Why have a Plan?

Money is a tool. Think of it as a means to an end: you have an idea of what you want your life to look like. What are some of your life goals? Your dreams? Everyone has a dream job, a dream car, a dream home, or dream vacations they want to take. But you don’t achieve those dreams by accident—they happen through careful planning and financial goal-setting. You wouldn’t imagine waking up one morning and miraculously knowing how to speak Portuguese—the same goes for your financial goals. They don’t happen overnight. You may already have a few financial goals; as a high school student, you may be getting your driver’s license soon and are starting to think about buying a car. Achieving goals takes work, perseverance, and a plan. Don’t worry! You have time on your side and you need both time and money to make those dreams a reality. You are young and have time to set up a solid financial plan!s

A plan also helps you know what to do in the case of an emergency. There is a reason that schools practice fire and tornado drills—so that when an emergency happens, everyone knows what to do. The old saying “there is peace in the preparation” is incredibly true and applies to your finances. You will experience ups and downs in your career, in your personal life, and in your social life. All of them can have a significant impact on your financial plan, and being financially prepared will help you handle those life changes.