Consequences of poor financial planning

Unfortunately the consequences of poor financial planning are often severe, especially for women. Suddenly retirement looms and you face the rest of your lifetime in relative poverty. The best advice is to start early when it comes to financial planning so you don't end up a bag lady feeding pigeons in the park. Financial Planning is not just about retirement however, its about planning for the unexpected and expected life changes you will face. It is different for each of us, but a good financial plan is tailored to the things you want to experience in life, say children and time out of the workforce is on the cards in a few years, you may want to understand that time out of the workforce means less money in retirement so putting away extra now, it could also be about putting money aside for college education, it should also involve making sure you have the correct insurances in place for your new family, wills and estate planning are an important component of an effective financial plan. An effective financial plan is not a one off, it has to live and breathe with your goals and challenges, it allows and plans for cash flow should the unexpected happen with your health or the death of a partner. Money management, cash flow changes, health challenges and retirement are all things we each go through, setting a financial plan in place means that although it will still be emotionally challenging you will be able to focus on getting through it and dealing with the situation instead of the additional worry of losing your house, your cash flow and wondering how on earth you will make ends meet. If you would like to know more pop over to www.financiallyfabulous.com, it also has some great free tips and ideas to help provide you with the guidance you need so you put together an effective financial plan and don't end up a damsel in distress. We want you to live Happily Ever After.