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A financial plan is a document that describes your current financial status, your financial goals and when you want to achieve them, and strategies to meet those goals.
You can use your plan as a benchmark to measure the progress you're making and update your plan as your goals and time frame change.
Financial planners and other investment professionals can help you create a plan, identify appropriate investments and insurance, and monitor your portfolio. You may pay a one-time fee to have a plan created, or it may be included as part of a fee-based account with a stockbroker or investment adviser.