03 Oct Achieving Financial Freedom Through Financial Planning
Some people struggle to get ahead their whole life, whereas other people are achieving financial freedom through good Financial Planning. What is Financial Planning and how can it help you become financially free?
Most people go through life with what seems to be a love-hate relationship with money. People would swear that MONEY seems to HATE THEM; so hard, it seems it is, to get their head out in front and stay there. People wonder when the bills stop and the living begins!
It doesn’t have to be this way!
An old boss once said, “You can’t manage what you can’t measure.”
When it comes to finances this is true…in every way you could possibly imagine!
If you have ever had that feeling that financial problems just keep coming and there seems to be nothing you can do to change things, this blog post should give you hope as well as some ideas you can use right away.
One thing you would probably already agree with (if you’ve experienced financial trouble) is that IF YOU DON’T CONTROL MONEY IT WILL CONTROL YOU.
That realization alone is the beginning of the end of your money problems. Even though you have probably had some really dark moments where you thought that you and money would never get along, coming to terms with the reality that you need to be driving this money ‘thing’ is the start of financial wisdom.
Having now realized this, “Where to now?” you may be asking.
Taming the MONEY BEAST requires planning. Financial Planning to be exact.
Financial Planning involves a detailed analysis of someone’s current financial state taking into account their income, their financial cash-flows, their liabilities, their assets, the impact of taxes on their net worth, and their eligibility for transfer payments. Other things like insurance, life insurance and assurance is also looked at.
The analysis is very rigorous and detailed. At the end of this a good picture is able to be drawn of an individual’s situation. The better and more detailed the picture is the more able Financial Planners are to help someone.
The next step is the plan.
A Financial Plan takes into consideration your goals and desires over your financial life – all the way to retirement. Do you want to save for a house? Are you interested in becoming a real estate investor? Have you always wanted to own a share portfolio? What about planning for when you are not here, or if you become injured after a major accident?
Financial Planning looks at all of this. Every area of your financial life is covered. Should you be carrying too much debt a plan will be set to get out of debt. A daily, weekly and monthly budget will be created for you to follow. Regular meetings with your advisor will ensure you are on the path to reaching your goals. Even if you need to adjust your plan, at least you will have the satisfaction of knowing that you are on your way to financial freedom.
Imagine how you feel everyday knowing that YOU ARE now IN CONTROL?
For a free personal budgeting template to help you move closer to your goal of financial freedom click here.
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