Do You Have A Plan?

It is important to have a financial game plan. You can bet that the names we all associate with big money--Warren Buffet, Bill Gates, Donald Trump--all grew their fortunes by developing a plan and sticking to it. While some of my clients have had a financial plan in place for years, others are just getting started in their "adult" financial lives.

While not everyone has enough assets to warrant hiring a financial advisor, this does not mean that a financial check up shouldn't be performed on a regular basis. I have a confession to make. When I entered the working world, I saved less than I should have. At the time, I was focused on the fact that I had student loans to repay, there was fun to be had, and the reality of earning and spending an income hadn't really sunk in yet. In retrospect, adding a few hundred or even thousand pre-tax dollars to my savings would not have crimped my lifestyle too much, yet my bottom line today would be even better.

Give yourself a self check up today. Do you have an emergency fund? Do you know what percentage of your income you are saving? What are your goals? At least spend some time thinking about your finances, and if you really want to be at the head of the class, put it on paper. Still not convinced that you should review your finances today? Give yourself a reality check here.

An article on JS Online today talks about kids learning to save early. Yes, even elementary school kids can benefit from thinking about how they will pay for college. If these kids are thinking about their financial future, adults should be too!