Financial planning plays a crucial role in achieving financial security and long-term success, yet not all Americans prioritize this essential aspect of personal finance.
This blog delves into the current state of financial planning among US citizens by examining percentages, budgeting habits, debt statistics, savings trends, and how demographics affect financial management.
We will also explore the key elements that make up a solid financial plan and discuss the benefits of working with a professional advisor. With 74% of Americans engaging in some form of financial planning but only 15% having a written plan, there is much to learn about optimizing our approach to managing finances.
- Only 15% of Americans have a written financial plan, highlighting the need for better financial education and planning.
- Individuals with a written plan save 50% more per month and are more likely to save for retirement.
- Financial advisors can play a critical role in helping individuals develop and maintain financial plans, but only 35% of Americans currently use one.
- Managing credit card debt effectively is crucial for creating a successful financial plan, as credit card debt alone totals $807 billion in the United States.
Current State Of Financial Planning In America
According to a 2022 study by Northwestern Mutual, 74% of Americans engage in financial planning, but only 15% have a written financial plan and 30% lack any long-term goals.
Percentage Of Americans With A Financial Plan
Even though financial planning is essential for achieving financial stability, only 15% of Americans have a written financial plan. The table below illustrates the percentage of Americans with a financial plan and their success in achieving various financial goals.
| Financial Goal | Percentage of Americans with a Plan Achieving the Goal |
|---|---|
| Retirement Savings | 44% |
| Monthly Savings | 43% |
| Savings Goals | 90% |
Note that individuals with a written financial plan save 50% more per month and almost half save more for retirement than those without a plan.
Percentage Of Americans Without A Financial Plan
A significant number of Americans lack a solid financial plan, leaving them unprepared for financial challenges and long-term financial goals. Here’s a breakdown of the percentage of Americans without a financial plan:
| Category | Percentage of Americans Without a Financial Plan |
|---|---|
| Overall | 85% |
| No Long-term Financial Goals | 30% |
| Working with a Financial Planner | 70% |
| Millennials with High Financial Well-being | 33% |
| No Life Insurance for Families | 25% |
| Lacking Retirement Savings Strategy | 50% |
These statistics emphasize the need for better financial education and planning in order to help Americans make informed decisions about their financial futures.
Use Of Financial Advisors
Financial advisors play a critical role in helping Americans develop and maintain financial plans. According to the Northwestern Mutual 2022 Planning & Progress Study, only 35% of Americans have a financial advisor. The table below illustrates the benefits of working with a financial advisor and how they can help individuals achieve their financial goals.
| Benefits of Working with a Financial Advisor | Roles of Financial Advisors |
|---|---|
| Improved financial security | Assessing clients’ financial situations and helping create personalized plans to reach financial goals. |
| More disciplined financial planning | Monitoring progress of financial plans, providing expert advice, and keeping clients accountable. |
| Better decision-making during financial crises | Providing objective guidance and strategies for navigating through financial difficulties. |
| Helps with building an emergency fund | Advising clients on the appropriate amount to save for emergencies and suggesting suitable savings vehicles. |
| Assistance in investing | Recommending investment options for clients, including brokerage accounts and IRAs, based on their goals and risk tolerance. |
| Long-term financial success | Working with clients from a young age to ensure they achieve financial goals throughout their lives. |
To find the right financial advisor, individuals should seek recommendations from friends, neighbors, or colleagues and research credentials. When evaluating potential advisors, important questions to ask include their fees, experience with clients in similar situations, and meeting frequency. Overall, hiring a financial advisor can positively impact an individual’s financial picture and outlook, and can contribute to the growth of financial planning demand in the US, which is expected to increase by 30% from 2014 to 2024.
Budgeting And Spending Statistics
On average, Americans allocate around 33% of their budget for housing expenses and 16% for transportation, while only 6.7% goes towards savings and investments; online programs are used by more than half of Americans to manage their money.
Average Budget Allocations
The average budget allocations for most Americans can be broken down into several key categories. Here is a table showing the percentage of income spent on each category:
| Category | Percentage of Income |
|---|---|
| Housing | 33% |
| Transportation | 16% |
| Food | 13% |
| Insurance/Pension | 11% |
| Healthcare | 8% |
| Entertainment | 5% |
| Apparel | 3% |
| Education | 2% |
| Other miscellaneous expenses | 9% |
It’s important to note that these average allocations can vary based on individual circumstances and priorities. Proper financial planning can help ensure that each category is funded appropriately, leading to better overall financial health.
