Each financial decision you make can affect several other areas of your life. For example, an investment decision may have tax consequences that are harmful to your estate plans. Or a decision about your child's education may affect when and how you meet your retirement goals. Remember that all of your financial decisions are interrelated. Re-evaluate your financial situation periodically.
Financial planning is a dynamic process.
Your financial goals may change over the years due to changes in your lifestyle or circumstances, such as an inheritance, marriage, birth, house purchase or change of job status. Revisit and revise your financial plan as time goes by to reflect these changes so that you stay on track with your long-term goals. Start planning as soon as you can. Don't delay your financial planning. People who save or invest small amounts of money early, and often, tend to do better than those who wait until later in life.