So, Do You Need Financial Planning?

Well do you need Financial Planning? In this article, I will show you how you can answer this question

Immediately after we complete our college education, we automatically participate in a race call rat race

Everyone started the race with a cart In this cart, we have personal bills, loans and our allowance As we are single, everything is good and manageable We can spend what we earn without worry

Then we meet our partners and get married Thus we begin our next chapter in life Our cart becomes heavier and we now worry about our spouse’s bills and loans and kids allowance Some of us must support our parents too We may even need to bring our family to vocation As we grow older, our carts get heavier and heavier Do you have enough savings to meet these expenses?

As we know, life is never a straight and smooth path We will encounter obstacles Some of these obstacles may set us back in terms of our financial standing If we do encounter a big obstacle (eg critical illness, operation, surgery, business failure) and need a huge sum of money to recover, Do you have enough money to meet this expense? What if the big obstacle results in us being permanently bed-ridden or out of work for a long time, what is going to happen to our cart? Do you have enough money to support yourself and family if that happens?

Many may say, well we have friends and relatives to turn to for help But our friends and family have their own carts to pull too If they help push our cart, who is going to push theirs?

We will all retire from work eventually From then on till we all rest in peace, we do not have regular income but our life must still go on We still need to pay our bills and we still need to eat Do you have enough money to support yourself during retirement?

At old age, our body is no longer working as well as they used to Our health conditions deteriorate, as we get older We will need to seek medical help frequently We may even need to employ a person to take good care of us Do you have enough money to spend on these medical expenses?

So do you need Financial Planning? If you answer ‘Yes’ to all the above questions, then you are safe and need not worry about Financial Planning Otherwise, I suggest you start thinking about it

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Tags | business, critical, failure, family, illness, obstacle, parents, relatives, smooth