Use Of Online Programs For Money Management
Online programs for money management have become increasingly popular in recent years. These programs offer a convenient and accessible way for individuals to track their spending, create budgets, and monitor their savings goals.
For example, apps such as Mint and Personal Capital allow users to link their accounts and view all of their financial information in one place. This can help individuals identify areas where they may be overspending or where they can cut back on expenses.
Many of these programs also offer tools to help users save money automatically, such as by rounding up purchases or setting up regular transfers into a savings account.
Loans And Debts Statistics
Americans are facing significant loan and debt burdens, with credit card debt alone totaling $807 billion.
Credit Card Debt
Credit card debt is a significant financial concern for many Americans who engage in financial planning. The following table provides an overview of credit card debt statistics in the United States.
| Statistic | Value |
|---|---|
| Average credit card debt per U.S. household | $5,700 |
| Total outstanding U.S. consumer debt | $3.9 trillion |
| Percentage of U.S. households with revolving credit card debt | 37% |
| Delinquency rates on credit card debt | 2.54% |
| Number of Americans with at least one credit card | 189 million |
| Average number of credit cards per cardholder | 3.7 |
| Percentage of credit card debt closely associated with loans and debts statistics related to financial planning | 45% |
Managing credit card debt effectively is crucial for creating a successful financial plan. Individuals can allocate more resources to savings, investments, and other financial goals by reducing and eliminating high-interest credit card debt.
Student Loan Debt
Student loan debt is a significant concern for many Americans, as it has grown rapidly in recent years. The following table breaks down some key statistics related to student loan debt in the United States:
| Statistic | Value |
|---|---|
| Total student loan debt in the U.S. | $1.56 trillion |
| Number of borrowers | 45 million |
| Average debt per borrower | $32,731 |
| Percentage of borrowers with federal student loans | 92% |
| Percentage of borrowers with private student loans | 8% |
| Student loan default rate | 10.1% |
| Impact on retirement savings | $200,000 less saved for retirement, on average |
The above statistics underscore the importance of addressing student loan debt as part of financial planning for many Americans.
Mortgage Debt
Mortgage debt is a significant component of overall debt for American households. This table provides an overview of the mortgage debt statistics in the United States.
| Statistic | Value |
|---|---|
| Total Outstanding Mortgage Debt | $10.7 trillion |
| Average Mortgage Debt per Household | $202,284 |
| Percentage of Homeowners with a Mortgage | 63% |
| Average 30-year Fixed Mortgage Rate | 3.3% |
Mortgage debt is essential to financial planning since a well-structured mortgage repayment plan can help homeowners manage their finances efficiently and pay off their loans on time. It is crucial for individuals considering a mortgage to evaluate their financial situation and create a comprehensive plan, which may include working with a financial advisor to ensure long-term stability.
Auto Loan Debt
Auto loan debt is a significant aspect of financial planning in the United States, as it has seen a steady increase in recent years. The following table provides an overview of the current state of auto loan debt in America.
| Auto Loan Debt Category | Statistics |
|---|---|
| Total Outstanding Auto Loan Debt | $1.37 trillion (Q4 2020) |
| Average Auto Loan Debt per Borrower | $19,703 (Q4 2020) |
| Percentage of Auto Loan Debt in Total Consumer Debt | 9.57% (Q4 2020) |
| Auto Loan Delinquency Rate (90+ Days Late) | 2.36% (Q4 2020) |
Taking auto loan debt into consideration when formulating a financial plan is crucial, as it helps individuals better manage their debt and plan for future financial goals, such as buying a house or saving for retirement.
Bankruptcy Rates
Bankruptcy rates in the United States have experienced fluctuations over the years, with some individuals filing for bankruptcy due to overwhelming debts. The following table displays some key statistics regarding bankruptcy rates in the US:
| Year | Total Bankruptcy Filings | Nonbusiness Filings | Business Filings |
|---|---|---|---|
| 2016 | 794,960 | 772,646 | 22,314 |
| 2017 | 796,037 | 771,894 | 24,143 |
| 2018 | 755,182 | 727,167 | 28,015 |
| 2019 | 774,340 | 750,489 | 23,851 |
These statistics show a relatively stable trend in bankruptcy filings over the past few years. However, it is crucial to consider the impact of financial planning on the likelihood of filing for bankruptcy. With only 15% of Americans having a written financial plan and 29% working with a professional financial planner, having a well-thought-out financial plan may contribute to better money management, ultimately reducing the risk of bankruptcy.
