Is this the best time to start on my financial planning?
Good question!
When is the best time to start planning your finances?Hmmmm…if I were to rephrase it back to you and ask,”When is the best time to have more money for you?”.Naturally,by default,your heart and head will say,”Now,of course!”But the rejecting prospect in you will say,”Maybe in the future?”
The truth is,I am an advocate of,“Better be too soon,than too late!”.Financial planning is a dynamic process,where you can never actually put a defined time sequence as to when you should do it.Heck,if you were to think of it,the first school pocket money,your Mom gave you had already placed you in that scope of having to plan your finances.My bet is,most of us are already planning our finances in one way or another.
The NOW Factor
I always highlight to my client about the importance of doing some basic planning in place,due to the unexpected nature of tomorrow.I learned this the hard way,when one of my school mate from secondary school,had decided to delay his planning,and I obligingly agreed,thinking that there can be yet another day.Alas,two weeks on from that appointment,my friend passed away as a result of a muscular infection.The tragic realisation that the deceased mother,had depended on his income for sustenance,was now left with nothing but lingering memories,of a dutiful son.And I had failed miserably in my capacity as a friend and financial planner.Therefore I adhere to that simple philosophy.I plan my tomorrow today.
Besides,doing your financial planning at an earlier portion of your life will definitely equip you with the needed headstart in your financial journey.So what is there to lose?
The Umbrella Factor
I like to cite the analogy of an umbrella.Do you get an umbrella,before a rain,during a rain or after the rain?Logically,you may say,”That’s a no brainer.Of course,before!”Well,guess what,people can be idiotic at times.Frankly,some prospects have thrown petty objections such as,”I do not need financial planning!”.But who are they kidding?Do people who have done their planning need it everyday?Do you need your umbrella everyday?But why do you keep an umbrella?Because you know that one day,or someday,rain will fall,without a doubt.That blind faith should also apply in your Life,when you consider three certainties…
- The day you do not work anymore.( Economic Death )
- The day you are not healthy anymore and you fall sick. ( Economic Death )
- The day are no longer around and has passed on. ( Economic and Mortality Death )
So…will you agree with the fact that,somehow,you will need to have an umbrella just in case the rain falls?Question is…will you know when the rain will fall?Unlikely.It’s better to be with the umbrella.
