According to tax expert, Marcela Kane Lantrip, financial planning is the art of implementing strategies that help you reach your financial goals, regardless of whether your goals are short term or long term. While this may sound simple, it usually is not.
Marcela Kane Lantrip explains that tax planning and financial planning are closely linked, because taxes are such a large expense item as you go through life. In fact, the more successful you are in your career, the more likely it is that taxes will be your single biggest expense over the long term. That is why Marcela Kane Lantrip actively encourages others to plan to reduce taxes and explains that tax reduction must be a fundamental and critically important piece of your overall financial planning process.
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