Savings Trends In The US
Americans have a personal savings rate of 7.9%, with retirement savings being a priority for some, but emergency funds are still lacking.
Personal Savings Rate
The personal savings rate is a critical indicator of the financial health of Americans, reflecting the proportion of disposable income that households set aside for savings. The table below shows a breakdown of the personal savings rate in the United States.
| Year | Personal Savings Rate |
|---|---|
| 2010 | 5.6% |
| 2015 | 7.6% |
| 2019 | 7.9% |
| 2020 | 13.7% |
While there has been a notable improvement in the personal savings rate over the past decade, it is essential to consider that over half (53%) of Americans still lack sufficient emergency funds, and 56% of the population does not have a proper retirement savings strategy. Developing a solid financial plan can greatly help individuals achieve their savings goals, with 90% of people reaching their targets due to personal finance plans.
Retirement Savings
Retirement savings are a critical component of financial planning in America. Unfortunately, many people fall short when it comes to preparing for their golden years. According to the Northwestern Mutual 2022 Planning & Progress Study, 56% of people lack a proper retirement savings strategy, and 50% of older Americans have nothing in their 401(k) accounts. However, the study also shows that having a personal financial plan can make all the difference. Individuals with such plans save more for retirement – up to 43% more per month than those without one – highlighting why setting realistic goals and timelines is key to achieving long-term financial security.
Emergency Funds
One of the key elements of a solid financial plan is having an emergency fund. An emergency fund is a pool of money for unexpected expenses like car repairs, medical bills, or job loss. Northwestern Mutual’s 2022 Planning & Progress Study found that 53% of Americans lack sufficient emergency funds. This means that more than half of us are not prepared for emergencies and could be forced to rely on credit cards or take out high-interest loans, which can lead to financial stress and debt. Having an emergency fund can help individuals avoid these situations and provide much-needed peace of mind during tough times. Financial experts recommend setting aside at least three to six months’ worth of living expenses in an easily accessible savings account, separate from your regular spending accounts, so you’re always ready for whatever life throws your way.
Demographic Financial Management Statistics
Millennials carry an average of $32,000 in student loan debt and have a lower retirement savings rate compared to previous generations, making financial planning especially critical for their future.
Millennials And Student Loan Debt
Millennials are facing unique financial challenges, with student loan debt being one of the most significant. According to the Northwestern Mutual 2022 Planning & Progress Study, millennials carry an average of $34,703 in student loan debt. This high level of debt can make it challenging for them to achieve other financial goals, such as saving for retirement or buying a home. Additionally, many young people struggle to balance their monthly payments with everyday expenses, leading them to live paycheck-to-paycheck and delay important financial milestones.
Despite these challenges, there are steps that millennials can take to manage their student loan debt and improve their financial well-being. Working with a financial advisor who understands the complexities of student loans and knows how to navigate repayment options could provide valuable insights and support toward effective repayment strategies while setting aside savings for emergencies and other life goals. Furthermore, personal finance education classes have become more prevalent over recent years providing access points for those wanting information on better-managing finances, including minimizing student loan debt in planning overall portfolio-building strategies.
Retirement Savings By Generation
Retirement savings is a crucial component of financial planning, but studies show that different generations approach this differently. Baby boomers who are set to retire soon have higher median retirement savings, while younger generations like Gen X and Millennials lag behind. According to the Northwestern Mutual 2022 Planning & Progress Study, about 55% of baby boomers have accumulated more than $200,000 in retirement accounts compared to only 36% of Gen X and just 19% of Millennials. The study also suggests that many Americans wish they had started saving sooner for their retirement, as only one-third of those surveyed felt “very confident” about having enough money saved for it. With proper financial education starting early and working with an expert planner, there is still hope for future generations to achieve a comfortable retirement lifestyle despite current statistics.
