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3 Vital Financial Planning Stages for Gen X & Gen Y

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Financial planning is something that today’s professionals need to be well versed in to ensure a stress-free relationship with money. When you’re still young, it can be tempting to put it off until later and choose not to think about it for years or even decades.

Although everyone’s life is different and no one can force you to do anything you don’t feel is necessary, it can be more helpful than not to plan financially even when you’re young and early in your career. Here are three stages to think about to help approach your personal finances and your life as a whole.

Yes, you’re “young.” Yes, you have a way to go before even considering things like retirement or financial independence. But starting a financial plan now gives you that much more power over your life. In previous years, having a financial planner was thought of as something only rich people with vast sums of money had or only for older adults on the brink of retirement, or even for older people entering their final years.

Now, you can use financial planning to your benefit by making smart decisions with your money. Younger and younger people are choosing to be more mindful of the way they both make and spend their money. One of the common mistakes people seem to make is being unprepared for an emergency. Rainy day funds are........

© Kiplinger