FINANCIAL PLANNING MONTH

FINANCIAL PLANNING MONTH-OCTOBER 2023

As the holiday season is approaching with expected hefty gisting expenses and the new year being around the corner, Financial Planning Month is a great chance to get your finances and budgets in order before life becomes too busy.

HOW FINANCIAL PLANNING CAME TO BE

Although financial planning is a concept that has existed for a long time, it has changed over the years compared to the year 1969 when Loren Dunton set up the Society for Financial Counseling or in 1973 when the first class of the College of Financial Planning graduated. It was centered around selling limited partnerships at the time, ending with the Tax Reform Act of 1986. Nonetheless, financial planning re-emerged as certified financial planner Richard Averitt III gave a new meaning to financial planning by focusing on who the client is and their needs-a purely methodological concept.

Soon after that, financial planning picked up again, and today there are over 94,000 C.F.P.s worldwide, including 48,000 in the United States, according to the Certified Financial Planner (C.F.P.) Board of Standards in Denver. Moreover, other organizations have been set up for C.F.P.s, such as the Financial Planning Association (F.P.A.), with approximately 22,000 members.

Today, financial planning includes investing, tax planning, retirement planning, and other ways to help you organize your finances as you create mindful budgets to ensure a safe and secure future. Being ahead of your finances and spending will ensure a safe and secure future.

FIVE  INTERESTING FACTS ABOUT FINANCES AND FINANCIAL PLANNING

  • Benefits You Now
    •

    There are instant benefits for the present as much as it is for the future that financial planning gives.

  • Simpler and Better
    •

    It is more efficient to have short, simple, and concise plans rather than long and overly complicated ones.

  •  High Spending
    •

    Annually, the average U.S. consumer spends an estimated $63,000.

  •  More Purchasing Power
    •

    It is reported that millennials have less purchasing power than their parents did at their age.

  •   Scrolling is Spending
    •

    You will save money when you reduce your time on social media.

    WHY WE LOVE FINANCIAL PLANNING MONTH

    Investing In Ourselves

    This month allows you to take time from unplanned spending and invest time and money in your future.

    Awareness About Financial Planning

    This month spreads awareness, especially for those just beginning to earn, that it's never too late to manage your finances without an elaborate system.

    The Value of Responsibility

    This day serves as a reminder that our actions today will affect our future, thus creating a sense of responsibility.

     Statistics on Financial Planning

    By revenue, the market size of the Financial Planning & Advice industry stands at $59.7 billion in 2023, with a projected growth of 0.6% in the same year.

    Between 2018 and 2023, the Financial Planning & Advice industry market size in the U.S. has grown at an average of 2.1% annually.

    Are you a small business operating in the Financial Planning Industry? 

    It's time to get the recognition you deserve. For years most business awards have been focused on celebrating big corporations, but the Best of America Small Business Awards is the only business award for small businesses. Small businesses make up 99% of U.S. companies; this shows how big small companies are for our economy.  

    BASA is the real deal, as it is prestigiously independent and was created with an unwavering love for small businesses. The award aims to showcase the best small businesses' notable efforts in growing and building economies, communities, and a better working world while encouraging more small businesses to get excited about new opportunities.

     With over 100+ categories to choose from, the award is not influenced by big corporations and has no nepotism, vetting process, or big guys, always winning nature. BASA's independent council of judges only cares about one thing- your work!

     The BASA statuette is a hand-made work of art uniquely created in Italy by the internationally acclaimed artist Ithaca. Learn more at www.basawards.com.