BOSTON (CBS) – Financial planning is important for all stages of your life. When you are starting off you usually don’t have any money to invest but you do need a plan and goals. Having a goal is the beginning of your financial plan.

READ MORE: Hurley: Even In Defeat, Tom Brady Just Delivers

Consumers often believe that financial planning means having money to invest. Not so!

Financial Planning is a process. A process that will last your lifetime and investing is part of that. Investing is a way for you to achieve your goals. So to set up your plan you will need your goals and then you will need to figure out what you own, that’s your net worth.

READ MORE: Jayson Tatum Scores 51 In Celtics' 116-87 Rout Of Wizards

Then figure out where your money goes each month. You want money left over to save and invest. Check my website for sample worksheets. You now have the beginning of your financial plan.

Then figure out how you are going to reach those goals. What will you need to do to succeed? This is where the investing part comes in. You will need to save and invest to reach your goals.

MORE NEWS: Man Shot By Police In Burlington Hospitalized With Life-Threatening Injuries

There are several areas of financial planning that you should be working on; investing is just one, an important one but still only a piece of the puzzle. Review your retirement planning, tax planning, insurance planning and estate planning. If you want the kids to go to college include college planning as well.

  • Review how much you’re saving for your goals. Retirement? College? Down payment for a house. Is it enough?
  • What’s the time horizon for your goals?
  • Review your portfolio. Where do you have your money invested? Are you diversified?
  • Do you have an emergency fund set aside to cover an unforeseen catastrophe such as a job loss, flood, or hurricane?
  • Are you taking advantage of the tax laws and only paying Uncle Sam what’s rightfully his?
  • Are you adequately insured? Home? Health? Life? Auto? Disability? Insurance should be used to protect what you have worked so hard to earn and the people you love.
  • Have you put together an estate plan? Named a guardian for the kids? Estate planning allows you to protect those you leave behind when you die.
  • Two estate planning documents you need while you are alive are a Durable Power of Attorney and a Health Care Proxy.