Is Financial Planning Easy or Difficult?
Many newbie in personal financial planning asked, should I get a financial advisor? Are financial planners worth the money?Is a financial planner worth the cost? Let us talk about this today. In financial planning, you are not obliged to get a CFP (certified financial planner) especially if you have the guts to know everything about finances.
I agree that you can create your own financial plan, you can create your own investment plan, and you can study how to invest your money in few minutes, but, how sure is your success if you will do the financial planning alone without the guidance or help of a financial planner?
Not sure whether you will succeed or not. It is because you only rely on what you know is best but you don’t have any idea what’s the best investment or the best financial plan for a different person. Of course, people have different financial plan, because of age, financial situation, financial goal, needs, careers and income.
Image Credit: Teresa Robinson on Flickr CC 2.0 – Right Brain PlanningFinancial Planning for Different Net Worth
If John Doe net worth is $5,000,000 and Lisa the Gorgeous net worth is amounting to $500,000, do you think they have the same plan? Do you think John Doe will invest small amount of money to hire a financial planner? Of course, it is because John Doe is afraid to lose money, and it he wants to make sure that his finances are well-managed.
The main idea is, you should hire a financial planner whether you’re a high net worth individual or not. It is to recover the money you could possibly lose because of improper financial planning, but it is very difficult to recover the time you wasted.
Financial Planning Can Save You Time & Money
Example, you didn’t hire a CFP, you think you can do it alone, you’re 30 now and you want to retire at 60, when your retirement come, you found out that your lifetime savings was lost. Imagine that?
I hope you agree with me here. Let me hear your thoughts about financial planning, do you prefer to hire certified financial planner or you do prefer to plan your finances alone. Leave a comment and do not forget to share this page with your friends.