Financial Planning - Four Silly Reasons to Not Do Financial Planning
People neglect to do financial planning for a number of reasons.
Here are four of them: 1.
You think you don't have sufficient assets or income to need financial planning.
As Dave Ramsey recommends, financial planning starts with an emergency fund of $1,000.
Today is the best day to begin that, if you don't already have it.
2.
You think your financial situation is already in good shape when it really isn't.
Think this through.
One usually doesn't realize where the problems lie until 1) it's been analyzed, or 2) it's too late.
Obviously "analyzing" is better than "too late".
3.
You are busy, so you put off until tomorrow what you could at least start today.
This might be the silliest reason of all, yet maybe the most common.
I recommend writing it down on your "To Do" list, and chipping away at it at least a little each day, until you're satisfied it's complete.
I'll wait until you go write it down now:) 4.
You think that it will cost a lot of money to use financial planning services.
Actually good quality financial services are often a good buy, considering what you get for your money.
And in many cases, if you gain a little knowledge, you can get good financial planning services without paying ANY additional money.
An example of that would be a stock broker.
Another example would be an insurance agent.
Such professionals are ready, willing and able to give valuable advice in their areas of expertise, without any extra charge to you, as a customer, above that which is already built in to their product or service cost.
(Obviously, some advice is better than others.
Not every professional deserves the name "professional".
It may take a little study and a little sorting.
) Also the charges for some planning services might be deductible on your Federal Income Taxes.
Check with your tax expert for the details on that.
Anyway, NOT doing financial planning for any of those silly reasons could end up costing you a lot more than what the financial planning would cost.
For example, your family might be unprotected, or not protected well enough, in case of such things as death, illness, disability, an auto accident, or unemployment for a length of time.
There might not be an adequate amount of savings put aside for retirement, or in the more near future, for education.
Investment portfolios might not be diversified properly, and that could end up in a bad loss.
And, of course, not planning ahead can result in terrible amounts of income tax, or estate or gift taxes.
If there is a business in your family, the failure to plan for what happens to that business in the event of death or disability, could cause enormous problems.
Get started...
please.
Start by writing it down in your day-planner or "To Do" list, then read more.
Here are four of them: 1.
You think you don't have sufficient assets or income to need financial planning.
As Dave Ramsey recommends, financial planning starts with an emergency fund of $1,000.
Today is the best day to begin that, if you don't already have it.
2.
You think your financial situation is already in good shape when it really isn't.
Think this through.
One usually doesn't realize where the problems lie until 1) it's been analyzed, or 2) it's too late.
Obviously "analyzing" is better than "too late".
3.
You are busy, so you put off until tomorrow what you could at least start today.
This might be the silliest reason of all, yet maybe the most common.
I recommend writing it down on your "To Do" list, and chipping away at it at least a little each day, until you're satisfied it's complete.
I'll wait until you go write it down now:) 4.
You think that it will cost a lot of money to use financial planning services.
Actually good quality financial services are often a good buy, considering what you get for your money.
And in many cases, if you gain a little knowledge, you can get good financial planning services without paying ANY additional money.
An example of that would be a stock broker.
Another example would be an insurance agent.
Such professionals are ready, willing and able to give valuable advice in their areas of expertise, without any extra charge to you, as a customer, above that which is already built in to their product or service cost.
(Obviously, some advice is better than others.
Not every professional deserves the name "professional".
It may take a little study and a little sorting.
) Also the charges for some planning services might be deductible on your Federal Income Taxes.
Check with your tax expert for the details on that.
Anyway, NOT doing financial planning for any of those silly reasons could end up costing you a lot more than what the financial planning would cost.
For example, your family might be unprotected, or not protected well enough, in case of such things as death, illness, disability, an auto accident, or unemployment for a length of time.
There might not be an adequate amount of savings put aside for retirement, or in the more near future, for education.
Investment portfolios might not be diversified properly, and that could end up in a bad loss.
And, of course, not planning ahead can result in terrible amounts of income tax, or estate or gift taxes.
If there is a business in your family, the failure to plan for what happens to that business in the event of death or disability, could cause enormous problems.
Get started...
please.
Start by writing it down in your day-planner or "To Do" list, then read more.
Source...