The best answer this question is: yesterday. Like many other important things that you’re postponing and say you’re starting tomorrow, the sooner you plan financial planning, the better you’ll get. The good part is that no matter how early or late you start, financial planning will help you improve your financial situation.
What financial planning means?
Financial planning is the process by which you assess your financial situation and set financial goals to achieve a plan to reach those goals. From saving to create the emergency fund and investing the money saved to earn additional retirement age, you can all achieve it if you have a plan and strictly adhere to it.
To whom it is concerned?
Whether you are 20, 30, 40 or more, financial planning is for each of us. At the age of 20, we think of our first job and move from the parents’ home, and for that we need a plan. At 30 years, we think of getting married and maybe buying our own home, and again we need a plan. At the age of 40, we think about how to provide children with the best education and at the same time take care of our health. After this age, we think of the retirement age and how we can ensure the standard of living that we have become accustomed to in the active working age. All these aspects can be covered by well-established financial planning.
The younger we are, the more likely we are to take greater risks, and as we get older, we are more interested in safety than profit. That is why when we draw up our financial plan, we must take into account several factors such as age, goal period and our attitude to risk.
The sooner we begin the financial planning, the more we learn and we can improve our financial situation, be prepared for the unforeseen events that may occur in our lives, and feel prepared for whatever the future holds.
Financial planning will first of all help us to know our financial situation, and we will keep it under control all the time, and more than that, it will help us achieve our goals in every field of our lives.
Financial planning will discipline you financially and teach you to make financial decisions based on your financial and informed situation. How could you get where you want financially if you do not know where you are now and do not have a plan to get there? By realizing a personal financial plan, you will realize your money map!
Before you start financial planning, start your financial education in this direction and only then start to put the bricks of your financial plan because, as Benjamin Franklin said, “If you fail to plan you plan to fail.”