Financial Planning – The Most Important Aspect of Financial Planning

By | 29/05/2019

You may not realize it but the most important aspect of financial planning is you. That is right it all about you! And while there maybe some financial things you have to do it all come down to you.

And your financial success or lack thereof is predicated on your ability to understand and make informed and effective decisions about the use and management of your money.

So here are seven things you have to do if you are going to take control of your financial future.

Firstly, Forget about it! What ever happened in the pass is gone so just forget about it. Money is described in financial circles as being a "liquid asset" which indicates that it has all the characteristics as water. As water spilled on the ground can not be collected up again so it is with money wasted. So do not frustrate yourself with your pass actions just forget about it.

Secondly, Start Now! Forget about yesterday but begin today to take control of your money. While you can not change yesterday you can greatly influence tomorrow. Never forget that it is not money that builds wealth – it is time. By not starting now you are throwing time away and you can not afford to do that.

Thirdly, Get Committed! Your financial freedom makes a huge difference in the quality of your life yet it is created not by huge thing but by doing lots of little things right over a long period of time. Doing the little things take commitment. Never forget that all success whether in business, in relationships or in life, comes at the end of the road of commitment! "

Fourthly, Put It In Writing! If you are not setting specific financial objectives and implementing a workable plan in writing. Then you are setting yourself up for disappointment.

Are your financial goals in writing? Do you have a step-by-step action plan that will lead to your financial success?

Fifth, Stop over Spending! The cost of your undisciplined spending is your financial future. Your money is a resource that must be monitored and focused on your goals. Anything less is wasteful. must never forget that every dollar you spent has the potential for jeopardizing rather than enhancing your future.

Sixth, Control your Time. There question that money is a scarce resource but an even scarcer resource is your time. So you need to guard it jealously and may sure that you are always using it for your maximum benefit. And do not fall into the trap of believing that time is money. No way money mistakes can be corrected but time mistakes can never be corrected. Once you have lost time it is gone forever.

Seventh, Control your Risk. Never allow yourself to be blinded by the returns of an investment by remembering that the key to making money is not to lose it. And it is always better to grow your money slowly than to look for quick gains.

Without you disciplining yourself to do these seven things then you will no change of achieving your financial plan, because controlling you is the most important aspect of your financial planning.

Source by Glenn Ferguson

Leave a Reply

Your email address will not be published. Required fields are marked *