Open in app 11
Search Medium
Get unlimited access to all of Medium for less than $1/week. Become a member
You Don’t Need A Financial Plan — You Need Financial Planning Timothy Lofton 4 min read · May 10
Listen
Share
More
What’s The Difference? When I first start talking to a new client, I often discover that they have a financial plan. At some point in the past, they worked with a financial planner who helped them build a plan that was probably a good one for their needs at that time. But then… The plan sat on the shelf. The details of the plan were not fully executed. More importantly, priorities changed. But the plan did not keep up. This is why I say — you don’t need a financial plan, you need financial planning. If you are to achieve your wealth creation goals to support your lifestyle, loved-ones and retirement, financial planning cannot be a one-time event. A football analogy What would you think of a football team who gathered all of the best players, made a game-plan and then on game-day said to their quarterback — “we’re going to have you sit this one out today?” What do you think the chances are that such a team would win? This is exactly like a financial plan versus financial planning. For families to achieve their wealth goals, a plan is the right starting point. But the problem is that most plans