A good financial plan is important, not only to help in the creation of wealth, but also to help people make the most of what they have. Many people don’t take much heed to the actual planning of their finances apart from paying the bills and saving or spending what is left over. Many people depend on credit cards for their financial needs and end up with a debt they cannot manage. Financial advice and planning can avoid this stress.

When you consult a financial advisor, you will gain valuable insight into ways and means to both save money and spend what you have wisely. A good financial plan will take into consideration your long and short-term goals and aid you in becoming financially independent by building wealth, while at the same time being able to enjoy your life.

A financial advisor will need to gather all your financial details and identify your goals - and if you don’t have any, he may be able to help you think this through. He will need to be told of any financial issues such as debts before he can properly advise you. Then he can draw up a financial plan that is suited to your particular circumstances. This is called a Statement of Advice (SOA) and can be implemented by your financial advisor.

But circumstances often change as life progresses, so another part of the financial advisor’s task is to review the SOA from time to time to make sure it is still the best financial plan for you. Having a sound financial plan in place will enable you to reach your goals and give you peace of mind that your future will not be one of miserable despair as you struggle to make ends meet. Even those who are just starting out with their first jobs should consider implementing some kind of financial plan.