“I work all night I work all day, to pay the bills I have to pay
Ain’t it sad
And still there never seems to be a single penny left for me,
That’s too bad,
In my dreams I have a plan
If I got me a wealthy man
I wouldn’t have to work at all, I’d fool around and have a ball…
Money, money, money,
Must be funny,
In the rich man’s world…
All the things that I could do,
If I had a little money.”
We all remember the Swedish pop group Abba, who recorded and sang this way back in 1976. It is still a song so many of us are singing today!
Just as a map helps even the most spatially oriented people to find their way around the globe, Money Mapping is all about planning your finances and making sure you know where it is all headed.
Financial Planning and Management is just not for the wealthy. In fact it is more important for the salaried to have a good financial plan in place. We always remember to file our tax returns, encash due cheques, schedule doctor visits and make sure we run on a timetable of life, we have to make room for financial planning in that calendar.
If you want to create, grow accumulate and utilize wealth to fulfill your personal goals, family goals and other lifestyle objectives, My Money Mapping will be your guide. You can make a much larger contribution in every area of your life when your personal finances, investments and taxation are properly planned.
You may have heard salaried people complain of not having enough money like entrepreneurs? Well, financial planning is the way to accumulate and expand this growth.
Personal financial planning is one of the most important aspects of your personal finance. It is the process of developing a personal roadmap for your financial well-being. It involves Risk and Insurance Management, Investment Planning, Tax Planning and Retirement Planning. The inputs to the financial planning process are:
- Your finances, i.e., your income, assets, and liabilities,
- Your goals, i.e., your current and future financial needs and
- Your appetite for risk.
The final result of the planning process is a personal financial plan that tells you how to use your money to achieve your goals, keeping in mind inflation, real returns, and taxes.
In short, financial planning is the process of systematically planning your finances towards achieving your short-term and long-term life goals.
Hopefully this is a start for you to accelerate your financial gears! I will follow it up with the benefits and the process of Financial Planning.
