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The Worst Advice We've Ever Heard About Financial Planning

The Worst Advice We've Ever Heard About Financial Planning

| June 30, 2016
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Financial Planning

How about don’t get a financial plan or you do not need one. I can debunk that with some questions:

  1. How many wealthy people do you know who do not use some sore of financial advisor or planner?
  2. How businesses survive without some sort of plan on where they want to go?
  3. How many hours a day do you spend talking about, studying about and thinking about financial planning techniques?

If your answers to those questions are none, all or most of them, and 8 hrs a day, then I am calling bullcrap.

The Wealthy

The majority of those who are wealthy do not have financial planners or advisors because they do not know how to make money, they have them to make their money grow even faster. They don’t do this work themselves because, frankly, most of them do not have the time to deal with it. They want someone who has the time and energy to deal with it. So they hire an expert.

The people that I have seen that say they do not need a financial planner are not the wealthy. In fact, it is the people on the opposite end of the wealth scale. They think they can do it all themselves and save money. Well some do succeed that way, I am willing to bet that the majority do not.


In order to secure a small business loan or even to just survive in business you need a plan. This plan should have marketing, operational, and expansion goals. If you think you can just dive in head first to start a business without a plan, I can tell you that is not probable.

So what is the difference between you and a business? Not much. Individuals should also have goals and how they are going to get there. Financial Planners help with that.


Financial plans are for more than just retirement. They are there to help you make the most efficient decisions with your money then you would otherwise.

Financial planners work tirelessly to keep up with current financial planning techniques so they can help their clients get where they want to go. That is their entire job. Meet with people. Write plans. Recommend the best solution based on the best and most current financial planning techniques.

It is important that a financial plan is updated annually. Why? Because laws are constantly changing. The techniques that were written in the financial plan may be obsolete, or at the worst, not possible in todays environment. Your financial planner should be updating them.

I hope you can see the worst advice that I have seen about financial planning is not to have a financial plan. If you need a plan, please contact us. We would be happy to help.

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