Here are five reasons why Hispanics (or any American for that matter) should have a financial plan:

1. Roadmap: A financial plan provides a roadmap to guide you  from where you are to where you  want to go, for the reasons that are important to you. The plan should have measures along the way to assess how well are you doing in achieving your goals.
    
2. Living Document: The financial plan is a living document and as such, it should be reviewed at least yearly. During this review, it is a good idea to go over any changes that may impact your plan, such as market conditions, promotions, changes in income, upcoming retirement, a health condition, change in marital status, the birth of a child or grandchild, graduations, relocation, and changes in your legacy.
    
3. Turbulent Times: During conversations with friends and neighbors, they have shared with me their concerns and frustrations about the state of the economy and the uncertainty they feel about the future. I have also noticed that people who have a financial plan, although not immune to the economy and the uncertain times in which we are living, are less concerned about short term volatility and are more focused on their long term goals.  
    
4. Discipline: A well-crafted financial plan helps you see “the big picture” and in the process you will have a better idea  of how to prioritize your objectives, your actions, and how to best allocate your resources. Over time, this disciplined approach helps you stay the course as unforeseen life challenges come your way.
    
5. Accountability: At the end of the day, it is your financial plan and no one else’s. A financial advisor can guide you and advise you but the decision to move forward towards achieving your goals is yours alone. This is the most important reason to have a plan—taking action for the reasons that are most important to you.