What Is Financial Planning
Updated: Mar 29, 2020
By Bill Savellis
At its simplest, Financial Planning helps you understand how the financial decisions you make impact your life.
Financial Planning is an ongoing process. Done properly, it provides a framework for making financial decisions that can have an immediate and long-term positive impact on the life you lead.
The biggest problem for most Australians is that a great income alone is not enough to give you financial security or prosperity. Unfortunately, we don’t realise this until it’s too late.
Think of Financial Planning as a GPS providing you with different routes to your chosen financial destination. As the driver, you are still in complete control and, whilst one route might take you the quickest way, another may avoid expensive tolls, and another still may choose a more relaxed scenic route.
The path you take is yours to choose but now you have a roadmap to help steer your priorities, decisions and behaviors.
Therefore, the opposite to financial planning is drifting aimlessly. As the famous adage goes “failing to plan is planning to fail”.
Information published on this website has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in this document is General Advice and does not take into account any person's particular investment objectives, financial situation and particular needs. Before making an investment decision based on this advice you should consider, with or without the assistance of a qualified adviser, whether it is appropriate to your particular investment needs, objectives and financial circumstances. Past performance of financial products is no assurance of future performance.