The Importance of Having a Plan

financial plan2

It always baffles me when I hear people spending weeks researching and planning the annual family vacation and yet haven’t spent an hour or so looking at a financial plan. It’s become ever more important to know where your money is, what it’s doing for you, and where it will take you. Most importantly, will you have enough to last your lifetime? No matter how you answer that question, even if you don’t know, justifies why a financial plan needs to be in place. Think about what you want retirement to look like for you. It could be a 30+ year time period depending on how long you live.

Perhaps one reason people don’t have a financial plan is that they don’t know how to do it.

The answer is simple; hire a financial professional. Perhaps people are embarrassed and ashamed of their financial situation and don’t want to share it with anyone. A true financial professional is not there to shame or pass judgment. Their job is to get their clients started in the direction best suited based on the conversations and goals discussed with each client.

A financial plan simply puts together your assets against your liabilities and adds them in with your income versus your expenses. It also includes how prepared and protected you are for the unknown. With the ever-rising costs of healthcare and higher education, being prepared and protected is critical. Sure, the financial plan is a lot more complicated than that, but that’s where working with a financial professional places the work on them, not you.

We all know that eating nutritious foods and getting regular physical exercise are important in attempting to stay healthy and live a long life. Don’t dismiss that an important component of that is taking care of your money, too.


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