What is Financial Planning?
Financial planning can be a life-long process that assists you and your family in taking control of your financial future. By setting financial goals, developing and implementing financial strategies, making smart decisions and monitoring progress on a regular basis, the likelihood of achieving your goals is greatly increased.
Many people find that managing their finances can be a challenge. We face many opportunities, obstacles and hazards along the way and we may struggle with anxiety relating to our personal financial circumstances. Further, many families are too busy with the challenges of day-to-day life to think about next month let alone a retirement which may be years away. Alternately, those already in retirement frequently have anxiety about running of money, fear of making imprudent investment decisions at a time when there is no time to "catch up", or not feeling comfortable that their "golden years" will truly be golden.
By developing a financial plan, you and your family will have the opportunities to:
- Have a better understanding of your current financial situation
- Determine attainable retirement, education, insurance, and other financial goals
- Review your goals, funding strategies, and alternatives where goals have to be compromised
- Have the necessary financial resources set aside to fund your goals as they occur
- Reduce the effect of unexpected events, such as disability, premature death, etc.