An integral part of financial planning is planning for financial outflows in the future. This includes large events such as retirement or the education of a child. It can also include smaller cash flow events such as the remodel of a home, puchase of a vehicle, or large travel plans.

Financial goal planning in general terms is the prediction of cash inflows and cash outflows for the purpose of setting our expectations and determining what investment choices are most appropriate for the different types of outflows.

This portion of the financial planning process is ongoing and will change many times during your lifetime. Having a good handle on the expectations and managing those expectations as situations change is one of the biggest keys to ensuring you have a sound financial plan.