"A wise person as one who can save money while spending ir" This assignment oke many has multiple parts. I will occasionaliy remind students to separate answers into separata paragraphis so that it is clear and distinct that each part of the rsvgrreient is addressed. A topicheading is ofinh useful to identify the nature of the discussionsanswer 1. List and cscuss at least five reasons wty, accoeting to financial planners, people often avcid financial planning even when they know it is important to their financial future. Pioase keep in tind that financial plarning is needed by everyone at all stages of lite - not kust the whalthy but rather everyone needs to engago in financial planning on a regular bases and ploase koep In mind that financtal planning is mare than just inveating It includes tax preparation, putchating lifo home and auto insurance, making major purchaseet, budgeting. obtaining a foan, plarning for and pursung an education, vacation and relirement planning and so on) Everyone should be engaged in feancial pianning even it they do not tealize it. Also please keep in mind that we all have many financial advisers in life although they may focus on just a narow aspect of our financial lives finsurance agent, foan officer, tax preparec, attomey, real estate agent, etc) Hiring a financial planner such as a CFP for comprehensive planning may not be nectessary for everyene although the time apent with such a planner can be extremely useful. Otlor specific examples to tlussate the reasons people quoid proper financiat pianning 2. List and dessis at least fie problems for an individual or tamily by not engaging in the personal foanciai planning process. (What is the danger or what are the downsides of not engagng in the finarsial planning process) Please cenvider than nany of the problems may be psychological or social. Lnt each "problem'. separately whin its accomparying dscussion and example. 1 want fa enchasize that specilic examgles must be sthed and discussed to illustrate the danger (prolems people may experienco) of not property engaging in the personat fonanolal prockss. I want to emphasze that fnancial glarving ia approprale for twegone at all stages ef their He. Financiak planning is not just for the woalthy and financial planning does not necussarily involve hiring a CFP or other firsncial conturtant - most people are capatle of doing the bulk of this planning on their cwis. This assignment like many has nultiple parts. I will occasionaly remind students to separate answers into neparate paragraphs so that it is clear and distinct that each part of the assignment is addressed. A topic heading is often useful to identify the nature of the discarsionvanswor. 1. List and discuss at least five reasons why, according to financial plannero, people often avoid Inancial planning oven when they knowit is important fo their finaneial future. List eac reason teparalely presented as individual paragraphs Please keep in mind that financial planning is needed by everycto at all stages of life - not just the wealhy but rather everyone needs to engage in francialpiarning on a reguilar bagisand pleaso kesep in mnd that financial planning is more than just invetting. It inclusns tax preparaton, purchasing ife horne and auto ineurance, making majer purchases, budgeting. obtaining a loan, planning for and purnuing an education, vacaton and retzement plarking and so on? Everyone should be engaged in financial planning oven if they do not realize it. Also pleose keep in mind thed we al have maxy financial adviscrs in lise although they may foeus co juat a narpow aspect of our financial lives (insurance agent, loan officer, tax preparer, attomey, roal estate opent ete) Hring a financial planner such as a CFp for comprehensire planning may not be necessary for everyone athough the time apent with soch a plarner can be exdremely iseful. Ofler specfic examples to lalustrate the reasons people qvoid proper tinancal planning. Also, since outade scorces are needed for this assignsient, piease identify the source of yeur informatiuon - google search, conversations, readings eto 2. Liat and discuss at ieast five problems for an indidial or family by not engoging in the personal frandial planning process. What is ele danger or what are ne downebes of not ongaging in the frinancial planning process) Plesse consider than many of the protiems may be perchoiogical or social. List boch "probleen" separatey wif its accompanying discusaion and axaryie procest I want to emphasico that financial plarhing is appropeiate for everyone at all stages of their ife. Finsincial planning is nod just for the wealty and finuncial panning isces not necessarily involve hiring a CFP or other financial consultant - most poople are capsble of doeng the buik af this planking on ther om