11.1 Why you need financial planning  

In this section:

Introduction

Someone wants to retire early, but has no clear plans.

A financial plan is the roadmap for your financial future. When you take a trip, you need a good map so you know how to get where you want to go. The same is true of your finances. Whether your goal is to get out of debt, to balance your budget or to retire in style and comfort, without a plan all you have to rely on is good luck. People who are well prepared usually have better luck.

This section looks at how to set your financial goals. You will explore:

  • different goals that you may have at different times in your life
  • the benefits of planning to achieve your goals.

You'll look first at some brief case studies of how people set their goals and then review some key questions to ask about your own goals. By the time you finish this section, you'll be able to set some goals that will help you formulate a personal financial plan.

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