You know, it is interesting, surveys show that a majority of Americans feel that having a personal financial plan is very important. Yet, the reality is that many Americans spend more time planning their next vacation than they do planning their personal financial affairs.

A shockingly small percentage has ever even created a written financial plan.

There are many reasons that a financial plan is important for just about everyone. There is an old saying “If you don’t know where you are going, you are likely to end up someplace else.” Well, it is certainly true with financial issues.

The idea of having a plan before starting an important project is not new. We do it all the time in other areas of our lives.

Most sensible people would not start building a house without a set of plans to guide the process. Most people would not take a long car trip without a map to guide them on their way.

A well thought out personal financial plan can provide an ongoing framework for making intelligent decisions about your money and financial affairs as you travel down life’s pathway.

In my professional practice, I tell our clients there are five key areas that need to be addressed in a financial plan. These five areas are Risk Management, Estate Planning, Taxes, Investments, and Retirement Planning.

An effective personal financial plan must address each of these five critical areas. Do you have a plan in place? Is it in writing? Does it address all five areas? Do you review the plan and your progress on a frequent basis? If you can’t answer these questions with a confident YES!, then it may be time to consider developing a personal financial plan to guide you in reaching your financial goals.

To learn more, be sure to watch the Financial Briefing video “Why a Personal Financial Plan Could Be Your Ticket to Financial Success!” . This video is available in the Online Resources section of my website.