Financial planning is a long-term process of wisely managing your finances so that you can achieve your goals and dreams. It is a process, which starts with the identification of your specific goals. Once this critical phase is complete, pertinent data is gathered and your goals are analyzed in terms of your ability to achieve them.
Specific strategies and alternatives which help you achieve your goals are then developed and documented. A specific action plan is then implemented to assure that your overall plan comes to life. Once your plan is up and running, it should be reviewed periodically to assure that you are moving to your goals.
“I believe that the biggest mistake that most people make when it comes to their retirement is they do not plan for it. They take the same route as Alice in the story from “Alice in Wonderland,” in which the cat tells Alice that surely, she will get somewhere as long as she walks long enough. It may not be exactly where you wanted to get to, but you certainly get somewhere.”