The saying goes that if you fail to plan, you plan to fail. A desire of a bright future can easily be achieved when plans are mapped out.  Planning is the key to success in any endeavor, but any single endeavor involves money to execute, which is why financial planning stands out as very important.

But I’m not rich somebody would say, I don’t earn that much another would say, but the truth is everybody needs financial planning and even the poor need it most because it is he who lacks that should be pressured to earn more to better his life.  No matter how much you earn, if you do not have a plan on how it is to be spent you would not be able to manage your earnings properly.   A recent survey in America found that those that had financial plans saved twice as much as those without plans.

A financial planner is a person who helps individuals in the ongoing process of arranging and coordinating their personal financial affairs to enable them to achieve their objectives.  Financial planning is an ongoing process and financial planners are paid to offer advice on a wide range of topics including:

• How to save and invest in smart ways.
• How to save for your children’s education and training.
• Planning and saving for retirement.
• Deciding the type of insurance you should have etc.

They examine the financial history-past and current-of their client's assets and suggest exactly what steps the client needs to take in the future to meet her goals.

A properly trained financial planner can help you achieve your goals by knowing who you are, where you are now, where you want to be and constructing a plan to get you there.  Typically, your financial planner will consider some or all of the information below when coming up with an ongoing plan:

• Your goals and when you want to reach them.
• How much risk you are willing to take.
• Your current status e.g. where you live, whether you are married, and whether you have children or other dependents.
• Income from job or businesses
• How much money you have saved or invested.
• Your debts
• Your insurance (including life, auto, or health insurance, and whether you have paid for this personally or through work)
• Your taxes (including income tax, property tax, and tax on your investments)
• Your will  (if you have one, the planner will want to review it)
• Your estate (how much money and property you will leave behind after your death and what you would like to do with it)

Not having a financial planner has so many disadvantages. For instance, you may be doing the wrong thing with your money without knowing leading to you not achieving your goals; you may not know how to plan ahead with the money you have and could lose control of your spending.  Even when you grow your savings, you might not be able to see the big picture and end up paying more tax on your money than you need to.

A planner can help you identify your options and come up with sources of income that you hadn't thought of.

Chris Adepoju, a medical doctor, first hired a financial planner when he was far from a financial dolt. He and his wife Halima had been diligent investors and savers who had a healthy portfolio of stocks and mutual funds -- plus an aggressive savings plan. Yet Chris found himself overwhelmed by his vast array of financial options until he got a financial planner. For Chris, the quarterly conversations with his planner help him decide which stocks to choose and which insurance policy to buy; they also helped put his mind at ease when a new house meant his savings would diminish. "Unless you're someone who knows the financial sector really well, I think (financial planning) is pretty much for everyone.” Chris says.

Having a financial planner is the best way to navigate our increasingly complex and fast moving financial world.  Contact a UNIC financial planner today.