Recognizing And Supporting Financial Planning Week
Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, as a young child, I was taught that he or she who fails to plan, plans to fail. Therefore, Mr. Speaker, this resolution is very timely, given the sluggish economy and…
Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, as a young child, I was taught that he or she who fails to plan, plans to fail. Therefore, Mr. Speaker, this resolution is very timely, given the sluggish economy and loss of jobs.
H. Con. Res. 176 supports the goals and ideals of Financial Planning Week. The financial planning process allows individuals to achieve their dreams by empowering themselves to identify and manage realistic financial goals, and to negotiate the financial barriers that arise at every stage of life.
Everyone can benefit from knowing about the value of financial planning and where to turn for objective financial advice. The Financial Planning Association designated the week beginning October 6, 2003 as Financial Planning Week, and with good reason.
Saving money has steadily declined in this country over the past 50 years, while borrowing has increased. In 1950, savings averaged 12.3 percent of national output. By the 1960s, it was down to 8.5 percent. By the 1980s it was down to 4.7 percent. In the early 1990s, it was only 2.4 percent. Americans need to work to achieve financial independence, and financial planning is crucial to that process.
Determining what you have, determining what resources you need for living, and setting goals are all part of the financial planning process. Experts suggest setting aside a goal to pay ourselves first, to plan and to manage our spending so that we will be able to save. We then should gradually increase the percentage of our income that we save. Over time, Americans should try to set aside enough savings to meet each of the following needs: Day-to-day living expenses, including debt repayment; common emergencies; large recurrent expenses; short- term goals; long-term goals; and special opportunities that would require substantial sums in the future.
We as individuals are responsible for becoming well-informed and for making thoughtful decisions that improve our prospects for financial security. H. Con. Res. 176 serves as a reminder of how important it is for us to save and to have a financial plan, so that we can improve not only our individual quality of life, but so that we can have a better outlook for our Nation and improve the quality of life for all Americans.
Mr. Speaker, I have no further requests for time, and I yield back the balance of my time.