Many individuals confuse financial planning with general savings and investing advice. While how to save (and how much!), and where and when to invest those savings, is every bit important, prudent Financial Planning goes much beyond the realm of just saving and investing.
Long before retirement even hits our radars, we’re planning what type of education, skills training and professional designations we’ll acquire. We also spend a lot of time planning which industries are the best place to work in, and which employers to work for.
While many of us don’t realize it, we are constantly engaged in subconscious acts of investment planning. We plan how we can best invest the limited time we have at our disposal.
No plan is still a plan, the government plans for those who fail to plan for themselves it is called intestate. Intestancy means that strangers (the state, Lawyers or individuals that don’t have your best interests in mind) could determine what happens to your estate.
Would you rather pay taxes on the seed or the harvest? There is actually no one correct answer to that question, this is where tax planning comes in. Similar to planning that goes into living a happy and fruitful life, a well-planned tax strategy can yield great benefits.