WHY PLAN FOR FUTURE?
If you still do not have the slightest idea where you will be in 5 years, 10 years and 15 years from now, you are most probably heading towards a financial disaster. Pull your hand brakes now and get a serious assessment of your current situation and position. Get help and create a clear financial road map, before you move off again.
Remember: Your future is worth it. Plan it well and execute it right.” To understand the game of wealth management, you have to understand ‘Income Allocation’.
How many times money is mentioned in the Bible?
“Money and possessions are the second most referenced topic in the Bible – money is mentioned more than 800 times – and the message is clear: Nowhere in Scripture is debt viewed in a positive way.” you see debt is never in the equation as long as Jesus is concern – if you don’t plan your financial future is your fault ad is not God’s fault; and remember no one plans to fail we only fail to plan.
Income Allocation – ‘Income Allocation’ is the process of determining how your monthly income flow will be allocated amongst the various financial priorities that you have. The broad guideline for income allocation for the various age groups – Gen Y, Gen X and Baby Boomers, is as follows:
Have we ever heard of a church going bankrupt? The answer is an absolute NO! The biblical principle of giving 10% of our first fruit to God has worked so wonderfully well that since the establishment of such a God-given mandate, none of the churches has ever faced a financial crisis.
If you apply this same principle in your personal financial planning through the “Pay-Yourself-First” concept, you will greatly enhance your wealth-building capacity. The “Pay- Yourself- First” concept is a strategy of putting the highest priority for allocating a portion of your income into your IGA Portfolio before anything else. When you are able to create a systematic and disciplined method of allocating a portion of your income towards creating future wealth, you are well on your way towards achieving lifetime financial success.
If you do not take care of your future, no one else will. Each and every one of us has the responsibility to ensure that we take appropriate steps to plan and prepare ourselves for the future – at least financially. The earlier you start, the more you are able to harness the power of compound interest to work for you. Your journey will be so much more easy and enjoyable.
If you choose not to take a proactive approach towards building a more secure financial future for yourself, you may have to face the detrimental effects of your poor judgement in the later years. The impact may just be too great, and the price too heavy for you to bear. By then, absolutely nothing can be done. In other words, it will be a little too late – no second chance- forevermore. Your future is worth it. Let us choose now to make a prudent and wise decision. Use the “Pay-Yourself-First” concept to work for you.
Protect yourself with Risk Management Program as you travel the journey of becoming Financial Free so that you can be a great testimony of God.
“Success is not for Chosen Few; Success is Chosen by Few.”
Article by: Sharon – Financial Adviser & CEO of FINWAZE