PHILADELPHIA, PA, August 28, 2013 /24-7PressRelease/
-- Robert Karofsky
is a financial planning expert with a great deal of experience helping people manage and understand their finances, including such assets as investment portfolios and long-term financial plans. For many Americans, that sentence alone is enough to make them tune out due to the popularly held belief that financial planning and management is a rich person's game that those of lower income levels have no business with even if they had the opportunity.
A recent article from Forbes
, however, claims that this is absolutely untrue, pointing out that a solid financial plan is an asset that can benefit any citizen of any income bracket. Unfortunately, not many Americans realize this, and recent studies show that these uninformed individuals may be subjecting themselves to needless financial suffering because of this.
According to the Certified Financial Planner Board of Standards' Household Financial Planning Survey of 2012, a massive 69 percent of the financial decision makers in American families are without a comprehensive financial plan in place, professionally assisted or not. For families without even a financial plan to cover potential emergencies, this number barely drops to 65 percent.
"In other words," explains financial planning veteran Robert Karofsky, "the majority of Americans have no financial plans in place whatsoever. This is unfortunate, as a solid financial plan is beneficial to anyone with any level of finances at all - especially those in lower level income brackets who can't afford the same leeway with their money that wealthier individuals can."
Among these benefits, says the article, is the financial insight offered by the creation of a financial plan. According to the article, developing a plan for their finances also helps individuals better define their overall financial goals and determine whether or not they are reasonable. Financial plans also help individuals see how best to reach these goals, how to measure their progress toward them, and what financial mistakes they may be making along the way.
"Ultimately," explains financial advisor Robert Karofsky, "a solid financial plan is a tool for individuals to maximize their finances and make their money do more for them. This may mean getting involved with easy investments, or it may mean simply setting a realistic budget to reign in excess spending. Any tool that increases the effectiveness of a person's finances, though, is a useful one, no matter the size of the finances in question."
Because of this, says Robert Karofsky, the real power of financial planning is that it allows an individual or a family to live more comfortably with whatever level of income they may have, which is something that everybody should be excited about regardless of where that income may stand.
is a career veteran of the financial services industry with a history of analyst and trader work for a variety of high-name banking organizations. He is also a financial advisor who instructs his clients in better financial literacy in addition to providing such financial guidance services as investment portfolio management and retirement fund planning. Outside of his financial services work, Karofsky also advocates passionately on behalf of a number of different nonprofit organizations such as Sloan-Kettering, St. Jude Children's Research Hospital, the Columbia Presbyterian Hospital Memorial, and the Ronald McDonald House. In his free time, Karofsky enjoys several outdoor sporting activities, including golfing, snowboarding, and skiing.