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What is financial planning, and why should I do it?

If you're like most of us, you probably don't have: a monthly budget, an emergency fund, adequate insurance coverage, an estate plan, or an idea of when you'll call it a career--or possibly even what retirement will look like.  That's understandable.  Life is hectic and we often don't have the time or inclination to give our full attention to our finances.  Typically, we don't think about these things unless a major life event occurs like getting married, losing a job, welcoming a new addition to the family, or the death of a loved one.  But these are all important topics that should be addressed through the ongoing process of financial planning.

Whether you're a seasoned Boglehead or don't know the difference between an IRA and a 401(k), it is important that you have a handle on your financial life, so that you're prepared for life events when they arise.  The experienced DIYer or the recent college graduate just embarking on her career may not need a comprehensive financial plan, but chances are both could use the counsel of a qualified adviser every now and then to help them address an important topic that's on their mind.

Financial planning isn't a panacea for all your life problems, but when done right, it should give you the confidence to better manage your financial life.

If you'd like to see what it's like to create your own personal financial plan, please click hereMercer Street offers financial planning and investment advisory services to professionals and small business owners, as well as business consulting and tax planning services.  Check us out at www.mercerst.com. 

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