Recognizing Financial Planning Week
RECOGNIZING FINANCIAL PLANNING WEEK -- (House of Representatives - September 28, 2006)
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Mr. HINOJOSA. Mr. Speaker, I rise today in strong support of H. Res. 973, recognizing ``Financial Planning Week,'' October 2nd through the 8th of this year. I was very pleased that my colleague and good friend from Illinois, Congresswoman Judy Biggert, joined me in introducing this important and timely resolution.
I want to take this opportunity to thank Congresswoman Biggert, Congressman Kanjorski and his staff, Congresswoman Maloney and her staff, Tania Shand with Government Reform, and Jerry Hartz and Catlin O'Neill with the Minority Leader's office for the assistance they provided me in bringing this resolution to the floor today.
As Co-Founder and Co-Chair of the Financial and Economic Literacy Caucus, I decided to introduce this resolution to place the spotlight on yet another important piece of the financial and economic literacy puzzle that we must all put together during our lives: financial planning. Financial planning plays a key role in meeting the goal of the Caucus to improve financial literacy rates for individuals during all stages of their lives.
Mr. Speaker, at this point, I ask unanimous consent to insert into the record the following letters in support of H. Res. 973: letters from the Financial Planning Association, the Financial Services Roundtable, the U.S. Hispanic Chamber of Commerce, Cross Financial Services Corporation, MasterCard and Citigroup.
Despite daily challenges of balancing work, family, and personal matters, it's important--now more than ever--that all Americans take time to increase their financial knowledge and plan for a secure future. Like most people, we all have hopes and dreams and life goals for ourselves and our families. These might include buying a home or business ..... saving for college education for our children ..... taking a dream vacation ..... reducing taxes ..... or retiring comfortably.
Managing your personal finances is ultimately your responsibility. However, you don't have to do it alone.
There are community centers, non-profits, community-based organizations, financial counseling organizations as well as private sector financial groups and associations that can help you make decisions that make the most of your financial resources. Certified Financial Planners are among those groups. This advice is available in many languages.
All these entities can help you set realistic financial and personal goals. They can assess your current financial health by examining your assets, liabilities, income, insurance, taxes, investments and estate plan. These same groups can help you develop a realistic, comprehensive plan to meet your financial goals by addressing financial weaknesses and building on financial strengths. They can help you put your plan into action and monitor its progress.
Furthermore, they can help you stay on track to meet changing goals..... changing personal circumstances..... changing stages of your life..... changing products, markets and tax laws.
Research has shown that people with a financial plan tend to save more money, feel better about their progress, and make more appropriate decisions--no matter what their income.
Moreover, a written financial plan is far more effective than a mental one. Seeing your plan in writing helps to remind you about what actions are necessary to reach your goals, and it helps you to check your progress more easily than relying on memory alone.
Following the financial plan is the biggest challenge for most people. The pay-off for meeting this challenge will be increased family financial security and satisfaction.
Many people are amazed to see how much of their money is spent on take-out lunches, morning coffees, and other expenses that can add up over time. It is up to all of us to decide whether these ``extras'' are really worth the trade- off. Are these everyday ``extras'' worth giving up money for current expenses and future goals?
The reality is that your everyday spending decisions have a greater impact on your long-term financial well-being than all of your investment decisions combined.
Next week, I hope that all of you will focus on mapping out your financial future.
I would like to commend the financial planners who will be volunteering their services on October 4th, financial planning day in room 430 of Senate Dirksen Office Building from noon to 3pm. Over a dozen financial planners will be available to answer any financial questions from you or your staff. More than likely, just your staff will be able to attend the event, but I encourage them to do so.
Mr. Speaker, if there is one thing I would like my colleagues and the public to understand today is that it is never too late to take control of your finances.
Whether you are a youth learning the fundamentals of savings and checking or an older person concerned that you haven't planned for your golden years, it is never too late to start. So, why not start today!
Again, I rise in strong support of this resolution and urge my colleagues to vote in favor of it.
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