Ever seen people who started a business and it just collapsed after two months. Individual or organizational long-term goals also require funds. So you cannot ignore the fact that you need to be able to have a budget to work with. At the same time individuals and business people are able to make the best decisions.
With financial planning you are able to arrange for needed finances in good time. This gives you financial security as you do not have to worry about tomorrow. This is because this is the only way they can make sure their money will be put into proper use as most financial plans entails how where all the money invested will be utilized.
This enables you to reduce the tax paid as you exchange the dormant property for property or tax. You have a budget that covers precautionary motive need, for instance, someone in the your firm accidentally drops a computer, you cannot fire them, and you cannot ask them to pay, because you have a financial control system in place to help you cater for such financial needs.
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.
It makes you look at risks that are likely to occur and leave your loved ones hurt. 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. Therefore, it should be encouraged to all persons especially the youth.