In a recent study by deVere Group, one of the world's largest independent financial consultancy groups, they asked clients with investable assets over $1,000,000 what was their number one financial regret. The top 3 answers:
- Not putting in place a regular reviewed personal financial plan earlier in life. (57%)
- Not consistently scrutinizing personal investments (18%)
- Taking on too much unnecessary debt. (13%)
While this survey only surveyed high-net worth families, I think middle-class families would answer the question with similar results. It is clear the benefits of long-term financial planning and routinely reviewing or revising the plans help keep families on-track to reach their financial goals.
It is interesting to note that all those surveyed have done well financially, but the regret is that it might have been less stressful if they had a plan in place and were monitoring it consistently.