Financial Planning Gets You to Your Goals
Every year on the first Wednesday in October, World Financial Planning Day is held to raise awareness about the importance of financial planning. The theme this year is Live your today – Plan your tomorrow.
A recent survey shows that Americans with a financial plan are more likely to make progress during their goals, even during these uncertain times.
Without a plan, not only will you have difficulty planning accurately for your life today, but you also won't have financial security for your retirement.
The importance of financial planning
People with financial plans are 78% more likely to pay their bills and save every month compared with those without a plan. People with financial plans are 68% more likely to have an emergency fund than people without a plan. Those with financial plans are 74% more likely to automate a portion of their income into savings.
Financial planning can help you manage your money. It is more than just a budget. Having a solid financial plan in place helps you calculate the overall incoming versus outgoing, as well as your ongoing financial strategy. A financial plan encompasses all avenues of your financial life, as well as taxes and investments.
Financial planning can help you manage your money. It is more than just a budget. Having a solid financial plan in place helps you calculate the overall incoming versus outgoing, as well as your ongoing financial strategy. A financial plan encompasses all avenues of your financial life, as well as taxes and investments.
Protect your financial future
The last few years have proved just how important a financial plan is. Even when the economic outlook is uncertain, a sound financial plan can help you weather the storm. Without a financial plan, you are prone to anxieties and uncertainties.
Inflation hit an all-time high in the USA in June. It must be considered when you are putting together your financial plan. Inflation kills your purchasing power over time. The amount that you saved will not buy the same number of things further on down the line as costs rise.
Add to that the high cost of living, which has increased dramatically since the global pandemic, and you can see why financial planning is essential to protect your financial future.
Get the help you need
“Planning for your future takes time and dedication”, says Scott Ente Senior Vice president of David Lerner Associates, “Getting help to manage your money and investments is a part of financial planning, however, you need to have a long-term strategy to meet your goals and needs as your life progresses.”
If you want a brighter and more secure future, you must have a careful financial plan in place. Inflation is projected to grow even further in the coming years and if you want to be comfortable either pre- or post-retirement you will need a financial plan in place to guide your decisions as things change.
People with written financial plans have a greater feeling of financial stability (63%) than those without a plan. Talk to your financial advisor and put a sound financial plan in place so your today and tomorrows are secure.
IMPORTANT DISCLOSURES
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.
To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law.
Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC