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An Introduction to Financial Planning Ever seen people who started a business and it just collapsed after two months. Thus for one to be able to provide for these goals, one needs to have a financial plan. So you cannot ignore the fact that you need to be able to have a budget to work with.Financial planning is a concept that allows individuals or business people to meet their financial goals. You do not wait till the last minute when you need the finances to start looking for it, no, because you are already working with a budget. 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.Financial planning means financial control. 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. The more money you are able to save up towards your retirement benefits, the better for you once you retire.
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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. However, having a financial plan will help you avoid such costly mistakes as you are able to make the right decisions in good time, again, most of the time when you get your salary, you have already planned for it.
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You confidently tell yourself that you don’t want your accounts to go below a certain amount and you confidently achieve it because you adopted financial planning way long time ago, but it is never too late to start. If you are unable to achieve them within the expected time and with the assigned funds then maybe they were unrealistic. Well if you were the sore family provider, your loved ones would suffer if you were any of the risk occurred, but if you have a proper financial plan in place there would be no worries. Wealth begets wealth, so if you have wealth today the likelihood of creating even more wealth is high.Most of the debts bring with them interest.Financial planning is the only way to take care of your future expenses.