Whether you seek the services of a professional financial planner or you’re DIYer, don’t feel like your financial plan isn’t adequate if it’s tiny. The size of the plan doesn’t matter so much as long as it works for you, says Preet Banerjee, senior vice-president with Pro-Financial Asset Management
If you’re just entering the workforce, your financial plan will probably be small since you have few assets to speak of. Focus on getting the right financial habits now, since they will serve you well later. Pay off your student debt, learn how to budget, save for a mortgage, begin investing and get proper insurance.
A retirement plan won’t be helpful since you can’t predict yet what your future holds.
If you develop good habits, in several decades you will require a more comprehensive financial plan. By now the details of your life–spouses, kids–will have been decided and your options for retirement more limited. Therefore, this plan will likely be more detailed and thicker.