Financial Planning is an ongoing process to help you make sensible decisions about money that can help you achieve your goals in life; it can be the difference between creating wealth or destroying it.
Financial Planning involves putting appropriate wills in place to protect your family, thinking about how your family will manage without your income should you fall ill or die prematurely, spending money differently, but it involves thinking about all of these things together i.e. your ‘plan’. You can build a plan on your own, or if your needs are more complex you might want the help of a Financial Planner from PARAGON Business Consultants.
You can create a sound financial plan in six steps:
- Establish your goals in life – short, medium and long-term
- Work out what assets and liabilities you have – write them down
- Evaluate your current financial position – how close are you to achieving your goals?
- Develop your plan – create a “route map” for achieving your different goals
- Implement your plan – make the changes and make it happen
- Monitor and review your plan at least yearly and make adjustments when needed
Start by working out your goals in life, in the short, medium and long-term. Prioritize them, and think about the likely cost of those goals and when you will need the money, so you can start to plan your finances to work out how to achieve them. Don’t forget you also have to plan for some of the hurdles you may have to overcome too. It’s about getting organized; being in control of your finances rather than letting your finances control you.
By planning your finances to meet your goals you will:
- Have a much greater confidence in where you are going in life
- Reduce your stress levels and start to enjoy life more
- Gain control and peace of mind through knowing whether you’re on track for the future you want for you and your family
Contact us via email, call (301) 300-3378 or (202) 850-0022 to find out how Paragon can help you in your financial planning needs to your support your mission and improve your financial bottom line.