In addition to the possible situations of not being prepared when a disability occurs, or when a death happens, there are other costs of not doing any planning. Failure to plan may result in higher than necessary income, gift, and estate taxes. There may not be enough money for further education or retirement. You may find yourself unprotected in the event that there is a car accident, unemployment, disability, a prolonged hospital stay, a nursing home stay, home care needed, etc.
Perhaps the most devastating cost of not planning is the loss of your personal goals and objectives. How many times have you heard someone say that they wanted to retire at age 55 but were stuck in a job that they hated until 60 or 62? That's seven years later than they wanted! Not planning can cause you to work longer than anticipated.
Having an advisor and having him prepare a financial plan for you will help keep you on track to meeting your goals. However, this is just the beginning. Your plan and advisor won't instantly make you more money, nor will they show you any get-rich-quick schemes. Things like that just don't work. But there are a few tricks of the trade to help you.
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