Which of the following is NOT a key component of financial planning?

Investing without a strategy is not a key component of financial planning because effective financial planning requires a strategic approach to investing. A well-structured financial plan encompasses setting clear money goals, assessing one's current financial situation, and documenting the steps needed to achieve those goals.

Investing without a strategy implies a lack of direction and foresight, which could lead to wasted resources and financial instability. In contrast, a financial plan is built on careful analysis, targeted objectives, and a clear roadmap, ensuring that investments align with one’s financial goals and risk tolerance. This strategic perspective is crucial for long-term financial success and wealth accumulation.