Having a financial plan builds confidence and saving

This Reuters article confirms what many people might already now which is, having a financial plan builds confidence and savings.  We believe that having a plan gives you structure and something to look forward too.  We often note that it is very important to know what your investment strategy is because in order to achieve your goals you need to know how to get there.  How you get there is largely determined by the strategies that you choose.

We often strive to people that no matter what your income or level of savings is, it is extremely important just to get a financial plan started.  The first step is likely the hardest but it could prove to be the most rewarding.

From the Reuters article

• As expected, the percentage of consumers with plans was highest in the $100,000-plus income bracket, with 55 percent having a comprehensive plan in contrast to 35 percent in the $50,000-$99,999 bracket. The high earners with plans were the most likely to say they live comfortably. Also, 100 percent of them have retirement savings, 92 percent have emergency savings and 73 percent are saving 10 percent or more of their income annually.
• Those in the $50,000-$99,999 bracket who had a plan, 40 percent had 10 months or more of emergency savings, while of those in the higher bracket who had no plan, only 36 percent had at least 10 months of emergency savings. The same pattern applied to paying off credit card bills each month (45 percent to 41 percent), and never having declared bankruptcy (90 percent to 85 percent).