financial planning-Win big by using all asset classes

There is a need to understand the difference between a financial plan and financial planning. A cricket team’s plan is like a financial plan, decided much before the players take the field. It includes studying the field, the environment, selecting the winning team, analyzing opponent’s strengths, weaknesses, etc. However, when the actual match starts, a lot of the plan quickly gets adapted based on the situation that the team exists in. The plan acts as the guideline but it is certainly more important to navigate the plan, which is what financial planning is all about. A financial plan is based on assumptions and it is quite certain that those assumptions may or may not come out as envisaged. Hence, there is a need to review the progress and navigate them to the goal.