2. The benefits of financial planning Aa Aa Why Engage in Personal Financial Planning? Many people mistakenly believe that personal financial planning is an activity appropriate for only the wealthy; this notion, however, is incorrect. Everyone-individuals and families, those comfortable with their financial situation or not-so-comfortable-can benefit from knowledge of personal financial planning concepts and practices. As a philosophy, personal financial planning provides a systematic way of thinking about your financial resources and objectives. As a practice, it involves a variety of activities, including (1) making smart decisions that allow you to acquire, use, and control your financial resources more effectively and efficiently, and (2) developing both financial goals and the strategies necessary to achieve them. What are the benefits of successful financial planning? The benefits of effective and efficient personal financial planning include: The accumulation of An improved Increased and quality of life to accommodate significant life changes and events informed and decision making regarding current and deferred spending.