Reinventing Retirement Blog


What is Financial Planning?

What is Financial Planning?

In our posts on financial planning, we discuss the different parts of the planning process. (Most often, we discuss financial planning for retirement.) If you’re a regular reader of our blog, you’ve by now enjoyed learning about:

Before we move forward on to explaining other financial planning subject matter, let’s take a step back and discuss financial planning itself. What is it? And why does it matter?

What is Financial Planning?

Financial planning is the task of getting your financial ducks in a row. It means looking at everything. This may involve digging up account statements, and drafting a budget. For most people, these aren’t activities they’d jump at the chance of doing. Luckily, most of these boring activities – which are the hardest to get through – are only a small part of the financial planning process.

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In a nutshell, financial planning is getting familiar with:

  • what you have, and
  • where you are,

Having done the above, you can move onto the next exciting step: planning where you are going.

Envisioning Your Life

So, where are you going? With financial planning, you are given the opportunity to envision your future life.

  • What’s not yet crossed off your bucket list?
  • What places in the world have you always dreamed of seeing?
  • Who are those people that you want to spend your time with?

With financial planning, you do not simply map out your dreams. Even better, you create a plan for making those dreams a reality.

  • Have you always wanted to visit South America? Let’s set a time to make that happen!
  • Is your fantasy a patio balcony, where you can read, enjoy a glass of wine, and watch the sunset every evening? We’ll figure out how to realize this together.
  • Being successful in your own life, how do you want to give back to the world that has made you so successful? There are many ways that you can do this. Let’s create your plan.

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If you’re interested in planning out your life (or planning for your retirement), work with a fee-only financial planner. Working with a fee-only financial planner means your financial advisor has the single objective of mapping out your life for your benefit, without the conflict of interest that comes the desire to sell financial products for a commission. As a fiduciary, a fee-only Certified Financial Planner®  (CFP®) works for you!

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Jon Luskin

Jon Luskin, MBA graduated from American Jewish University in 2014, with a degree in non-profit management. For his thesis, Jon showed how university endowments can generate more wealth – and take on less risk – by adopting simpler investment strategies. Jon is currently studying for his certificate in Personal Financial Planning (PFP) via UCLA Extension. Upon completion of the certificate, Jon will be sitting for the Certified Financial Planner (CFP®) Examination Requirement.

When not practicing financial planning, Jon can be found playing basketball, cycling, shooting trap, barbecuing, or practicing jui jitsu. Jon also serves on the programming committee for the San Diego chapter of the Financial Planning Association (FPA), and is an active member of the FPA’s NexGen program – a venue for young financial planning professionals to share best practices.

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