Why do financial planning?

Are you wondering whether there is much value in financial planning? Ben give his many reasons for why you should begin planning–today!

So you might be wondering, why should I even bother do financial planning? Wouldn’t be just as easy and effective to take things as they come and allow life to play out however it plays? To be honest, these really are  very fair and legitimate questions, especially when you recognize that no financial planner is able to penetrate the veil of uncertainty under which all our decisions were made. If a person could do such a thing, it would be quite obvious as to why you would want to work with him or her: he or she could tell you exactly what you need to do in order to have whatever you want while also avoiding the pain, suffering, and disappointment that often accompanies different parts of our lives.

I definitely can’t predict the future, so that option is out. So why then would you want to work with me?

Several reasons:

I firmly believe that doing something about the future is better than doing nothing at all, even if that “something” means we are just making educated guesses. Life simply is better when we are driven with purpose and direction. We may not be sure where we are going but we at least know we are headed there. That helps when dealing with the ups and downs that come with life.

As you make more money and obtain greater sums of wealth, there is more room for making poor decisions on how best to handle those resources, especially when taxes and legal matters come into play, (or when thieves think of creative ways to swindle you out of your money). Simply put, you need someone who can offer technical advice on these issues or else you’ll likely put yourself in a bind. I have worked with several people who done this after the fact and they typically regret not getting advice in advance. An ounce of prevention is worth a pound of cure, as the saying goes. Ignoring the waves of regret that cascade upon us when make a poor decision, planning ahead is simply cheaper than undoing the harm done. It also provides much more peace of mind.

Lastly, human beings are a combination of both reason and emotion, and it is very difficult for anybody to remove emotion sufficiently from their personal money decisions. This means we easily cloud our judgment about what is best when it comes to our money, so it is really helpful to have a detached, external guide who can offer direction on how best to handle differing situations. This direction provides mediation between spouses or partners when needed, coaching/ nudging when hesitancy, resistance, or discouragement enters the picture, and / or firmness of mind in staying the course when fear or distraction arrives, all of which are regular challenges faced in personal finance.

I could continue with many other points but I think this covers the matter adequately. Simply put, it is more valuable to plan than not to plan, and Bona Fide exists to help you make a better plan (with fees that are FAR LESS than what you would pay elsewhere).

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