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09.01.2022 A financial plan is not about Getting Rich It’s about taking control of your financial future. How are you taking control of your, and your family’s, financial future? The old adage about Fail to plan, plan to fail is a cliché, but true nonetheless. Most people put off creating a robust financial plan because they: 1. Don’t know where to start... 2. Are concerned about the possible expense 3. Are avoiding it in case the outlook does not seem particularly appealing But here’s the thing about doing something, (anything!), even in rudimentary form: It instantly gives you a sense of control over what may have previously appeared to be a confusing, overwhelming or downright scary prospect. It’s like a child fretting in the dark about monsters under the bed. A quick shine of the torch reveals the monster is not there because knowledge equals power. So what knowledge are you seeking about your financial future? There are some big picture places to start such as: 1. What’s the difference between my annual income and expenses? 2. What is my net worth (assets minus debt)? 3. How much can I afford to save or invest? 4. When can I afford to retire, and how is my retirement income looking? 5. How much can I leave to my kids? Formulating these questions can be very useful as a motivator because they provide practical, and important, starting points on your financial journey. All the effort involved in a plan (and there doesn’t have to be much) is designed to answer these, and other, relevant questions. And once you have some answers, even if they are relatively vague, or incomplete, you immediately have the reward of: 1. A greater sense of control over your financial future 2. A solid starting place that you can build on 3. A sense of motivation to further build and develop it So how do you get started? You start with what you know: 1. Your goals and objectives 2. Your income and expenses 3. Your assets and liabilities The best place to start developing these is with templates. You can get them free at The Money Matrix. Just email [email protected] and ask for them.

06.01.2022 This explains the importance of making a financial plan, the key elements of one and how to get one for yourself.

04.01.2022 This explains why you should have a financial plan, how to make an effective one and how to get one for yourself.