No excuses for failing to plan for future

The Ticker

August 28, 1998|By Julius Westheimer

DO YOU put off planning your financial future? Here are some common excuses people use, according to the Institute of Certified Financial Planners, for not planning, and my suggestions:

"I don't see a real need; I'm doing just fine."

You may feel just fine now, but how about if things suddenly

worsen? What if you lose your job? Become disabled? Divorced? Die prematurely? Are you and your family ready to handle financial crisis? Do you plan to retire on just Social Security checks and a small pension?

"I don't have time to plan."

Make time.

Many families spend more time scheduling vacations than managing their financial futures. Is planning vacations or golf outings more important than your financial security?

"I don't have enough money money to invest."

Financial planning isn't just about investing.

As Planning Perspectives says, "It's about looking at all parts of your financial picture. Maybe you're paying too much for car insurance, or cash disappears into a 'black hole' because you don't have a monthly budget."

To start planning, have a small portion of your paycheck, say 5 percent, automatically deposited in a retirement plan. If you don't have such a plan at work, have money automatically transferred to a stock mutual fund.

Pay yourself first. Once you're in the habit of setting aside a part of your paycheck, you'll discover you miss it less than you had expected.

Pub Date: 8/28/98

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