FINANCIAL PLANNING MONTH-OCTOBER 2023
As the holiday season is approaching with expected hefty gisting expenses and the new year being around the corner, Financial Planning Month is a great chance to get your finances and budgets in order before life becomes too busy.
HOW FINANCIAL PLANNING CAME TO BE
Although financial planning is a concept that has existed for a long time, it has changed over the years compared to the year 1969 when Loren Dunton set up the Society for Financial Counseling or in 1973 when the first class of the College of Financial Planning graduated. It was centered around selling limited partnerships at the time, ending with the Tax Reform Act of 1986. Nonetheless, financial planning re-emerged as certified financial planner Richard Averitt III gave a new meaning to financial planning by focusing on who the client is and their needs-a purely methodological concept.
Soon after that, financial planning picked up again, and today there are over 94,000 C.F.P.s worldwide, including 48,000 in the United States, according to the Certified Financial Planner (C.F.P.) Board of Standards in Denver. Moreover, other organizations have been set up for C.F.P.s, such as the Financial Planning Association (F.P.A.), with approximately 22,000 members.
Today, financial planning includes investing, tax planning, retirement planning, and other ways to help you organize your finances as you create mindful budgets to ensure a safe and secure future. Being ahead of your finances and spending will ensure a safe and secure future.
FIVE INTERESTING FACTS ABOUT FINANCES AND FINANCIAL PLANNING
There are instant benefits for the present as much as it is for the future that financial planning gives.
It is more efficient to have short, simple, and concise plans rather than long and overly complicated ones.
Annually, the average U.S. consumer spends an estimated $63,000.
It is reported that millennials have less purchasing power than their parents did at their age.
You will save money when you reduce your time on social media.