Whatever your destination, it helps to have a map—and that’s especially true when you’re preparing financially for the journey we call life. Whether your financial goals include paying off debts, buying a house, helping your kids through college, or being financially secure through your golden years—it’s best to start planning now.
As Financial Planning Month, October provides the nudge you may need to assess your current financial situation, plan for the future, and make any changes necessary to reach your goals—or at least get closer to them.
The history of Financial Planning Month isn’t easy to track down, but it has been recognized for years by financial institutions, advisors, journalists, and others as a great opportunity to raise awareness about the importance of taking steps now to financially prepare for the future. Financial planning is important year-round, but getting reminded of it every October is especially helpful when preparing for upcoming holidays and the related higher-thanusual expenditures tied to travel, gift-giving, entertaining, and more. It may also inspire you to add some New Year’s resolutions to your list! (More on that later.)
Creating a road map of financial goals should include short-term, intermediate, and long-term goals. While a lot of people think about what they’d like to have at different stages of life, not many of them have an actual plan to reach those goals. Schwab’s 2021 Modern Wealth Survey found that only 33% of Americans have taken the time to create a written financial plan. The other 67% said they didn’t have time to develop a plan—or they didn’t have enough money to bother making a plan.
Getting started on a financial plan doesn’t necessarily take a lot of time or money, though. You can start with small steps, which add up and can get you closer to your goals.
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Important Disclosures
This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. This material was prepared by LPL Financial. Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. To the extent you are receiving investment advice from a separately registered independent investment advisor that is not an LPL Financial affiliate, please note LPL Financial makes no representation with respect to such entity. Not Insured by FDIC/NCUA or Any Other Government Agency. Not Bank/Credit Union Guaranteed. Not Bank/Credit Union Deposits or Obligations. May Lose Value. For public use. Member FINRA/SIPC.
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