Debt Load By Generation
Millennials are often criticized for their high debt levels, particularly with student loans. In fact, the average millennial owes around $30,000 in student loan debt alone. However, it’s not just millennials who are facing financial struggles. Gen Xers and Baby Boomers also carry significant debt loads, with credit card and mortgage debts being major contributors. In fact, research has found that Baby Boomers have seen the largest increase in consumer debt of any generation over the past few decades. While it’s important for individuals to take responsibility for managing their finances effectively regardless of age or generational grouping, these statistics highlight a broader issue of economic insecurity and financial stress across all generations in America today.
Key Elements Of A Solid Financial Plan
The key elements of a solid financial plan include setting goals, creating a budget, saving and investing, and risk management.
Setting Goals
Setting clear financial goals is crucial to creating a solid financial plan. Your goals will help you determine how much money you need to save, invest and spend to achieve your desired lifestyle.
For example, if your goal is to retire at age 65 with a savings target of $1 million dollars in your retirement account, then breaking down the goal into manageable steps can make all the difference.
You might decide to set an annual contribution amount towards retirement and adjust as needed based on changes in salary or circumstances.
Creating A Budget
Creating a budget is an essential aspect of financial planning that helps individuals take charge of their finances. A budget can help people track monthly expenses, identify areas where they overspend, and make adjustments to achieve their financial goals.
Budgeting involves listing all sources of income and categorizing expenses into fixed costs like rent or mortgage payments and variable costs like groceries and entertainment.
A recent study by Northwestern Mutual indicated that Americans who have written financial plans are 50% more likely to feel financially secure than those without one. Additionally, those with a solid financial plan were 44% more likely to save more money each year for retirement, highlighting the importance of creating a personal finance plan that includes budgeting as part of the strategy.
Without proper tracking and management, it’s easy for individuals to fall into the trap of living paycheck-to-paycheck while accruing unnecessary debts over time.
Saving And Investing
Saving and investing are crucial components of financial planning, helping individuals achieve their long-term goals and secure their financial future. Saving involves setting aside a portion of your income for short-term expenses or emergencies, while investing involves putting money into assets such as stocks, bonds, or real estate with the hope of earning a return on investment over time.
According to the Northwestern Mutual 2022 Planning & Progress Study, respondents with personal finance plans save 50% more per month than those without one. Moreover, 90% of those surveyed reported that having a personal finance plan helped them achieve their savings goals.
The study also highlighted the importance of starting early when it comes to saving and investing, as it allows more time for compounding interest to work its magic.
Risk Management
Risk management is one of the essential elements in financial planning. It is crucial to identify, assess, and prioritize potential financial risks that may arise. For example, investing all your money in a single stock can be risky as it can lead to significant losses if the stock market crashes or company-specific news negatively affects the stock price.
Similarly, not having adequate life insurance coverage or an emergency fund can put you at risk financially if unexpected events occur.
It’s vital to realize that every individual has different needs when it comes to risk management depending on their financial situations and goals. Therefore, working with a professional financial planner who understands this concept and will create customized plans specifically tailored for individuals’ unique needs remains important.
The Importance Of Financial Planning
Financial planning is crucial because it helps individuals and households navigate their finances to achieve financial security. A solid financial plan can provide a roadmap for reaching long-term financial goals, such as retirement savings or buying a house, while preparing for unexpected expenses.
One key aspect of financial planning is budgeting, which involves allocating money towards necessary expenses like housing and food while also being mindful of spending on non-essential items.
The benefits of having a well-crafted personal finance plan go beyond simply achieving financial stability; studies show that those with plans in place are more disciplined with their spending habits and overall make better decisions during times of crisis.
For instance, individuals with an emergency fund saved could weather the storm better during the COVID-19 pandemic than those without one.
The Benefits Of Working With A Financial Advisor
Working with a financial advisor can lead to improved financial security, more disciplined financial planning, and better decision-making during financial crises.
Improved Financial Security
Working with a professional financial planner can greatly improve your financial security. A comprehensive financial plan can help you manage your money better, minimize debt, and build savings for the future.
Research indicates that individuals with a personal finance plan save 50% more per month compared to those without one. Moreover, having proper insurance coverage is key to protecting your and your family’s finances during unexpected events such as loss of income or medical emergencies.
Unfortunately, over 25% of families with children under 18 lack life insurance coverage.
More Disciplined Financial Planning
Working with a financial advisor can help individuals become more disciplined in their financial planning. A financial planner can provide guidance and accountability for setting short-term and long-term goals, creating a budget, saving for retirement, managing debts, and obtaining proper insurance coverage.
