Advice on Your Financial Plan.
You can become financially successful by controlling and growing your money through creating and implementing your Personal Financial Plan.Remember, most people don't plan to fail; they just fail to plan.
What is a Financial Plan and Why You Should have One
You would not go on a long journey, in unknown place, without a map, because you may never arrive at your destination.Well, by not having a plan for your financial future you are doing just that!
A Financial Plan links your finances with where you want to be in life. It is a logical process that clarifies your day-to-day cash-flow, saving, investments, life and disability cover, retirement and estate planning - today and in the future.
It helps you decide on how best to allocate your resources to meet your goals.
It helps to keep 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 need to answer these questions:
- Where am I today?
- Where do I want to go tomorrow?
- How do I get there?
We all have different financial priorities during the stages of our lives.
However, regardless of your age or current life stage, you do need a plan.
The most important areas of financial planning can be placed into three broad categories:
(1) Budgeting and Saving,
(2) Retirement Investment,
(3) and Estate Planning.
Your financial plan will help you;
- Clarify your financial situation by helping you track your income and expenses, establish an emergency fund, and determine your net worth.
- Save for major expenses like a child's education, buying a house or car, or developing a cash fund for special occasions like weddings and holidays.
- Plan for your retirement by helping you estimate and plan for your retirement needs and expenses.
Then you can begin to work out the amount you will need to save to meet your retirement goals. - Clarify your investment risk tolerance and develop an asset allocation strategy that best suits your risk appetite..
- Plan to reduce your taxes and develop tax-efficient investment plans.
- Protect you and your family financially, should you become disabled or die.
- Plan your estate to ensure your assets are distributed the way you want and provide for any estate expenses.
- Give you a clear picture of where you are today and a strategy about where you are going, giving you peace of mind about your future.
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.
Use the power of Compound Interest to make you wealthy!
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.
Contact me today!
What if a disability STOPS your income?
YMYL: YOUR TRUSTED, QUALIFIED ADVISOR
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.
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Last update: October 31, 2024