Quora Answer: Can You Still Make Financial Plans When You Have No Money?

The following is my answer to a Quora question: “Can you still make financial plans, even when you do not have money?” 

Financial planning about managing revenue and expenditure, planning for future expenditure and planning for future acquisition of funds and assets.  Even when you do not have money, you can still plan financially.  In this case, you plan how to acquire that money, and then grow it, so that you do not fall back into a situation where you do not have money. 

If you have no money, not planning makes it less likely you will get money.  You need to take stock of where you are, and make a plan to move from that situation.  In the unlikely event that you have a windfall, without a plan, you will lose that money just as easily, and may end up in a worse situation – no money, but with more debts.