MANILA, Philippines - "Many people aspire to have a comfortable lifestyle now and in the future. But most aspire to build a stable financial future. People don't plan to fail; they just fail to plan," Aw says.

Most people fail to manage their finances smartly due to the following mistakes.

1. They fail to set measurable goals.
2. Make financial decisions without understanding its effect on other financial issues.
3. Confuse financial planning with investing.
4. Forget to re-evaluate financial plans periodically.
5. Think that financial planning is only for the wealthy.
6. Think that financial planning is for when they get older.
7. Think that financial planning is the same as retirement planning.
8. Wait for money crisis to happen before creating a financial plan.
9. Expect unrealistic returns on investments.
10. Think that using a financial planner means losing control.
11. Believe that financial planning is primarily tax planning.

Rowena C. Burgos