Where's the Planning in Financial Planning?

Cumbie, Guy
January 2003
Journal of Financial Planning;Jan2003, Vol. 16 Issue 1, p21
Academic Journal
This article presents the author's view on the planning aspect of financial planning. The three-word term personal financial planning consists fundamentally of two parts. First there is a compound modifier, personal financial, which describes both what kind of and who it is for. Then there is the core term, the essential piece, planning. It has occurred to me increasingly over the past few years that we may not be giving that core term anywhere near its proper due. I do concede that, on careful inspection, some meaningful indicia of planning are present in how we practice our craft. The three per se planning pieces that occur to me most readily are, our use of a standardized six-step process, recognition early in that early process of the relevance of goals and our general awareness of the interrelatedness of the various aspects of personal finance. We could begin to take the concept of planning, and all that can entail, if we all allow it to much more seriously. The Dictionary.com offers three fairly unsurprising denotative definitions of planning. And in terms of usage, the concept of planning very quickly gets as much less clear. Real planning is creative, unnatural, and involves thinking beyond solutions.


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