"I can't do financial planning. I have too many things up in the air!"
"There's no way I can even think of financial planning, I have too many irons in the fire!"
"I have to wait until"... (insert your own excuse)
Excuses. I hear them all the time. Investors falsely believe that financial planning should be done when our lives are calm. That's just not the case.
When, if ever, is your life calm? Financial planning will give you great clarity in times of turmoil.
Here's why it makes sense to do financial planning in crazy, hectic times:
There's something about goals on paper. I'm not sure what it is, but I actually achieve my goals when I get them out of my head, and see them written on paper. Many times we need to see all the goals laid out. It gives sense of purpose and clarity. Not to mention it will allow you to prioritize just what is most important, and what could wait.
Financial planning can give you the facts to make a decision. Once all that data is recorded that's in your noggin, you'll be able to see the facts. Facts that will help you make an educated decision. The facts might just tell you that what you are trying to accomplish is within reach. Or, it could tell you it's impossible. Either way, it will save you time and money.
What if scenarios can help. A "what if" scenario is just what is sounds like. After you plan for a goal, you can also show an alternative look, or a "what if". Let's say you aren't sure you want to quit your job and retire. Your boss is a real....uh wait, this is a family blog, sorry. First you show a goal of telling your boss to shove today. Then a "what if" scenario of waiting another year or more. Either way it's more clarity.
Can you see how financial planning can help you make a strong, educated decision when you feel confused? It's like having x-ray vision for your life!
If you are trying to make some important life decisions and everything is being thrown at you all at once, consider a financial plan. It will get all those thoughts out of your head, and on paper so you can make a great decision.
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