Do you want to achieve your personal success, know all your financial problems and solve them? If “Yes” is your answer then I will encourage you to go through this short post to learn how to manage your finances whether you are an entrepreneur or you just want to manage your personal finance.

Financial planning is a critical element in our life and we need to learn as much as we can so that we can have full control in the future.

Many people have the notion that financial planning is for rich people which is wrong . Why do I say this?. the reason is we all have the hope of becoming rich in the future and what plan do we have in place to help us to achieve this financial freedom in the future, that is why it’s important to have a unique persona financial plan.

Allen Lakein once said, “Failing to plan is planning to fail.” if we refuse to make plans today for tomorrow we will definitely fail tomorrow.

But first for us to understand this topic we should know what is the meaning of financial planning.

What Is Financial Planning?

It’s a careful evaluation of an individual’s long-term objectives in relation to finance and making sensible decisions to help you achieve your goals in life.

Financial planning is a procedure to achieve your life’s goals through the management of your finances. Financial planning is important for each and every one of us and we should be serious about it to better design and protect our futures.

It may be your plan to retire young, buy a house, buy a new car, travel, get married or to start your own business. All this can be achieved by creating a financial plan and this can be created independently or with the help of a certified financial planner

Why a financial plan is important

Having a financial plan enables you to handle financial issues, solve them and achieve your financial goals and knowing what to do at the right time.

There are many reasons why financial planning is important. For example, you will be able to handle your financial matters better.

By sticking to a good financial plan, you can achieve the following:

Prevent unnecessary spending – Our expenses can be our downfall if we don’t manage it well. without proper measures, in place, our money is misused by unnecessary or unproductive spending. when we have a good financial plan it can solve all these problems

understanding of asset and liability – Good financial plan guides us to choose between an asset and a liability, it gives us the idea as to whether to choose from today’s leisure and forget about tomorrow or to invest today and enjoy the benefits tomorrow. These guides all come from a good financial plan.

It secures you and your family – when creating our financial plans we include insurance which makes provision for us and our family to stay healthy and it provides a secure future to our family which strengthens your overall financial plan without changing your plan.

Achieve your long-time goal – Some goals can not just be achieved widen a short period and it also required a huge sum of money, like buying a house or starting a big business. These all required a huge sum of money, that’s why financial planning is important here to take care of it.

Happy and young retirement – A good financial plan enables us to generate enough money so that we can retire happily and young at the same time. This also gives us the opportunities to

tour, visit family and friends, give to charity and live happily for the rest of our lives. Retirement is one of the most important things we should consider when creating our financial plans.

Things to consider when making a financial plan

In the process of devising a financial plan, there are a lot of things to consider in other to cover all aspects of your life. things such as:

  • Insurance
  • Your family
  • Your savings and investment
  • Your retirement
  • Creating a Will
  • Tax management

After proper examination of the list above, either yourself or with the help of a financial planner, it’s necessary to put all the information on paper to keep it safe. With all this in place, we can be sure that our family, asset, money, home, personal possessions, tax, and our retirement are secured.

 

The best way to handle all these documents is to look for a professional Attorney to take care of your financial affairs and other aspects of your life such as health and social care in the long run in case we grow old, accident or we have health issues

Who should have a financial plan

It’s advisable for everybody to have a financial plan, it does not matter your status or income so far as you earn a living and want to grow.

It’s said that ‘it’s not how much you earn but how much you save that matters.’ With proper planning, no matter the amount you earn, you can still make a fortune by saving and investing in the long run

Financial planning can be one of the interesting things to have in your life and when you get it in place, the next thing to do is to sit, relax and let it do the rest for you.

If you find this post helpful and you want to share anything concerning the topic you are welcome, you can leave a comment below. All the best.

