What is financial planning and how can it help me?

Financial planning is a process that helps people manage their income, investments, and expenses in order to reach their life goals. It also helps people make financial decisions and prepare for future needs such as illness, disability, having a family, or retirement.

Financial planning can benefit everyone, but it's especially useful for people with MS. MS is an unpredictable condition that can generate unexpected medical expenses and affect a person's ability to work. Financial planning can help people with MS gain peace of mind and take control of their future. It can help them plan for unexpected expenses or changes in job status (e.g., the need to switch to part-time work or leave the work force temporarily or permanently) related to their condition. The best time to start financial planning is now, so that you can have a plan in place to deal with whatever the future may bring.

Financial planning involves four main steps:

  1. Take a look at your current situation, needs, and goals for the future.
  2. Look for areas for improvement or potential problems related to your income, tax situation, investments, and special needs related to MS (such as assistive devices, insurance coverage, and possible changes in job status).
  3. Develop a plan to meet your goals and address the possible risks you may encounter.
  4. Act on your plan and keep track of how you are doing.

You may find it helpful to enlist the help of a professional. For advice on choosing a financial planning professional, see "Time to call a financial advisor?"

All material copyright MediResource Inc. 1996 – 2021. Terms and conditions of use. The contents herein are for informational purposes only. Always seek the advice of your physician or other qualified health provider with any questions you may have regarding a medical condition. Source: www.medbroadcast.com/healthfeature/gethealthfeature/MS-Financial-Planning-Basics