"It's not for the well-to-do; it's how you become well-to-do," say Jonathan D. Pond, the financial commentator on PBS's Nightly Business Report. "People who say they can't or won't do it really are saying they don't mind spending their golden years under the Golden Arches, because that's what will happen to them."

Strong words? No doubt, but Pond (who describes himself as the financial planner of the financial planning industry loves to hate because of the do-it-yourself approach he advocates) also says that virtually everyone has the means to avoid that gloomy future.

The good news is, it's easy to do; the bad news is, there's no "magic bullet." In a nutshell, financial planning for "regular" folks boils down to two things; First, you have to save some money to invest; second, you have to learn how to invest it.

Neither is as hard as some people fear, but too many are doing a lousy job at both.

Total savings by U.S. citizens, which peaked at about 11% of the gross national product in 1973, plummeted to 2% by 1991 and has edged up only slightly since then, according to the 1994 Economic Report of the President. As a nation, we are saving at about one-fifth the rate of Japan and other developed countries.

At the same time, people are bombarded daily with financial and economic news that has little or no relevance to their lives. Stories about derivatives scandals, option puts and calls and the other arcane flotsam and jetsam of the financial world don't serve to educate most people; they just confuse them.

Combine those two factors with the vast, unfunded promises our government has made for the future, and the current generation of workers could be looking at a net lifetime tax rate of 82% and a very questionable retirement, according to "Saving the American Dream," a study commissioned by Merrill Lynch & Co.

Financial planning takes on a critical role for business owners because most of them are responsible for setting up their own retirement plans. There are many ways to do this, ranging from the simplicity of an IRA or SEP to a more complex Keough, 401(k) or defined benefit plan. It's best to consult a certified financial planner or tax advisor to decide which type of plan will best meet your needs.

Whatever plan is chosen, financial planning is the key to making it work. "Every person's goal is to be able to retire comfortably," says Pond. "You want your income in retirement to protect you against inflation and allow you to maintain your lifestyle."

That is what financial planning is all about. Certainly, there are bound to be what Pond describes as "financial interruptions" for most people along the way - things such as buying a home, starting a business, paying for your children's education, taking care of elderly family members - and good financial planning makes it possible to meet those challenges. "But those are all just practice for the big kahuna, which is retirement," Pond says.

Boiled down to the nitty gritty, financial planning is about two things - accumulating wealth and protecting it.

There are only four legal ways to create wealth: marry it, inherit it, win the lottery or spend less than you earn. Obviously, only one of those options is realistic for most people.

The sooner you start to save, the better. The average person in his 50s would have to save more than half his yearly gross income to retire at age 65, Pond warns. "Whereas a 30-year-old who starts saving just 10% of his income will be so flush with cash at retirement he'll have trouble spending it all." The most important thing is to start saving, no matter what your age or how little you can afford.

The financial planning process itself is relatively simple. Note that the emphasis her is on "process." You should not think of a financial plan as a document, but rather as something you do on a regular basis - at least every year. As your needs change over time, so will your plan.

Step 1: Decide on what you want to do with your money. That means setting goals and keeping good records. "Mundane but necessary," is how Pond describes it. Most people want to be able to retire comfortable, buy a home, help their kids get started in life. Readers of this publication are also likely to be interested in starting a business. Whatever your goals, you need to sit down and think about them.

Part of this initial process is taking a financial inventory to find out where you stand right now. "You have the indicators to determine where you stand today and whether you are progressing or regressing," says James E. Stowers, founder and chairman of Twentieth Century Mutual Funds and author of "Yes You Can Achieve Financial Independence."

Step 2: Get the right amount and types of insurance at the best price you can. "Once you start accumulating money, you need the protection of insurance," says Pond. "It's a pain in the neck, but you have to have it."

Step 3: Credit Management. Many people say they find it impossible to save, and credit card payments are often the culprit. Credit card debt can undermine your financial future without you even realizing it.

If you have $7,500 in credit card debt, it takes about $1 an hour out of your income just to pay the interest. If you wanted to pay off the entire debt in a year, it would take $5.50 an hour out o your pay. Someone making $35,000 a year would have to work 20 minutes out of every hour to pay off that bill in a year.

Step 4: Begin saving and investing. There is a big difference between the two, but you have to do the first before you can do the second.

Saving is how you begin to accumulate wealth; investing is how you protect it, says Pond. Fixed-rate investments such as money market funds and certificates of deposit simply will not protect your spending power. Assuming an inflation rate of just 3.5% a year, the cost of living will double every 20 years.

"You have to learn about investing, even if you are getting outside advice," Pond says. "Investing wisely and well simply is not all that tough."

The basis of a sound investment plan is having a mix of different types of investments, including stocks, bonds and fixed-income vehicles. The idea is to increase the return on your invested savings by managing the risk. Your mix of investments will change over time as your financial planning goals change. Most people can easily structure a well-balanced investment portfolio designed to meet their needs through a mix of no-load mutual funds.

Pond has written a simple, do-it-yourself brochure on investing ("Four Steps to Successful Investing") that includes a list of 80 top-performing no-load mutual funds. It is available by sending $2 and a stamped, self-addressed envelope to Four Steps, P.O. Box 350, Watertown, Mass. 02272.

Step 5: Income tax planning. You don't have to make a lot of money to take advantage of tax-free and tax-deferred investments such as municipal bond funds. Fact is, most people pay more than they have to in income taxes. One of the easiest ways to find additional money to invest is to find a tax deduction for which you didn't know you qualified. As is the case with investing, this involves educating yourself about tax rules and tax strategies.

Step 6: Retirement planning. This is inextricable wrapped up with investing. In order to know how to invest your savings, you have to get a handle on what you will need to live comfortably in retirement, how much you have now and how much additional money you need to save between now and then. The time to do this is sooner rather than later.

Financial planning may seem like just another "chore" in an already busy life, especially if you are a novice entrepreneur, but failing to do that chore could have unpleasant consequences down the road.