You have a financial plan, whether you're aware of it or not

Planning for the future

Many people don't think they have a financial plan. They're wrong. 

You might not have a clearly articulated plan for achieving their financial and lifestyle goals and managing risks to which they're exposed. You might not have a firm idea of your long-term financial objectives.

But even if you don't have a formal plan or clear goals, the lack of a plan is a type of plan.

You're still likely to be acting in a consistent way. You're acting as if you have a plan and goals, which is essentially the same thing.

This plan might include spending more than you earn. It might involve not insuring yourself (or, to put it another way, protecting your loved ones) in the event that the worst happens. 

You might be acting as if your priority is your immediate lifestyle, and discounting your future lifestyle and the assistance you might be able to provide your children.

In the same way that not making a decision is itself a decision, not making a clear plan is itself a plan.

With something as important as your finances, isn't it worth sitting down and thinking clearly about your plan?

Sonnie Bailey

Sonnie is the founder and principal of Fairhaven Wealth.

Before founding Fairhaven Wealth, Sonnie worked in the legal and financial services industries for over a decade.

Sonnie first became involved with financial advice as a specialist financial services lawyer. For many years, he was an “adviser of advisers”, reviewing thousands of advice files prepared by hundreds of financial advisers, and providing feedback in relation to the quality and appropriateness of advice; industry best practice; risk management; and regulatory compliance. He has published work in industry publications and spoken at various financial advice conferences.

Sonnie has also worked with banks, investment management firms, insurers, and derivatives providers.

Sonnie has worked as a private client lawyer, focusing on succession, estate planning and trusts. He ran his own legal firm in Australia before relocating to New Zealand. He has also acted in independent trustee and company director positions.

Sonnie is passionate about helping people achieve their goals and manage the risks to which they are exposed.

He has written extensively on his blog, New Zealand Wealth and Risk, which can be found at

Sonnie is married to his wonderful wife Chrissy, and has two young children, Ben and Anna.