Every American Needs a Long-term Financial Plan
Plato said, “Nothing in the affairs of men is worthy of great anxiety.” Plato must have had a sound financial plan or at least a competent Wealth Manager. In America, contrary to Plato’s advice, we are a nation of worriers. If you are a psycho-therapy professional, perhaps that is encouraging news. But for the rest of us, that is bad news. One of the top things Americans worry about is their personal finances and financial security.
On a periodic basis, Northwestern Mutual Life Insurance Company (NML) in Milwaukee commissions a comprehensive survey by the Harris Organization to find out what is on peoples’ minds regarding personal finance and financial security. The survey’s most recent version is entitled “2016 Planning and Progress Study” and was concluded in February of 2016. As surveys go, it is statistically rigorous, covering more than 2,500 U.S. households, ages 18 and older. It is weighted to be representative of the entire U.S. adult population as to gender, age, education, race, region and household income. It surveys to discover U.S. adults’ attitudes and behaviors about money, financial decision making, and the broader issues around long-term financial security. We reviewed the study and its conclusions in a recent Linscomb & Williams Wealth Planning Committee discussion among our professionals.