Importance Of Financial Planning

Categories: PlanningPsychology

Money may not be the most important thing in life. Nevertheless, it is still important. Every single revolves around money, from the time we open our eyes till the time we go to bed (and even while we are asleep). If only money grows on trees, then financial planning would not be such a headache, would it? Financial planning is a systematic way of organizing our financial affairs in the most effective and efficient manner in order to achieve our life goals.

And success is defined as the attainment of one’s goals. In short, it is truly a key of success.

Sense Of Direction In Life

Through proper financial planning, we can look at what is more important and meaningful to us. Then we can organize effectively our finances and our lives around those things so that we do not end up on the wrong wall.

Understanding Sacrifices

Though our wants are infinite, unfortunately, our resources are finite. Financial planning would help us realize and understand that in life, there is always sacrifice to be made.

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If we really want to achieve our important goals, we need to exercise Delayed Gratification and able to distinguish between needs and wants.

Coping Easier With Changes In Life

-The only constant in life is Change and learning to cope with changes early in life would be a plus point. We are better prepared to face these challenges in life if we have done proper financial planning.

Creating Wealth

Wealth creation is not a sprint but a marathon for it takes time, discipline and a lot of financial stamina.

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With the help of a qualified investment advisor, we can select the most appropriate investments that suit our risk appetite to achieve our desired goals.

Enriching Our Lives

Financial Planning does not merely enrich us financially but also physically, emotionally and mentally. Without the financial stress. We will able to focus on other important aspects of out lives like our health, our relationship with family and friends and devoting our time to other charitable causes.

Security

– Through proper risk management and insurance planning. We will be able to provide our loved ones and ourselves with total peace of mind while we go about living out lives and building our wealth.

Success

That’s exactly what financial planning aims to achieve- helping us realize our life goals. Our goals should not be just having a lot of money in our bank accounts but rather what can money do for us.

http://www.akpk.org.my/Articles/YOUNGADULTS/THEIMPORTANCEOFFINANCIALPLANNINGAKEYTOSU/tabid/168/Default.aspx

Cite this page

Importance Of Financial Planning. (2017, Jan 29). Retrieved from https://studymoose.com/importance-of-financial-planning-essay

Importance Of Financial Planning

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