Financial Planning - Retirement Planning A financial plan is a series of steps or goals used by an individual or business, the progressive and cumulative attainment of which is designed to accomplish a financial goal or set of circumstances, e.g. elimination of debt, retirement preparedness, etc. This often includes a budget which organizes an individual's finances and sometimes includes a series of steps or specific goals for spending and saving. This plan allocates future income to various types of expenses, such as rent or utilities, and also reserves some income for short-term and long-term savings. A financial plan is sometimes referred to as an investment plan, but in personal finance a financial plan can focus on other specific areas such as risk management, estates, college, or retirement.
A financial planner or personal financial planner is a practicing professional who prepares financial plans for people covering various aspects of personal finance which includes: cash flow management, education planning, retirement planning, investment planning, risk management and insurance planning, Tax planning, estate planning and business succession planning (for business owners). The work engaged by El Camino Real Financial Advisors is commonly known as personal financial planning. In carrying out the planning function, we are guided by the financial planning process to create a financial plan; a detailed strategy tailored to a client's specific situation and for meeting a client's specific goals.