Catherine Magaña 
Chair of the Board
Carlsbad Chamber of Commerce 

As Benjamin Franklin once said, “If you fail to plan, you are planning to fail!” Benjamin Franklin’s quote applies to many choices we make in life including our financial well-being.

October is National Financial Planning Month. A good financial plan adapts to your changing circumstances such as a major life events and tax laws.

We all know that in the last 18 months there were a lot of lifestyle changes which meant there were a lot of spending pattern changes too. That’s why I believe this is an excellent time to review your financial plan and goals.

As we approach the holidays with shipping and delivery shortages across the country, now is the time to review your budget for the holidays too.

Creating a lifestyle financial plan helps you plan for your financial future by setting long and short-term goals. With a financial plan, you have a road map to follow, and this can help you understand the implications of each financial decision you make.

Everyone is at a different phase in their life and may have different goals, so it’s important to have a unique financial plan that works for your own financial situation. It can give you peace of mind knowing that you have a real and detailed plan you are following.

There are some misconceptions about who needs financial planning. A comprehensive financial plan can benefit all income levels and different age groups. A comprehensive financial plan can cover savings, investments, planning for retirement, education, emergencies, major purchases, insurance needs, taking tax law changes into consideration, and other financial and personal goals.

There are many Carlsbad Chamber of Commerce members who are excellent financial planners and financial advisors. These planners are great resources for you. So, reach out to one of our members and get a financial plan or get a second opinion on one you already have.

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