Tom Terzis Explains Financial Planning and how it Benefits the Average Individual
It can be difficult to admit that you need a plan when it comes to your money; it’s easy to get yourself into a state of mind that everything is fine being hands-off, but deep down we all know that just because something is functioning doesn’t mean it can’t be improved upon. Often, it’s easy to underestimate the potential savings a financial plan can provide, the notion dismissed as requiring too much time and effort. The reality is, you can commit to making a financial plan for yourself at your own pace, and it won’t be long at all before you can reap the benefits. Tom Terzis, a Toronto-based Independent Wealth Specialist, explains why financial planning is important, and how it can benefit anybody.
A Learning Process
By choosing to create a financial plan for yourself, you’re choosing to learn about yourself and develop a better understanding as a result. For example, you’ll start to pick up on your spending habits at once and have a better awareness of the areas you’re doing well in, in addition to the areas where you need to pick up the slack. Tom Terzis explains that knowing yourself and holding yourself accountable is a powerful method for improvement, and the benefits certainly extend beyond the realm of financial affairs.
Secondly, if you choose to have a Wealth Specialist assist you with your plan, you’ll be able to learn from them as well, becoming knowledgeable of things you wouldn’t have been made aware of otherwise. Overall, the increase in your knowledgeability that comes from having a financial plan is a huge plus.
An Effective Plan
When you make a financial plan, you’re taking ownership of your own future and removing the uncertainty. Instead of letting the chips fall where they may, you’re planning ahead. If you take the time to tighten up your personal budget and be more efficient with your money, you can expect savings to start accumulating; you’ll never know when you might need them and being prepared is the best defense. Not only that, but financial plans are for the long term as well: Now you’ll be thinking of and planning for things like retirement, something that is not to be taken lightly when it comes to preparation. Tom Terzis knows that it’s easy to set aside things that seem so far away, but in the end, you’ll be thankful you didn’t.
A Way To Make Your Dreams A Reality
Almost everyone has something that they’ve dreamed of doing, perhaps a dream job or vacation, which has always seemed out of reach money-wise. Tom Terzis states that financial planning is a great way to help bridge this gap, as the savings that you will accumulate can be used for the things that you’ve always wanted to do but couldn’t afford. In fact, these very goals and ideas can be a great motivator to give you the desire to be as financially efficient as possible; they can be the end goal for you to shoot for. Starting your plan is the first step, and the possibilities only grow from there.
A Better State Of Mind
Lastly, financial planning can instill improvements to your mental state. The drastic changes to your spending and saving habits will undoubtedly leave you far better off than when you started, and this is an accomplishment worth feeling excellent about. You will also feel at ease because you’re choosing to be proactive with your money, building up an intricate plan to ensure you’re well prepared for whatever financial situations come your way. Finally, you can feel both accomplished and relieved by the time you took to increase your financial knowledgeability, both in terms of your own habits as well as new ideas you were unfamiliar with before.
In closing, it’s easy to see both the ‘why’ and the ‘what’ of financial planning; in other words, the importance of it in your day-to-day living as well as all the benefits you can expect. Tom Terzis concludes that all it takes is a little bit of time to get started, and little by little you will build up the momentum to have a better understanding, increase your savings, go after your dreams, and overall feel accomplished along the way.