Fear Of Missing Out. What part does social media play in our spending decisions? This and other telling questions were put to 1,000 Americans aged 21-75 as part of Charles Schwab’s 2019 Modern Wealth Index Survey. Here’s what we learned:

If you’ve wondered if you should have a written financial plan, you should and here’s the evidence:

Why don’t people have written financial plans?

Some years ago the Board of Certified Financial Planners conducted a similar survey comparing households who did not have a written financial plan but made over $100k with households who made less than $100k but had a written financial plan. The lower income households with financial plans scored higher across the board. And, the level of sophistication of the financial plan was less important than whether or not they had one.

NOTE: I’ll be travelling the next couple of weeks so in the absence of the blog, please review, revise or create your financial plan:

  • Step 1: Put something in writing – remember – perfection is the enemy of success!
  • Step 2: Want some help with your financial plan? You can check online for DIY financial plans – or – Carl Richard’s book, The One-Page Financial Plan is a quick, easy read and guide to get started – or – enroll in the 3rd Decade™ program – creating an individualized financial plan is part of our process.
  • Step 3: Enjoy the success of others who are Planners!