START WITH WHAT YOU HAVE…

Don’t look to far away; start with what you have and establish basic household planning; ask the following questions;

  1. How much money do have have?
  2. Where is the income coming from?
    • Employment
    • Business
    • Others
  3. How much do you like to save to start your income replacement model?
  4. What are your spending habits?
  5. How can you make your life better?

HOW DOES YOUR FINANCIAL MODEL LOOK LIKE?

INCOME

  • Employment Income
  • Business Income
  • Passive Income
  • Other Incomes

Establish all your Income and write it down in a notebook; you must and have to know your income by heart.

ASSETS

  • Stocks
  • Bonds
  • Property
  • Insurance – Endowment
  • Mutual Funds/ ETF
  • Nothing

Put a Value to your assets that you have purchased so that you can estimate how long more you need to work before your income can be replaced by the assets that you purchased each month faithfully. Draw a plan in your notebook and set a reasonable timeline.

EXPENSES

  • List down all your expenses
  • Start your budgeting
  • Reduce each month of your spending by finding ways
  • Stay away from wants and only buy only the needs

Do remember; try not exceed more then 50% of your income to expenses; if you do then re-organise your budgeting and do your best to change your lifestyle

LIABILITIES

  • Credit Card Bills
  • Automobile Bills
  • Credit Purchases
  • Home Mortgage
  • Other Loans

If you keep increasing your liabilities; chances that you have to work for the rest your life till you drop dead. You must learn to keep your liabilities as small as possible so that you can increase your Assets and soon your assets that you have created will replace your employment income and you are good to go for retirement and do what you really love to do for the remaining of your life.

THE MOST IMPORTANT PORTFOLIO YOU MUST ESTABLISH AS YOU BUILD YOUR FINANCIAL MODEL IS RISK MANAGEMENT

Risk Management & Wealth Management; is critical as your build your financial model. Umbrella protects you when it rains; likewise an umbrella over your financial model. Is truly silly to build a financial model with a strong foundation of risk management.

Matthew 7:24 – The Wise and Foolish Builders-  “Therefore everyone who hears these words of mine and puts them into practice is like a wise man who built his house on the rock – THIS IS WHAT THE BIBLE SAYS.

Start your journey of a GOOD STEWARD!! Manage your resources and the resources will take care of you when you grow old.

Article by: Ashok MBA – Strategic Coach & Mentor for MDRT/COT/TOT

 

 

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