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Finance Everyone S Guide to Financial Planning

Finance Everyone S Guide to Financial Planning

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Published by jayesh_scribd
Its not for curculation but for my storage
Its not for curculation but for my storage

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Published by: jayesh_scribd on Oct 25, 2009
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10/20/2011

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Everyone's Guide To Financial Planning
WINN: When, If Not Now?
Preface
I took liberties with the last line of a famous quotation attributed to Hillel (60 B.C. - A.D. 10) and used itfor the title of this book:"When, If Not Now?"The entire quotation reads: "If I am not for myself then who is for me?If I am only for myself what good am I?If not now, when?"The second line gave me the motivation necessary to write this book. The third line is meant to give
 you
motivation to do something about your life.Many people feel they cannot afford professional advice when it comes to planning for their productiveand financial future. In reality they cannot afford to be without this advice!What can advice do for me? How much will it cost (or benefit me in terms of savings)? How do I choosean advisor? The answers to these and other questions are found in this book.This is as close as one can get to a "do it yourself" book in a field that does not easily lend itself to theself-help concept. The purpose of this book is to educate you to the fact that you can benefit fromprofessional advice and to show you that such advice should
save
rather than
cost 
you in terms of timeand dollars.However, it is up to you to choose your advisers wisely and to monitor their counsel. Rare is the personwho has not suffered at one time or another at the hands of an incompetent professional whether he beplumber, mechanic, investment adviser or doctor. The incompetence of an attorney dramatically changedten years of my life -- in response I studied law. I don't suggest you pursue surgery as a career if youhave been the victim of an unnecessary operation, but study you must. Gather information and compareopinions before making the decisions that are ultimately yours alone to make. To purchase stock solelyon the recommendation of your broker is foolish. Listen, get other opinions and check out therecommended company. This book and others will tell you the many things you must take intoconsideration before choosing the insurance, savings, investment, retirement and estate plant hat is bestfor you. Remember, advice in the area of financial planning must always be taken as a whole, notpiecemeal, and in the light of your unique circumstances.The purpose of this book is to educate not indoctrinate. The only point of view I wish to advocate is theneed for critical analysis. No one has your interests more at heart than you do! No one knows yoursituation, your hopes, desires and needs as well as you. In the long run you and no one else is responsiblefor the satisfaction or disappointments you get out of life. You can respond to events haphazardly as theywork on you or you can, through advanced planning, anticipate and control events rather than alwaysbeing controlled by them.Isn't it time you took charge of your life?
W I N N 
Everyone's Guide To Financial Planninghttp://www.wellingtonpublications.com/hpr/planning/ (1 of 2) [5/1/1999 12:42:55 AM]
 
WHEN, IF NOT NOW?
Continue withSection One.
Everyone's Guide To Financial Planninghttp://www.wellingtonpublications.com/hpr/planning/ (2 of 2) [5/1/1999 12:42:55 AM]
 
Section OneSelf Analysis
W I N NWhen, If Not Now?
Planning is one of those things everyone knows he should do but usually puts off until a more opportunetime. Living without a plan is like drifting in a boat. You may, with the proper attitude, have a marveloustime and even eventually reach the destination you had in the back of your mind all the time, but thathappens only rarely. Shakespeare put it this way: "Fortune brings in some boats that are not steered."More often the drifter encounters storms for which he is not adequately prepared and may crack up onunseen rocks. Even if he manages to survive he may find he has had to put in at a port far different thanthe one he would have chosen. Even the lucky ones who seem to do all right without charts and maps toguide them, could have reached their destination and gone on to even more fascinating places with a littleplanning and discipline.A lot has been said lately about financial planning; a relatively fledgling profession in its own right. Muchof what the new financial planner does was formerly the exclusive province of the insurance salesman, theinvestment adviser and estate planning attorney. Unfortunately "estate" is a word which conjures upimages in most people's minds either of the holdings of millionaires -- especially groomed gardens andiron gates -- or is associated with death. Financial planning brings to mind counsel for the person withmoney; so much that he needs help in deciding where it should be placed. The average man lets hiscreditors dictate where his money should go. So much to the landlord or mortgage, so much for groceries,clothing, doctors, etc. He has no need for planning for surplus. He is exactly the person who can benefitmost from financial planning! I find it unfortunate that this profession has come to be known as estate andfinancial planning because that title tends to scare away the people who most need such services. Perhapsit should be designated the "Goal implementation" profession; the art of helping a person establish andachieve his goals in life. Whatever your present position and age you can set and accomplish your goalswith proper planning and discipline.The fact that you are reading this book shows you have decided to stop procrastinating, delaying, and haveanswered Hillel's ancient question, "If not now, when?" with "NOW!"This book will do different things for each reader but I guarantee it will be worth far more to you than theprice you paid. If you faithfully pursue the worksheets provided at the end of each chapter you will have abetter understanding of your present position in terms of what you really want out of life; what assets youhave to work with and information from which to evaluate your strength and weaknesses. Most of youwill need professional help in more than one area in forming a plan to get from your present position towhere you hope to be. If you have filled in the forms, given careful consideration to the questions anddiligently gathered the information required, the cost of professional services (attorney, financial planner,accountant, etc.) should be considerably reduced. You will have anticipated the professional's need togather data and thereby made the job easier for him and less expensive for yourself.A minority of you may want to invest the time required to implement a plan on your own. The booksrecommended at the end of each chapter are for you. However, even though it may sound like a"cop=out", if your assets are vast and goals complicated I would agree with colleagues that you should
Everyone's Guide to Financial Planning: Section Onehttp://www.wellingtonpublications.com/hpr/planning/section1.html (1 of 7) [5/1/1999 12:43:11 AM]

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