FINANCIAL & INVESTMENT PLANNING SERVICES
Importance of Financial Planning
1. To Develop Financial Understanding
It’s important to have a solid understanding of your finances and how to reach your goals.
But there’s a lot to take in and it takes time to learn.
Starting the learning process as early as possible is helpful for getting your finances in order.
2. For Help Meeting Your Goals
Financial planning is designed to enable you to meet personal finance goals.
Whether you’re aiming to maximize your 401k, meet student debt obligations, or even looking to buy a new car, or house…Planning finances can help.
And the sooner you start, the sooner you get there.
3. Because You’re Playing the Long Game
Financial health doesn’t happen overnight. There’s a definite process involved.
Similar to physical health and fitness, you have to start early so that you are not working uphill. If you start developing a healthy lifestyle of good nutrition and fitness early on, you will only be maintaining your health. If you start late, there is a good chance that you will be battling bad habits, tendencies, and maybe even health issues due to poor nutrition and lack of fitness. Don’t wait to start your physical or financial planning.
From initial planning stages to monitoring of spending patterns, to increasing your cash flow and accruing more capital, on to investing, and so on…it takes time to improve.
Even if it’s small steps, you can never start too early.
4. To Start Saving For a Rainy Day
As we’ve seen, most Americans have savings of less than $1000.
Considering how frequently emergency funds are required, lacking money for these situations is exceptionally stressful.
Safe, liquid savings can bring incredible opportunities. How to get there? Start saving 15% of total net income to build up a cushion. When opportunities like market corrections come knocking at your door you will be in the perfect position to make a profit.
You never know what’s around the corner.
Financial planning is a great way to start saving for a rainy day. And the earlier you start saving, the easier it’ll be to handle life’s inevitable hurdles.
5. To Reduce Money Related Stress
Finally, planning early and feeling financially secure can prevent stress that’ll make you unwell.
Science proves it! A recent study found that financial security is a direct predictor of your wellbeing.
And importantly, feeling financially secure about the future was as important as feeling secure in the present moment.
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