Financial Planning is Imperative

September 1, 2016

It is amazing how fast time goes by. It seems like just a few years ago, I was running around the neighborhood with my friends without a care in the world. Now I am faced with the reality of retirement in just a few months. Each one of us will find ourselves at a point in life where we are either forced to retire or we realize that the time has come to enter into a new chapter in our lives.

The question we should be asking ourselves as we mature along the way is “… do we know the state of our flocks”? In other words, do we know how we are doing financially and if we are saving enough money so that we can live comfortably during retirement? We do not want to live with our children or depend on them for financial assistance in our old age. However, if we don’t prepare properly or act with foresight and be responsible stewards, that may be the position we find ourselves in.

Too many people make the mistake of not getting the financial advice they need before they reach retirement age. They have this idea that they don’t make enough money to seek the advice of a professional. Nothing could be farther from the truth. A financial planner can take whatever you earn now, project future earning potential and prepare a plan that you can follow until you reach your golden years. If you don’t take the time to know your state now, you could feel the pinch in your latter years.

Many companies have done away with traditional pension plans, but most companies still have 401K or similar plans where you can start saving and they will match your contributions. Any time someone contributes to your savings, take advantage of it.

God showed Joseph that Egypt would have a famine for seven years. Thus he prepared by saving many years in advance so that the food demands of the country would be adequate during the drought. The key is that Joseph knew the future, the current state of affairs and prepared accordingly. We know at some point we will stop working so we know the future. It is incumbent upon us to initiate our own vision, strategy and retirement plan now. Who knows if social security will be around 20 years from nowor not? If it is, what a great supplemental benefit. However, if it isn’t, you will still be prepared.