Most people spend more time planning their vacations and evenings out than they do planning their family finances.
Think about it; vacations are usually very well planned.
We take into consideration all kinds of things like: when we will leave, what we need to do before we go, what we will bring along, how we will get to the airport, what we will do when we get there, how we will get to the hotel and around town, where we will eat, and so on.
Are you that detailed with your personal finances? Be really honest with yourself.
Do you really take the time to plan for your own future in such thorough detail? It takes a lot of time and knowledge to analyze and plan your money.
I understand and know first hand that raising a family can be as much a full time job as "work" itself.
There is seldom little time left to study tax laws and other financial information.
Therefore, the job of planning your finances is often delayed until a "more convenient" time.
People sometimes have concerns about the financial planning process.
The reason for this is that it is unknown to them, and we are naturally afraid of the unknown.
But, those who truly succeed financially have learned to break out of their comfort zone.
They have learned the right questions to ask and where to find the answers.
Every plan should cover these four areas: A.
Tax Planning - Reduce and manage your taxes - Pay off your debts B.
Investment Planning - use tax effective investments - protect your principal C.
Insurance Planning - what if you die too early or live to long? - what if you are diagnosed with a life threatening illness? D.
Estate Planning - make sure your will is up to date - plan your funeral What is the Financial Planning Process?

1. Your financial planner must find out how you feel about your money and finances, by identifying and establishing your specific goals and objectives.
   
2. Your planner will need a detailed understanding of your income, assets, debts, company benefits, etc.
   The planner will collect and analyze all relevant information of your financial situation.
   
3. Your planner will draw up an action plan that addresses all your concerns and gives you choices.
   Then, and only then, will you be able to choose for yourself which way to go.
   

This process allows you the opportunity to make decisions from a knowledgeable position.
There is nothing wrong with buying financial products as long as they fit your needs and help you achieve your personal goals and objectives.
However, buying financial products without a plan is like having surgery without a medical examination.
I would never let a doctor operate on me without a complete diagnosis.
Likewise, you should never let a financial planner sell you any financial products without an analysis and a plan.
A financial plan can be as brief as one page or detailed which includes tables, charts and graphs.
One is not necessarily better than the other.
It just depends on how diverse your needs are.
But, even if the written plan is short, the interview process should not be.