The Importance of Quality Financial Planning
There is never a wrong time to seek the assistance of a professional financial planner. Whether you are struggling to make ends meet, you have more money than you can count—or, like many of us, you fall somewhere in between—financial planning is something that everyone can benefit from. Financial planning is not just for the richest among us; in fact, everyone could probably benefit from the experience of a financial planner and their specialized knowledge.
While most of us probably agree with what is being said, The Rothenberg Group professional financial planning is far from the reality for us. According to the 2012 Household Financial Planning Survey approximately 31 percent of financial decision makers report having developed a comprehensive financial plan. It is important to note that not all of these financial decision makers have sought professional guidance.
That leaves us with, maybe, only one-quarter of the country regularly seeking advice from a professional financial planner.
If you would like to begin developing a “comprehensive financial plan,” your Rothenberg Investment Advisor can give you details on:
- savings accounts
- retirement planning
- family education planning
- personal emergencies
- family emergencies
- major purchases (automobile, home)
- life and health insurance
- home insurance
- car insurance
- other personal financial goals
Here is another shocker; the same Survey suggests that approximately one-third of Americans—about 35 percent—actually have some kind of emergency fund or savings plan. In addition, about two-thirds have at least one kind of plan in action to meet one of their saving goals. What comes as most encouraging from this survey is that every single person who develops and commits to a financial plan will eventually benefit from it.
Of course, as it works with most things in life, if you want to get anywhere then you need to set goals. In order to develop a plan, decide what you want your end result to be. In short, be sure that you have identified what it is that you want (or need), how far away that is, and what it is going to help you reach this goal. This is how you begin to actually formulate your financial plan. Regardless of what it is that you want—to buy a house and have a big family or spend more time traveling the world before you settle down or perhaps to plan your retirement—you need to know what it is in order to figure out how you are going to reach your goals.
Obviously, setting financial goals is important, but you also have to make sure to account for the unpredictable. Always remember to have a contingency plan—or just a little extra savings—for the unexpected. Perhaps that just means getting additional insurance protection or setting up another retirement account or even a mutual fund; but whatever it is, make sure you try to have all your bases covered.