New Delhi, Aug. 15 -- The concept of financial freedom is often associated only with allocating substantial funds and building a large savings corpus. This, along with investing regularly and becoming debt free are considered financial success.

Still, true financial independence also means ensuring that an unexpected event does not derail the financial goals you have worked hard to achieve and that your family is protected in case of an unforeseen event.

That is why having a holistic financial plan is extremely important to achieve real financial freedom, a plan that entails various aspects of an individual's life. To put it appropriately, a sound financial plan needs three key elements:

Therefore, a meaningful financial plan is a holi...