The Power of a Financial Plan

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Time flies quickly

In a year and half, my oldest will be heading off to college. In the blink of an eye, we’ve gone from gumdrops to flip-flops to laptops. I have some of the same queasiness many other parents face as their children head to college. Retirement? College? How are we going to pay for it all?

I know that we’re better off than most, though, because we have a plan.

The benefit of sitting down with a trusted adviser to plan out your future – whether it’s retirement, a college education or planning for that great lake house you’ve always wanted – has always been sound.

Studies continue to show that those who put together a plan are much more likely to attain their goals and end up more financially secure.

A recent study by the Financial Planning Association, The Value of Financial Planning, shows that 78 percent of those with a financial plan feel well prepared for retirement. Put that in perspective with those without professional support, 46 percent of whom feel prepared for retirement.

Money Can’t Buy Everything

How many times have we heard the phrase “money can’t buy happiness?”

It is true that you accomplish many of your financial goals without an adviser and a plan. But how will the journey be? The real power isn’t just in attaining goals and creating wealth. It’s about the quality of life you live during the journey.

How likely are you to be happy and content without a plan? How many nights will you lose sleep? What toll will it take on your health and your family? Will you miss opportunities because you failed to plan? Are you and your family vulnerable to catastrophic losses due to insurance gaps?

Nearly nine out of 10 study respondents who have a financial plan felt they have a clear financial direction compared to just 50 percent of respondents who are trying to go it alone.

The Biggest Step

The benefits of putting together a financial plan with a trusted adviser are clear. The accomplishment and comfort it can bring, particularly in today’s troublesome times, is immeasurable.

If you’re like many and haven’t begun your journey to a more secure financial future, don’t worry. It’s never too late to start. The biggest – and most important step – is the first one. Sit down with a trusted adviser who listens to you and will help you develop and implement a plan to meet your goals and objectives.

After all, people who reach their goals rarely go it alone.

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