Next week is National Financial planning week in the United States. It is promoted actively by the National Financial Support Center, a website set up by the Financial Planning Association of the US http://www.fpanet.org/public/ as well as by hundreds of chapters and thousands of member planners throughout the United States.

This initiative is taken very seriously by global qualified financial planners where Financial Planning weeks pop up frequently, country by country on a rotating basis. Australia is another country hugely committed to financial literacy and has set aside May 2008 for their annual planning week.

The availability of financial planning self-help and professionally sponsored websites throughout the Internet - just in English - now totals close to 60 million.

While it is a given that most of these are for-profit enterprises, there are a significant number of non-profits, governmental, and educational sites devoted exclusively to helping citizens to take control of their finances.

Fail to Plan, Plan to Fail.

It is a fact that citizens, who, for whatever reason, are unable or unwilling to learn about the role of money in their lives, will significantly erode their chances to achieve lasting financial security.

The concept is simple, but the learning curve is hard. Financial education gives you power. Being empowered helps you make better financial choices. Making better choices means taking ownership of your financial future and enhancing your life.

What is Financial Planning? One of the best definitions for ease of understanding, as well as an invitation to develop your own plan is put forth by the Learning for Life courses offered by Florida State University on the web, for free. http://learningforlife.fsu.edu/course/fp101/index.html

"Financial planning is the process of solving financial problems and achieving financial goals by developing and taking action on a personalised 'game plan.'

"In order to be effective this 'plan' must take into consideration an individual's overall picture."

In other words, your plan must review all of your finances, pull them together by tying up the loose ends, motivate you to implement an action plan and update it from time to time.

Financial planning is like all other phases of life; it involves choices: Spend now or save for later? Pay off existing bills or increase retirement savings? Focus savings dollars on appreciating short term or long term goals?

Every single life event will generate a financial decision. See the chart provided by the Financial Planning Association and the National Endowment for Financial Education.

Going to the website http://www.fpanet.org/public/ and clicking on any of these icons, the underlying documents will provide you with helpful motivational articles.

For many who find that just reviewing the Life Event Chart is overwhelming, we advise starting with tiny attainable goals. Set a small goal.

To develop a really simple financial plan for yourself, start with what you want to do with your life. Aha, easier said than done, isn't it?

Just the thought of contemplating what one wants out of life brings many internal desires, dreams, frustrations, and hopes into the forefront of your mind.

After a long tiring day at a hectic job, anything that resembles homework is a discipline too tough to do. Maybe tomorrow. What happens though is that tomorrow becomes next week, next month, a year, five years, ten.

If your situation is unchanged, the "I should-have, I could-have" guilt then sets in, and the mental resistance is even tougher to over come.

Try a small goal, such as "I will save $50 a week by avoiding snack foods" (a double goody). At then end of the month, transfer $200 into a savings account or better yet institute a standing order for an investment savings plan.

Mark off that goal after three months. It is no longer a goal, it is a habit and you are more than $600 richer. Keep it up.

Now, pick another goal. You feel you need to find a better job - one that pays more and offers more benefits.

First, though, you should thoroughly review all of the employee benefits currently provided, translate them to actual dollar amounts. You may be surprised to realise that your current job pays more in total, actual wages and non-cash benefits than the job you think you want.

Furthermore, you have not even taken advantage of these benefits to the fullest extent, such as discounted stock purchases, payroll savings and so on.

When you do resume your job search, you know exactly what to ask for.

Financial solutions six months later.

You are becoming more disciplined in your approach to your finances. You've solved two problems, now it is time to generate an actual financial expense guideline for the next couple of years. Once your build success and reap savings with your budget, you move on again - perhaps, implementing credit card controls. Suddenly, you not only start to feel financially fit, for the first time perhaps, you are financially fit!

One of the best websites out there, supported by my member organisation, the American Institute of Certified Public Accountants, is www.360financialliteracy.org.

Every chart and motivational article, tip, and hint known is listed on this site. You will enjoy its interactive positive message Can I do it myself? Yes.

If you can't, there are services available on a fee basis to work with an objective qualified Certified Financial Planner.

Martha Harris Myron CPA CFP® -US licenses - is dual citizen (US and Bermuda) with international financial planning and investment advisory experience. She is a Senior Wealth Manager at Argus Financial Limited, specialising in comprehensive investment and planning solutions for private clients, successful business owners, trusts, and endowments. DirectLine: 294 5709 Confidential email can be directed to mmyron@argusfinancial.bm

The article expresses the opinion of the author alone. Under no circumstances is the content of this article to be taken as specific individual investment advice, nor as a recommendation to buy/ sell any investment product. The Editor of the Royal Gazette has final right of approval over headlines, content, and length/brevity of article.