Personal Financial Planning

Financial planning is crucial to every individual because we’re all preparing towards the future and retirement. Of course, everyone wants to retire someday, but how can they if they never planned or had financial planning? Personal financial planning helps in saving up for the future, whether it’ll be for retirement or something else, it’s a necessity for everyone. Financial planning helps a person with handling their money effectively rather than spending it right away since they’ll be aware of how they want their money to be spent and where that money will go. With financial planning, there is a strategic plan that will lead to a person’s success in the future. Whether they’re getting help from a financial advisor or figuring it out by themselves,

His response towards family members or friends asking about his intentions for saving up the majority of his income was that he wanted to be prepared for any situation that’ll require to take out money. Even from a young age my father demonstrated the importance of saving up money for either a future goal or for an emergency because to him, money needed to be taken seriously and shouldn’t be spent on just anything. From viewing my father’s dedication towards saving up money, I knew he had a specific goal he was trying to reach and was slowly preparing for. I found out that my father’s goal was to be able to buy a house where the whole family could live peacefully without the risk of an increase in rent like how it currently was in the apartments we lived in. We stayed in those apartments for almost 10 years until we were “kicked” out and forced to move into a 2 bedroom apartment, which would raise the rent price. From here, my father saw that he had enough money to begin searching for a home and although it was a rough 6 month period of finding a temporary apartment while looking for a permanent home, my father finally accomplished his dream of buying his own house that we now currently live in. However, this accomplishment would have never been able to happen without my father developing a sort of personal financial plan on how to manage his money for the