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What Are Your Financial Planning Alternatives?
NO PLANNING:The results of doing "no planning" at all may lead to financial
failure and unhappiness. People who do not plan the use of their money may
lose control over their financial lives and become vulnerable to the
events and circumstances that surround them. No planning usually produces
very little chance of having financial
independence.
OCCASIONAL PLANNING:People who do "occasional planning" tend to put things off and seem to be a step or two behind, never having quite enough money or having it in the right place. They are part of a "do-it-yourself" mindset that does not
seek proper financial advice. Occasional planning may produce a financial life filled with inefficiency and lost opportunity
costs.
SINGLE NEED
PLANNING:This approach finds people reacting to financial pressures. They
focus on one financial need at a time and only after the need became
obvious. Need planning is maintenance based. Psychologists tell
us that human needs can never truly be satisfied, for once a need is met,
a new need takes its place.
FINANCIAL PLANNING:Financial planning is a process whereby all of your insurance and investment needs are analyzed to maximize their potential in meeting your financial goals. Financial planning involves data gathering, goal setting, identification of financial challenges, preparation of written alternatives/recommendations, implementations of agreed upon recommendations, and then review and revision of the financial plan as needs change.
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