Financial Planning is an ongoing process to help you make reasonable decisions about your money that will allow you to achieve and maintain your desired lifestyle and goals.
Without financial planning, few people will be able to achieve their financial goals for themselves and their family.
Most people aim for their children to be prosperous and happy but this goal will be unattainable if a parent dies young with no financial provision for family welfare.
Additionally, few people want to end their lives in poverty or be a burden to their family in old age, but this is what will happen if adequate income provision is not made well in advance of retirement.
People building businesses do not want the business to collapse in the event of their illness, retirement or death, but this may well happen if appropriate financial actions are not taken while the business is still young.
Good financial planning is therefore necessary if people and businesses are to achieve their financial goals in life.
The key to creating a successful financial plan is ensuring that it is flexible and that it covers your current and future financial needs.
The following are some common areas to consider when planning your financial future: