Common Reasons for delaying the decision of appointing a Financial Planner:
We often come across people who delay taking up the services of a Financial Planner. Some of the most common excuses are:
Financial planning is simple and I can handle my finances myself - This is the most common assumption that professionals have. Understanding the stock market or being familiar with tax laws does not mean you do not need a Financial Planner. This is exactly the reason why so many literate people fail in adequately planning for their financial requirements. Magazines, websites and the television have a wealth of information on investing. However, each individual’s needs are different. Moreover you will not have the time and expertise to analyze and make sense of this vast information. Similar to how you hire a professional if you want to get any job done correctly, your Finances also have to be managed professionally.
Shortage of time - Another pretext by most people is that they are busy with their professional and personal life and therefore will look at appointing a Financial Planner at a later date when they find time. You must understand that all the money you earn and save must be directed at your specific financial goals, which are subject to change periodically. This kind of planning gives best result with professional help and guidance
Financial Planning is for the rich - Money is important to every person - Rich or poor. Simply earning and saving money should not be your mantra in life. You will be termed as ‘financially successful’ only when you know how to grow and multiply your money. This is possible only when you plan your investments, which help you achieve your goals in the timeframe you desire. If are not Rich, it is likely that you will find good use of our advise, on your way to build your wealth.
There is no money to invest in Financial Planning - When you go in for a Financial Planner, you are making an investment. You are taking the services of a professional who can help you determine the ideal asset allocation to suit your needs and draw a sound long-term plan to help you achieve your goals in future. The more you delay this process, the higher the chance of you putting your finances in jeopardy. Therefore, it is important for you to make this investment to manage your money. It is likely that a sound Financial Planner may be able to help you save money by making appropriate recommendation (e.g. Move to a Cheaper Insurance, Optimize Cash Balance, Restructure your Liabilities)
To see a sample Financial Plan, please click here.
Team Getting You Rich