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Every individual has about 30-35 years of working life. In that period, he/she has to accumulate wealth to manage a lot of financial goals. Not just that, the corpus needs to sustain and be sufficient enough to last after a person stops working, i.e., during retirement.
While people realise they have financial goals, what they lack is a proper framework to achieve them in an organised manner.
The end result being, 99.99 per cent of people make most financial decisions in a random manner.
They are clueless about whether they are saving enough, investing enough, prepared enough for emergencies, risks taken, etc.
This is where financial planning can be really helpful in offering a concrete blueprint and putting people on a solid financial path. People with a financial plan eventually figure out what truly matters to them, keep their financial priorities aligned, and have the courage to live the life they want to live.
People without a financial plan continue to have a haphazard approach, invest randomly, are vulnerable to future uncertainties and affected by financial stress. They are basically clueless about where they are headed and can never figure out whether they have enough.