Common Mistakes Make When Approaching Financial Planning

Common Mistakes Make When Approaching Financial Planning

Why do you need financial planning?

Financial planning will work well to help you achieve your desired goals, if you keep in mind some basic principles:

1. Do not set measurable financial goals.

2. Make a financial decision without understanding its effect on other financial issues.

3. Neglect to re-evaluate their financial plan periodically.

4. Look for quick financial fix instead of a long-term strategy.

5. Expect unrealistic returns on investment.

6. Think that financial planning is only for the wealthy.

7. Think that financial planning is only necessary when they get older.

8. Confuse financial planning with investing.

9. Think that financial planning is primarily tax planning.

10. Wait until a money crisis occurs to begin financial planning.

11. Think that using a financial planner means losing control.

(source:http://www.fpas.org.sg)