You have seen the commercials on TV, what is your number? You read and hear about financial planning all the time. Here is the skinny.
Of course, you need to plan if that means being somewhat fiscally responsible enough to put money away for your retirement and your kids college.
It does not mean however that you need to sit down with some guy with very little if any experience and plan your life down to the last penny so you come up with an arbitrary number, good grief!
There are just too many variables for you to even remotely plan that well. It sounds good on paper and of course, the investerati, the brokerage and investments firms love it because they can charge you another fee and keep your assets with them because there is absolutely no way you are smart enough to do it on your own, did I already say good grief?
I provide workshops in this area and am shocked at what people think they need to do, how stressed they are and how many boxes they think they need to check. No. Dare I say that it is easy to plan, so much so that I wouldn't even call it a plan and certainly wouldn't charge anyone for the 'advice'.