What is financial planning?

Q. What is financial planning?

A: People have various sorts of understanding about what financial planning is but very simply put it is like a little mathematical strategy, it deals with numbers. It tells you where you are standing today, what all you want to achieve and vis-à-vis what your possibilities are.
Now upon deciding the amount of money you have got, the kind of goals you have then somebody helps you make a strategy; you do some calculations, some of them are simple, some of them are not so simple. However, when you put together you get a wholistic picture and this picture tells you exactly how some of the futures are likely to pan out. So it is some sort of a road map and it is better to have a road map rather than not have anything and just do things by the instinct and by the hour. So therefore I think it is a very good and a robust guideline.