"A wise person is one who can save money while spending it This assignment ke many has multiple parts. I will occasionally remind students to separate answers into separate 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 discussion/answer 1. List and discuss at least five reasons why, according to financial planners, people often avoid financial planning even when they know it is important to their financial future. Please keep in mind that financial planning is needed by everyone at all stages of life-not just the wealthy but rather everyone needs to engage in financial planning on a regular basis- and please keep in mind that financial planning is more than just investing. It includes tax preparation, purchasing life home and auto insurance, making major purchases, budgeting. obtaining a loan, planning for and pursuing an education, vacation and retirement planning and so on) Everyone should be engaged in financial planning even if they do not realize it. Also please keep in mind that we all have many financial advisors in life although they may focus on just a narrow aspect of our financial lives (insurance agent, loan officer, tax preparer, attomey, real estate agent, etc) Hiring a financial planner such as a CFP for comprehensive planning may not be necessary for everyone although the time spent with such a planner can be extremely useful Offer specific examples to illustrate the reasons people quoid proper financial planning 2. List and discuss at least five problems for an individual or family by not engaging in the personal financial planning process (What is the danger or what are the downsides of not engaging in the financial planning process) Please consider than many of the problems may be psychological or social List each "problem" separately with its accompanying discussion and example I want to emphasize that specific examples must be sated and discussed to illustrate the dangers (prolems people may experience) of not properly engaging in the personal financial process I want to emphasize that financial planning is appropriate for everyone at all stages of their life. Financial planning is not just for the wealthy and financial planning does not necessarily Involve hiring a CFP or other financial consultant-most people are capable of doing the bulk of this planning on their own.