Do you have a financial plan? Apparently, most people don’t according to an old friend who has spoken to thousands of retail banking clients over the past 15 years. Not only has he spoken to thousands of people about their finances, he’s also seen thousands of banking statements as well. Frank is a regional branch manager for one of the largest banks in the world.
“Sam, the middle class are just living paycheck to paycheck. They have no plan when it comes to their retirement. So many of them are in their 40s and 50s with just $10,000 or less to their name,” he explained to me.
He went on, “All they do is come into the branch, ask what the latest CD rates are, and move on if they aren’t high enough. They don’t bother to invest or learn about other ways to make their money grow. They just hope everything will be OK due to Social Security.”
Hope is a very strong feeling that helps us get through many obstacles. But when it comes to our finances, let’s not leave them up to chance. It’s important for every one of us to come up with a financial plan.