Which of the following is NOT a key component of a personal financial plan?

The reasoning behind choosing buying a house as the correct answer is grounded in the understanding of what constitutes a personal financial plan. A personal financial plan is primarily about managing one's resources effectively and ensuring long-term financial stability rather than specific purchases like real estate.

Budgeting is crucial as it helps individuals track their income and expenses, allowing for better financial decisions. Insurance is also essential, as it protects against unforeseen circumstances and ensures financial security. Setting goals is a fundamental aspect of financial planning, helping individuals define their objectives and create a roadmap to achieve them.

While buying a house can be a significant financial decision and part of a broader financial strategy, it is not a fundamental component of a personal financial plan itself. Instead, it can be seen as an outcome or objective of the planning process rather than a core element necessary for the creation of a financial plan.