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A clear definition of financial planning is a good starting point to improve your personal finances

The definition of financial planning depends a lot on whether we are talking about you as an individual, as a family or a business. However in any case there is one common element: the objectives.

According to the Financial Planning Standards Board (the organization which sets and administers the certification of financial planners), financial planning is the process of reaching your life's goals through the adequate management of your finances.

Your objectives will depend on your actual situation, for example: your objective could be that you want to have a steady income, that you want to buy a house, finance an MBA, save to educate your children, get married, retire, achieve financial freedom, etc.

Later on you realize that there are several aspects that you might not have thought about and not made plans for but which are highly likely to occur producing a major impact on your finances.

It's also important to realize that financial planning is an on-going process and, as such isn't something that you just do once.  In contrast, you need to adjust and change your plan as you achieve your goals and improve your financial state.

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