The Certified Financial Planner Board of Standards, Inc. defines Financial Planning as:

Financial planning is the process of meeting your life goals through the proper management of your finances. Life goals can include buying a home, saving for your child’s education or planning for retirement.

The financial planning process consists of six steps that help you take a "big picture" look at where you are financially. Using these six steps, you can work out where you are now, what you may need in the future and what you must do to reach your goals.

The process involves gathering relevant financial information, setting life goals, examining your current financial status and coming up with a strategy or plan for how you can meet your goals given your current situation and future plans.

Is there a difference if you are Catholic?   You still have life goals.  Your faith comes into the process and the way you think about your goals.  In a short article, we have to focus on two critical points.

• Education planning:  Most Americans have less than 2 children and send them to public primary and secondary schools.  If you add more children and education that includes private or home school education, you have entered a different dimension.  For most planners, education planning an easy topic, for you it may not be. 
• Cash flow and insurance planning: You may have one spouse working outside the home.  This may mean that you will have to sacrifice and work longer.  What it does mean is that you need to plan more carefully.  There just is not as much room for mistakes.  You probably have a greater need for insurance and this should be reviewed.

Both of these points can derail your retirement goals.  In today’s world, there is more affordable access to financial planners.  Getting some help can be a great first step.