October is Financial Planning Month

 If you didn’t know October is Financial Planning Month and that’s really a theme of our show every single week. Let me share the history of Financial Planning Month. Financial planning as a concept has been around for a long time, but not as we know it today. When Loren Dunton set up the Society for Financial Counseling Ethics in 1969, or when the first graduating class of the College of Financial Planning graduated in 1973, financial planning was very different. It was centered around selling limited partnerships, which came to an end with the Tax Reform Act of 1986. However, financial planning re-emerged — all thanks to Richard Averitt III. The certified financial planner gave new meaning to financial planning, this time with a focus on who the client is and what their needs are. Financial planning, as we know it now, includes investing, tax planning, retirement planning, and basically other ways to get your finances in order and create mindful budgets to ensure a safe and secure future. Getting a step ahead of your spendings and finances is beneficial in the long run and Financial Planning Month is the perfect time to do that. Why is financial planning month important? It reminds us to invest in ourselves: This month is a sign to take a minute from mindless spending and invest some time and money in our future. It creates awareness about financial planning: For young adults who are just starting to earn, this month spreads awareness that the sooner you start the better and time with compounding can be amazing. It also highlights the value of responsibility: Whether or not people choose to participate, it is a reminder that our actions right now determine what our future will look like and creates a sense of responsibility. yoursafemoneyshow.com.