According to the Northwestern Mutual 2022 Planning & Progress Study, Americans who work with a financial advisor are much more likely to have an emergency fund compared to those who do not (65% vs.
29%). They are also more likely to have life insurance (59% vs. 22%) and have less debt (39% vs. 28%).
Better Decision-making During Financial Crises
One of the key benefits of having a solid financial plan in place is better decision-making during financial crises. With an emergency fund and risk management strategies, you’ll be better prepared to handle unexpected expenses or income loss without derailing your long-term financial goals.
For example, if you lose your job or face medical bills, having an emergency fund will provide a buffer that allows you to keep paying your bills while looking for new sources of income.
Additionally, with a clear understanding of your priorities and timelines, you can make informed decisions about which debts to prioritize and which investments to liquidate if necessary.
How To Choose The Right Financial Advisor
When it comes to choosing a financial advisor, it’s important to research their credentials, seek recommendations, and evaluate their fees and services – read on for more tips on finding the right fit for you.
Researching Credentials
Choosing the right financial advisor is crucial for developing a solid financial plan. One important step in the process is researching credentials to ensure the advisor has the qualifications and knowledge.
This includes checking if they hold any certifications, such as Certified Financial Planner (CFP), Chartered Financial Analyst (CFA), or Accredited Investment Fiduciary (AIF).
It can also be helpful to verify if they have any disciplinary actions by checking with regulatory agencies like FINRA or SEC.
Statistics show that 29% of Americans work with a professional financial planner, but not all advisors are created equal. In fact, only about 20% of “financial advisors” are registered investment advisers (RIA) who are held to a fiduciary standard requiring them to act in their client’s best interests at all times.
The rest may only be held accountable for recommending “suitable” products – even if those choices come with higher fees or conflicts of interest.
Seeking Recommendations
When choosing a financial advisor, seeking recommendations can be a helpful starting point. Talk to friends and family members who have worked with financial advisors and ask about their experiences.
Consider the types of services they received, whether or not they achieved their financial goals, and if there were any unanticipated fees or negative experiences.
It’s important to keep in mind that everyone’s financial situation is unique, so even if someone had a positive experience with an advisor, it does not necessarily mean that they are the best fit for you.
Evaluating Fees And Services
It’s essential to evaluate the fees and services of any financial advisor before choosing one. Some advisors charge a flat fee, while others may take a commission on products they sell or manage.
While some advisors provide comprehensive financial planning services, others specialize in specific areas like retirement or tax planning. Evaluating these factors can help you choose an advisor that best fits your needs and budget.
According to the Northwestern Mutual 2022 Planning & Progress Study, evaluating fees and services plays a significant role in choosing the right financial planner. Only 29% of Americans work with professional financial planners despite many engaging in financial planning yearly.
Understanding Americans & Financial Plans
Still have questions about financial planning? Get answers to common queries in this section, including the key elements of a solid financial plan and how to choose the right financial advisor.
What Is Financial Planning And Why Is It Important?
Financial planning is the process of setting goals, creating a budget, managing debts, saving and investing for the future while having proper insurance coverage to protect against unforeseen circumstances.
Having a solid financial plan is vital in achieving long-term financial security. It helps individuals avoid living paycheck to paycheck and ensures they have enough funds for retirement or unexpected events such as job loss or medical emergencies.
Studies have shown that those with a personal finance plan save more money monthly and are better equipped to handle financial stress brought on by economic downturns or stock market fluctuations.
What Are The Key Elements Of A Solid Financial Plan?
To build a solid financial plan, it is essential to consider several key elements. First, establish clear and realistic goals for yourself and determine timelines for achieving them.
This could include saving for retirement or purchasing a home. Next, create a budget that tracks your income, expenses, and savings.
It is also important to have an emergency fund in place to cover unexpected expenses like car repairs or medical bills. Managing debts effectively is another crucial aspect of a solid financial plan – this includes making consistent payments on credit cards and loans while prioritizing high-interest debts such as student loans or credit card balances with high APRs.
Finally, investing wisely can effectively grow your wealth over time while managing risk appropriately based on your age and personal goals.
How Much Should One Save For An Emergency Fund?
Experts recommend that individuals save three to six months’ worth of living expenses in their emergency funds. This amount should cover basic necessities such as rent or mortgage, utilities, food, and transportation in case of a job loss or unexpected expense.
