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Elements of Personal Financial Planning and the Wealth Management Process

In: Plan Your Financial Future

Author

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  • Keith R. Fevurly

Abstract

Academic studies have shown that following a financial plan will help you build wealth more rapidly than is possible without one. This is because a financial plan enforces self-discipline, the key to any future accumulation of wealth. People earning between $20,000 and $100,000 per year who follow a financial plan typically have up to twice as much savings as those in the same income bracket who have no financial plan. For those earning more than $100,000 per year and following a financial plan, the savings rate is some 60 percent greater than that of their peers. Clearly, people who adhere to some form of a financial plan—either in writing or informally by matching their savings practice to a predetermined set of financial goals—have a significant advantage. Bottom line: you have to convince yourself of reasons to save, or you will probably not do it. One of the purposes of this book is to provide you with those reasons.

Suggested Citation

  • Keith R. Fevurly, 2013. "Elements of Personal Financial Planning and the Wealth Management Process," Springer Books, in: Plan Your Financial Future, pages 27-42, Springer.
    • Handle: RePEc:spr:sprchp:978-1-4302-6065-3_3
    DOI: 10.1007/978-1-4302-6065-3_3
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