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 $50,000 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.
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© 2018 Keith R. Fevurly
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Fevurly, K.R. (2018). Elements of Personal Financial Planning and the Wealth-Management Process. In: Plan Your Financial Future. Apress, Berkeley, CA. https://doi.org/10.1007/978-1-4842-3637-6_3
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DOI: https://doi.org/10.1007/978-1-4842-3637-6_3
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Publisher Name: Apress, Berkeley, CA
Print ISBN: 978-1-4842-3636-9
Online ISBN: 978-1-4842-3637-6
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