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Ever seen people who started a business and it just collapsed after two months.Whether it is an individual, a firm or an organization, its daily operation needs require funds. So you cannot ignore the fact that you need to be able to have a budget to work with. With Financial plans, targets are met and in good time.
For instance, in a month you can spare money depending on your bills, such as water, rent, garbage collection, electricity bills, transport to and from work, and your meals, this means that there is no particular day in a month that is not taken care of, the remaining amount can be saved in a bank account. This gives you financial security as you do not have to worry about tomorrow. With that kind of assurance, the investors and shareholders get a strong will and reason to invest in that project, imagine if they asked for a business plan and you didn’t have one!
Financial plans help you to get all your assets and value them as per that period of time, thus if you are paying taxes for a land that you are not using, that’s a loss, you can sell that land and buy rental houses in an urban area, without such a financial plan to open your eyes you would spend lot of money paying taxes for dormant assets. You are able take control of your finances in terms of even unforeseen financial crisis.
For an individual if you feel that motivational speaking, which you do only on part-time basis, is giving you more money than you full time teaching job, they you can make a decision to do the motivational speaking as a full-time and quit teaching, because with financial planning you are taught how to invest in profitable jobs or projects. Financial planning enables you to set aside some amount that goes directly to your retirement plan.
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Financial planning gives you a picture of the present, what you are required to do now so that you are able to achieve your all your laid out goals.If you are given all the money you earned, you are always tempted to be extravagant.
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It makes you financially independent and the best part is you are able to save up to the amount you want. If you are unable to achieve them within the expected time and with the assigned funds then maybe they were unrealistic.
Such risks include; becoming disabled and being unable to support your family financially or even dying at an early age. With your financial plan you are able to confidently save up and invest, the more you invest, the more you make wealth you are creating for you and your future generation, forget about people saying that you are rich, richness is in wealth and not the cash in bank.Most of the debts bring with them interest. Therefore, it should be encouraged to all persons especially the youth.