Create a financial plan for yourself or someone you know. The plan should comprise most of the aspects listed below.

1. Career goals
2. Short term planning (paying off debts, credit card, setting up an emergency fund)
3. Saving to buy a home.
4. Long term planning (saving for retirement)
   1. Desired retirement age: The number of years you have until retirement is one of the biggest factors that will determine your final outcome.
   2. Desired retirement lifestyle: The type of lifestyle you want to live in retirement will also play an important role in determining your retirement income needed on top of social security.
   3. Expected savings rate: This will ultimately determine whether or not you are on track to retirement based on your desired retirement age and lifestyle. Depending on your current financial situation, you may need to increase your savings rate to reach your goal.
   4. In addition to the above, your financial plan will help you identify and assess the following so that you are optimizing your wealth management and wealth-building opportunities:
   5. The types of investment accounts best suited for your goals
   6. The type of investment vehicles such as Stocks, Bonds, ETFs, Mutual Funds, or Index Funds you should be putting your money in
   7. The frequency of your investment contributions
   8. Your risk tolerance to help you build a sound investment portfolio that suits your needs