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10 Comments

Darren · August 15, 2019 at 9:35 am

Great article of financial planning.  I need to get my finances sorted out and this article will help me achieve this.  I have booked marked your page and will refer back to this.  I have nearly reached my big 50 and need to start looking at my retirement plans.  Life goes to quick and before you know it will be to late 

    Sumani · August 15, 2019 at 11:37 am

    Thanks for taking the time in going through my post and gaining the benefits that I have shared.

    Our retirement is an important thing we need to consider when it comes to our financial matters because doing this period we will be able to really support our, no mush energy to work again.

    I’m glad receiving your comment and there will be more of these quality ideas posted here and I will encourage you to visit this website often so that you will keep benefiting from these great ideas.

    Take care.

RoDarrick · August 15, 2019 at 9:35 am

Hmm! This is rather an enlightening post and I found it to be very helpful. I agree that it is all about how much can be saved from the amount being earned. Someone once told me to learn to save first towards a better life, then spend the remnants. I think, financial planning is needed by everybody to maintain a higher level of control over our lives and to be able to make worthy investments that will affect our future positively. I learned quite well

    Sumani · August 15, 2019 at 11:34 am

    Thanks for taking the time in going through my post and gaining the benefits that I have shared.

    Saving from the little that you have gotten and investing it will be the starting point of your financial freedom and your wealthy. The habit of saving is really important.

    I’m glad receiving your comment and there will be more of these quality ideas posted here and I will encourage you to visit this website often so that you will keep benefiting from these great ideas.

    Take care.

affiliate_ghost · August 15, 2019 at 9:42 am

Hello Sumani :),

This is a gret post on Financial Planning and i quite agree with you that financial planning is very important in life.

Financial Planning like you said is necessary for growth no matter ones status.

I now understand better asset and liabilities and i am trying to cut down on my unnecessary spending.

I would be sure to share this post with friends as everyone needs to read this.

    Sumani · August 15, 2019 at 11:45 am

    Thanks for taking the time in going through my post and gaining the benefits that I have shared.

    If we really need to understand our progress in financial matters, it’s important that we consider financial planning so that we can measure our growth. Also, financial planning is important to everybody, rich or poor if you really want to understand or take control of your finances. 

    I’m glad receiving your comment and there will be more of these quality ideas posted here and I will encourage you to visit this website often so that you will keep benefiting from these great ideas.

    Take care.

David · August 15, 2019 at 10:59 am

Wow! You did a good job with your articl. Very eductive and information packed. Finaancial planning is something that everyone need and the mindset of leaving financial planning only for the rich is one that should be fought against at all cost. 

The importance of financial plning and things to consider when making a financial plan sub-heading really captivated my attention because it opened my eyes more to the need forfinancial planning.

Thanks for sharing and I have bookmaked your page so i can easily come back for more of this.

David!

    Sumani · August 15, 2019 at 11:26 am

    Thanks for taking the time in going through my post and gaining the benefits that I have shared.

    Everybody has to take it seriously in creating a unique financial plan to help him/herself achieve financial success.

    I’m glad receiving your comment and there will be more of these quality ideas posted here and I will encourage you to visit this website often so that you will keep benefiting from these great ideas.

    Take care.

Cathy · August 16, 2019 at 12:05 am

Financial planning should be taught from a very young age. The earlier a child learns where the money comes from and how it can affect their life choices, the better they save and spend without breaking the bank (or that of their parents). College is also one of the best times to explore different financial opportunities. Side hustles and starting a blog can teach us to think like an entrepreneur and learn about world economics. From there, we can plan better money management rather than just relying on a salary paycheck.

    Sumani · August 16, 2019 at 8:05 am

    Thanks for taking the time in going through my post and gaining the benefits that I have shared

    It’s advisable to start teaching this topic early so that people will understand it better before getting into the real world. If they understand what financial planning is, they will not misuse any of their hard-earned money.

    I’m glad receiving your comment and there will be more of these quality ideas posted here and I will encourage you to visit this website often so that you will keep benefiting from these great ideas.

    Take care.

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