A personal financial plan is essentially important for any person and their loved ones to minimize future difficulties and difficult financial situations. Short and long term financial freedom and stability is something that an individual wants to maintain until the end of their life. Financial planning for one's retirement years is essential so that a person does not suffer major misfortune or unnecessary suffering in what is supposed to be the reward for working so hard in one's younger years. Developing a thorough financial plan is a process that includes a comprehensive analysis of a particular person's financial situation and their long-term commitment to implementing and adhering to the established financial plan throughout their life. The plan includes, but is not limited to, how an individual spends, saves money, and invests their financial assets. This involves knowing how to budget, manage cash flow and taxes, borrow funds, use credit cards, minimize risks, invest and plan for retirement. Such a plan also requires vigilant thinking about the future so that he can modify his financial plans as needed due to changes in lifestyle and the economy. Financial planning involves short-term and long-term investment strategies. A short-term strategy is one for which an individual would like to see results within one to two years. “Most investment advisors say your first short-term goals should be to get your finances in order by eliminating credit card debt and creating a rainy day fund” (Mutual Fund Store, 2014 ). Mutual Fund Store explains that medium- and long-term goals include buying a home, starting a business and retiring depending on an individual's schedule and lifestyle. Before saving and investing for your...... middle of paper...... stock fluctuations. If the services of a financial advisor were not available, it would have been in the investor's best interest to learn more about stock market news regarding stocks expected to grow profitably. The investor could have stayed in energy and renewables, but he would have simply chosen companies different from those chosen. Personal financial planning ultimately leads to guaranteed retirement years; That’s the point of planning for the future. With a volatile and erratic economy and indeterminate Social Security benefits, having enough money to survive comfortably after retirement is essential. There is no magic ball to tell us what the years to come have in store for us; This is why it is up to each individual to control their own financial life. Having a concrete financial plan now will ensure a more comfortable future.