Financial planning is a crucial part of achieving financial success. It requires discipline, consistency, and the ability to make smart decisions. While it would be nice to have an 8-10% return on investments, this is not always realistic. Markets can generate negative returns, and it's important to be prepared for this.
Many people apply for Social Security benefits as soon as they turn 62, but this shouldn't be the only factor in deciding when to start withdrawing benefits. Mark Colgan is a founding partner and private wealth advisor at Montage Wealth Management with over 27 years of experience. He is passionate about providing comprehensive financial services to busy corporate executives and retirees so they can do more of what they love. When he's not working, Mark can often be found climbing mountains and working toward his goal of climbing the 46 highest peaks in the Adirondack Mountains. He lives in Honeoye Falls, New York with his wife Kathy and their children Christopher and Emily. The lack of self-control can lead to poor financial decisions and the failure of a financial plan.
Wealth isn't created by making one good decision, but by avoiding bad ones. Studies show that many financial plans fail because they are too bulky, incomplete, not implemented, or out of date. Financial plans can be requested from banks, online methods, financial advisors, or fee-only financial planners. Delaying the start of a financial plan is one of the main reasons for its failure. Certified financial planners are experts at creating objective-oriented plans that will strategically avoid the reasons that cause financial plans to fail.
It's also important to schedule an appointment with an estate planning attorney to draft a will (or trust) and designate a power of attorney and advanced power of attorney for health care. But if financial planning is so simple, why do only a few achieve their goals? Why do most people fail? The answer lies in understanding the importance of discipline and consistency in financial planning. It's also important to make sure that your plan is complete, implemented, and up-to-date. By following these steps, you can ensure that your financial plan will be successful.