How often have you read that the first step in getting control over your financial situation is to Create a Personal Financial Plan and Guide or Most people don't plan to fail; they just fail to plan.
A plan helps you decide on how best to allocate your resources towards attaining your goals. It keeps you on track - checking how you are progressing towards your goals and how best to deal with any deviations. It puts your dreams into perspective by reducing them to rands and cents.
You may think of the process as helping you to answer three straightforward questions:
A Three-Legged Stool
Most people have different financial priorities during various stages of their lives. Regardless of your age or current life stage, you need a plan. A balanced financial plan is like a three-legged stool, remove one of the legs and the stool teeters unsteadily and may crash, taking you with it.
The most important aspects of financial planning can be placed into three broad categories, which are the three legs of your financial planning stool:
It's never too early to start!
Start planning as soon as you can.
Don't delay your financial planning. People who save or invest small amounts of money early, and often, tend to do better than those who wait until later in life.
Similarly, by developing good financial planning habits such as saving, budgeting, investing and regularly reviewing your finances early in life, you will be better prepared to meet life changes and handle emergencies.
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Peter Pyburn - Authorised Financial Services Provider, fully licensed to render financial services since 1991. Death and Disability Planning; Retirement Planning; Investment Planning; Healthcare and Estate Planning. More...
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Last update: May 20, 2022