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The Importance of Financial Planning

The importance of financial planning is directly related to the purpose you see in your life. Some people may have already discovered their life's meaning and others are still searching, but without doubt we all have one.

The purpose of your life is often confused with the struggle to survive and you may not realize that staying alive is only a part of your life.

Well, if survival is not the essence of your life, you don't want to have this necessity have a significant role, right?  However, we all realize that our basic needs and money play an important part in our day-to-day decisions.

The irony is that in spite of knowing how hard it is just to make ends meet and/or to afford the life style you lead, you normally give little importance to plan out what you do with the money you earn with so much effort, or if you do some planning you don't take into account all the considerations which might affect you.

"By failing to prepare, you are preparing to fail"

Benjamin Franklin

The consequences of not planning your finances

The outcome of not planning your finances can affect your life in the short and long term in many ways such as:

  • not knowing what happened to your money,
  • just getting by instead of enjoying life,
  • family conflicts over money,
  • never discovering or realizing your mission in life,
  • always being caught off guard when unexpected challenges arise.

After some time of suffering through these effects it's easy for a cloud of discouragement to fall over your face and your general outlook on life becomes pessimistic.

On the other hand, we're not supposing that we can look into a crystal ball to tell you today everything that's going to happen in your life, but instead take into account likelihoods which affect everybody and can be adapted to your personal objectives.  This is enough to allow you to plan.

Conclusion about the importance of financial planning

In consequence, the importance of financial planning is found in protecting the finances you and your loved ones depend on.  This protection is reflected in:

  • Eliminate stress (doubts, uncertainty, fear, etc.) of not knowing how you'll survive,
  • knowing what you need to do to achieve what you want,
  • and elevate your self-esteem making you a better person capable of discovering and achieving your life's mission.

In a nutshell:  if you're seeking freedom and financial security, don't overlook the importance of financial planning.

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