What are the activities involved in the process of personal financial planning?

Personal financial planning requires you to engage in a variety of different planning activities, including asset acquisition planning; liability and insurance planning; savings, investment, and tax planning; employee benefit and retirement planning; and estate planning.

The nature and complexity of these planning activities will flow from your goals and personal circumstances, such as your current and expected future income, your wealth and available financial resources, and the current place in your life cycle. Changes in your circumstances or the economy can necessitate changes to these planning activities.