However, over half of Americans lack sufficient savings to cover an emergency and only 41% have at least $1,000 saved for such situations. Saving for emergencies is especially important during uncertain times like the COVID-19 pandemic when many people faced financial challenges due to job losses or reduced income.
What Is The Difference Between Saving And Investing?
Saving and investing are both essential components of financial planning, but they serve different purposes.
For example, saving may involve setting aside money for a down payment on a house or an unexpected car repair. On the other hand, investing may involve purchasing stocks or mutual funds to grow wealth over time.
Ultimately, both saving and investing should be incorporated into a comprehensive financial plan tailored to individual needs and goals.
What Is The Importance Of Risk Management In Financial Planning?
Risk management is a crucial aspect of financial planning as it helps to identify, assess, and prioritize potential financial risks. These risks can range from stock market fluctuations to unexpected medical expenses.
Having a sound strategy in place for managing these risks is essential to achieving financial security and meeting long-term goals like saving for retirement or buying a home.
For example, investing in stocks carries certain inherent risks, such as inflation or recession fears, that could impact one’s portfolio gains. Effective risk management strategies involve diversifying investments across different asset classes while taking into account timelines and priorities unique to each investor.
Our Takeaway
In conclusion, while a majority of Americans engage in some form of financial planning, only a fraction have a well-defined and written financial plan. The statistics on budgeting, spending habits, loans, and debts reveal that there is ample room for improvement when it comes to money management.
Acknowledging the demographics and their specific challenges, such as student loan debt for millennials or retirement savings for baby boomers is important. Creating a solid financial plan with goals, budgets, savings strategies, and risk management can significantly benefit financial security and improved decision-making during crises.
Working with qualified financial advisors can help individuals make better-informed decisions about their finances.
Article Sources & Helpful Links
Here are some helpful links that may help you learn more:
- Northwestern Mutual’s Planning and Progress Study 2022: The study provides insights into Americans’ financial attitudes and behaviors.
- LendingTree’s Guide on Mortgages with Credit Card Debt: This guide explains how credit card debt affects your ability to get a mortgage.
- Consumer Financial Protection Bureau’s Blog on Financial Well-being: The blog offers advice on achieving financial well-being.
- IRS Guide on IRA Contribution Limits: This guide explains the contribution limits for Individual Retirement Accounts.
- Social Security Administration’s Retirement Estimator: This tool provides estimates based on your actual Social Security earnings record.
- Investopedia’s Guide on Individual Retirement Accounts (IRAs): This guide provides a comprehensive overview of IRAs, including types, rules, and benefits.
What Percentage of Americans Have A Financial Plan (FAQs)
What percentage of Americans have a financial plan?
According to a recent survey by Charles Schwab, only 25% of Americans have a written financial plan.
How can a financial plan help me?
A written financial plan can lead to better financial decisions and help you manage your finances more effectively. It can also lead to greater financial security in retirement and help you avoid financial hardship in the event of unexpected expenses.
Why don’t more Americans have a financial plan?
There are a variety of reasons why Americans don’t plan their finances. Some may believe they don’t have enough financial resources to create a plan, while others may simply not know where to start.
Can I create a financial plan on my own?
While it is possible to create a financial plan on your own, it can be helpful to consult with a financial professional or use online resources like planadviser or Wealth Management to ensure that your plan is comprehensive and tailored to your specific financial situation.
What is the retirement age in the United States?
The retirement age in the United States varies depending on your birth year and the type of retirement plan you have, but it generally ranges from 62 to 70.
What are some financial planning statistics?
According to the Federal Reserve, American households held approximately $130 trillion in total financial assets in 2021. However, only a small percentage of Americans have a written financial plan to help them manage these assets.
How can a written financial plan lead to better financial decisions?
By outlining your financial goals, assets, and liabilities in a written plan, you are better able to make informed decisions about saving, investing, and spending.
What is Charles Schwab?
Charles Schwab is a financial services company that provides a range of investment and wealth management services to individuals, families, and institutions.
How much is 1 trillion dollars?
One trillion dollars is equal to 1,000 billion dollars or 1,000,000 million dollars.
Is now a good time to create a financial plan?
Yes, it is always a good time to create a financial plan, regardless of your age or financial situation. In fact, the earlier you create a plan, the more time you have to achieve your financial goals.
