stability and growth, ensuring that financial decisions align with personal or business goals. The process begins with assessing the current financial situation, which involves evaluating income, expenses, assets, and liabilities. This is followed by setting specific, measurable, achievable, relevant, and time-bound (SMART) financial goals. These goals might include buying a home, funding education, starting a business, or preparing for retirement.