You must have know-how and authority over your financial affairs. It’s possible only if:
- You think over your future financial needs and plan to fulfill these,
- You are aware of the basis of your financial plan and how well it is implemented.
An option is to make your own financial plan, if you can do it yourself. In this case you will need to devote some time to learn common financial ideas and keep your knowledge updated on a continuous basis.
If you cannot, it’s always better to consult an expert who can handhold you through the financial maze. The best way is to go through the established process of financial planning with a qualified planner and then oversee yourself the plan implementation. It’s better to participate and unwise to leave everything about your hard earned money at the disposal of others.
You should expect your financial planner to assess current status of your personal finance and risk tolerance, help you establish realistic and time bound financial goals, and then prepare an action plan with strategies to realize these & maximize your net worth. Financial discipline is one important thing you will inculcate when he/she works with you.