Financial Planning starts with identifying your financial aspirations, then building up a personalized detailed plan to achieve them. It’s like drawing up a ‘map’ specific to your goals and needs, and based on what you want out of life, your attitudes and goals whether personal, professional or financial. That map shows you how to get there and if necessary it should be kept secret….!Some of the areas that will be covered include:
- Your goals — a new house, children’s education, travel, a secure retirement, etc.
- Your investments and assets — your house, car, fixed interest, shares, etc.
- Your income and commitments — mortgages, cost of living, etc.
- An action plan and investment strategy — to achieve your goals.
There are three basic money problems that a person will face during the course of his or her life.
- Accumulation problem. This is the problem most of us actually have, how to accumulate money.
- Investment problem or what to do with money when you have some.
- How to create money and provide for the availability of money in the time of need or crisis.
Putting hard-earned dollars back to work is the cornerstone of accumulating capital and building wealth. Choosing the optimum mix of savings and investments from the many options is the secret to achieving financial success.
Everyone has different goals...Think about your own for a minute. They may include buying a house, planning for your retirement or getting into a new business. In other words, the financial security to help you enjoy what you want out of life. This is why financial planning covers such a wide area. Once you've determined what you want out of life, you start the planning. This planning puts financial strategies such as investments, shares, fixed interest, unit trusts, superannuation, insurance and cash management into a written plan or map designed to work just for you.
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