New survey shows Families Need Financial Planning Help

A recent study showed that 85% of families with children have no financial plan. I strongly feel that the majority of the other 15% don’t have a financial plan either – at least not one that truly reflects their desired financial path through life.

I define financial planning as the process of matching a clients assets and income, with their liabilities and expenses over long periods of time.

The fact is assets change, income changes, expenses and liabilities change. They change so often and so drastically in fact it becomes a real chore to keep a plan like this current.

Financial planning especially early on in life is incredibly difficult. I’ve found that plans I’ve done for younger clients change dramatically, whereas plans I do for nearly retired and retiree clients don’t change nearly as much. While it’s difficult, it is a worthy goal. Everyone should have some form of a financial plan, even if it’s in a very simple spreadsheet form. Having an end goal in mind give you a place to start and milestones to monitor.

There are many many facets of financial planning. I make it a priority among my client base to build solid plans for clients to growth with for years and years to come! We monitor, we maintain, and we let our plan work for us!