Have you heard about the adage: “If you fail to plan,you plan to fail. In all aspects of our life,planning is important. But it should not be all plans,it should be well executed and evaluated for you to achieve your goals in the future.
In our life, money is important for us to achieve our goals. It is unusual,if you say that money is not important. We have to understand that our income is not there always to sustain us. There is a study that upon retirement, 63% of us will be broke. It means that a lot of us will be dependent to other people. Even though, while we are earning good while young will not guarantee Financial success in the future. That is why, it is advisable that we need to have a Financial plan. Let me share with you the reasons why do need to have a Financial Plan.
1. You can prepare for your retirement needs when you get old. How much monthly income would you like to receive? You can complement your SSS/GSIS which you can be comfortable that you will not depend to your children or grandchildren.
2. You can prepare for your children’s education. Tuition fees are increasing every year, ranging from 10%-20% increase per year. If you start to create a Financial Plan earlier,the amount that you have to set is smaller compared if your kids will go to college next year than 10 years ago.
3. You can prepare for your dream house. You can set aside money now for you to buy the house that you like in the future. It is possible to pay it in cash!
4. You can prepare for the business that you want to start in the future. Let’s say you want to start a restaurant, you prepare for it by creating a Financial plan.
5. It is possible that you can have a passive income where you can make your money work for you. All you have to do is just withdraw from your investments to sustain your lifestyle.
6. You can bless more people if you achieve financial independence. If today, that your income is not that big but you manage also to give, how much more if you will be wealthy?
7. You can inspire people to become financially independent thus if more Filipinos are wealthy, our country will be also a wealthy nation because everyone knows how to create a Financial Plan. Philippines will be a great country.
With these reasons,you should start your discipline in handling your finances. Even though, your salary is not big as you think or there are so much expenses, you can start right away just by saving money everytime you earn consistently,until it becomes a habit for you and eventually, you can now look for opportunities how to grow your money in a Financial Plan. Always remember, if we don’t save and invest, we will never achieve financial independence. Start your Financial Plan now!
Thanks for reading my blog!