Jude Offiah Says People Forget These Things During Financial Planning
Financial planning is one of the most important activities you can undertake. The right financial plan may help you lead a more prosperous life. Without a plan, you may find yourself in financially dire straits, or you may find that you have to skip on activities you might enjoy, like a long vacation to Europe. Finance expert Jude Offiah has helped countless individuals and families develop personal financial plans, and now, he’s going to share some things people tend to forget during the financial planning process.
“I’d say the first thing a lot of people forget is simply putting together a financial plan,” Jude Offiah points out. “They fly by the seats of their pants, assuming they’re in good financial shape and that spending is under control. However, you can’t know that until you map out your finances.”
So a good first step for many people is to start the financial planning process. However, even people who are building financial plans often fail to take certain factors into account. Jude Offiah says that financial planning must be thoughtful and tailored to your unique situation.
“There’s no one size fits all financial plan,” Jude Offiah says. “Each person has different needs. You need to take your personal situation into account or you might miss something important.”
So what types of things are often forgotten during financial planning?
“A lot of people fail to take into account the impact of small, personal purchases,” Jude Offiah claims. “You buy a latte at Starbucks in the morning, swing by your favorite burrito place for lunch, rent a movie on Amazon when you get home. Each individual purchase is small, but they quickly add up.
Jude Offiah advises people to take a long look at their personal spending on small items and find ways to cut spending.
“So how do you cut personal spending? You can buy a good latte machine for a few hundred bucks, and if you skip the coffee shop, it’ll quickly pay for itself. Packing a lunch for work three days a week may cut down on your lunch spending,” Jude Offiah. “But first, map out your personal spending on a monthly basis and see what you’re spending the most on. If you normally brew a cup of coffee at home and only get a latte once a month as a treat, you may not need that latte machine.”
Jude Offiah Talks About Estate Planning
Estate planning is very important and should be part of your efforts to get your finances planned out. This is especially true if you have a family. You’ll want to make sure they’re taken care of in the event of a tragedy.
“Estate planning is a touchy subject,” Jude Offiah says. “But you need to make sure that your family is taken care of should a tragedy unfold. If a major income earner passes away, your family may struggle with the mortgage and other bills. The right life insurance plans and retirement portfolios, however, will provide financial stability. Sometimes people forget about estate planning or put it off, but you want to address it sooner rather than later.”
Have more questions or concerns? Jude Offiah advises individuals and families to seek out professional financial planners as they may identify things you missed.