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Personal financial planning is a set of activities required for defining objectives, setting action plans, and satisfying financial needs of individuals. Different authors represent the personal financial planning process through models, indicating disadvantages to apply them in the Colombian environment since they have been created in developed countries; they suppose the existence of a financial planning industry and there are no academic studies which adapt them to meet the inherent needs of the environment. In order to solve such disadvantages, this research proposes the definition of a unifying personal financial planning model which embraces different elements that are identified from studied models, applicable in the Colombian environment. [ABSTRACT FROM AUTHOR]

Robert T. Kiyosaki – author of Rich father, poor father – has been lavished with kudos and condemnations, for he seeks to turn the world’s abounding dreamers into millionaires. His books and lessons have changed many a person’s vision of money, but have also been a target of critiques by academics and financial experts. Nonetheless, Kiyosaki has turned his maxims into reality. “The chief reason why people face financial difficulties is because they spend years in school, but learn nothing about money”, he explains. “The result is that people learn to work for money... but never learn how to make money work for them.” His ideas have been disseminated in several books, and his claims about money have also been strongly criticized. IESA professor Rosa María Rey, a specialist in personal finance, considers the Kiyosaki issue has been magnified. She says there’s no sense in depicting his work as the Bible, for his conjectures discover nothing new. “He says things that have nothing to do with Venezuela. It’s not that they don’t apply here, but that we view things in a different light”. [ABSTRACT FROM AUTHOR]