Having your own money in your hand every month does not guarantee you the lifestyle you deserve throughout your lfe. Circumstances and needs always keep changing. Today's sound financial situation does not guarantee an equally sound future. And hence , no or improper financial palnning can be disastrous. A loss of income , even temporary , can eat into your savings or can lead to debt. An uninsured loss can wipe out your accumulates wealth. Insufficient savings can force a reduced lifestyle during retirement. Frequent or unplanned borrowings can leave negative money i.e., debts for future . Also , poor tax planning can result in paying higher taxes than what you are liable to pay. All this combined with changes in your life cycle needs and / or external economic changes can make you and your future generations financially vulnerable.