What exactly is financial planning and why do we hear so many experts heralding it as being a cornerstone in any financial gameplan? Why is it important to undertake meticulous financial planning when considering investing in anything from the stock market to precious metals to the real estate market ?

Financial planning is the process of determining how to manage credits, debits, savings, earnings and wealth in general. It is absolutely necessary for anybody who is serious about setting financial goals for their future and it is essential for anybody who is a head of household with a family that relies on them.

Because our goals and desires change as we grow older, financial planning and investing is a task that is never finished. How we are financially able to reach these goals, and the risks that we are willing to take to get there means that any reasonable financial plan must be specifically tailored for an individual or family. Financial planning begins by taking into account the individual assets and liabilities at that particular point in time and balancing them against anticipated assets and liabilites.

An individual’s assets can include their current earnings, life insurance and all speculative investments along with any physical assets such as your home, automobiles, tangible valuable goods and other items that are of value.

Liabilities can include mortgages, car payments, personal loans, credit card debt and recurring bills such as electricity, water and other utilities that are common to household operation. Additionally, there are always hidden liabilities such as medical expenses, home repairs and other unforseen costs which may arise from normal day to day life.

Entering into the equation are other sources of ongoing income and increases in hard asset wealth earned through employment but can also include other sources such as possible inheritances and settlements from lawsuits. These factors must also be considered when calculating a financial plan. Increases in hard asset wealth, such as rising home prices, can also be affected by general economic conditions such as rises and falls in the current economy or changes in the real estate market.

Depending upon our particular stage in life, whether we are young, old or somewhere in the middle, will usually lead us to calculate a desired set of particular goals influenced by our current situation. Financial planners will often break down an individual’s life and earning cycles into several distinct phases to maximize the importance of setting time oriented goals. The particular phase that we are in is often determined by age but will also be dictated by how much risk we are willing to take on our path to prosperity.

Quite often, when speaking of younger people, they are most often described as being in a wealth accumulation phase. Their earnings have not yet peaked but at the same time they are laying ground to obtain both hard and soft assets through career advancement.

Examples here include younger couples saving for a new home or saving in anticipation of a child’s future education. Risk assumed here will be tempered by the time constraints of these goals as well as individual risk tolerance. In general, the longer the time frame, the more investments in the aggressive category may be considered because assuming risk and volatility while young gives one far more time to make up for past mistakes than assuming great risk at an older age.

Futher planning phases extend our goals into middle age and beyond into the retirement years. The middle age years often find individuals and families at the peak of earning power with many former goals already met and satisfied. This will mean a greater possibility for increased savings and as time progresses towards retirement, the tolerance for risk will diminish.

Financial planning takes all of this into account and more. Other factors, including planning for health care and other insurance needs, preparation for emergency expenses, tax and estate planning and the like will all be part of the ongoing strategy. Unexpected windfalls may also enter into the picture as an individual grows older, however, saving for retirement will always be an important aspect of financial planning for the day when the earning cycle slows down or stops completely.

All of these variables and equations will add to the importance of financial planning across all of the stages of an individual or families lifespan. Financial planning is a ubiquitous concept that encompasses your total wealth picture both in the present and for the future.

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