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McLEAN AND CO.
Business Plan- Reasons, Preparation
Do you want to be Rich or Poor in the Future-Personal Financial Planning Fundamentals
BUSINESS PLAN- REASONS, PREPARATION
DO YOU WANT TO BE RICH OR POOR IN THE FUTURE- PERSONAL FINANCIAL PLANNING FUNDAMENTALS
WHAT SEPARATES THE FINANCIAL NON-ACHIEVERS AND ACHIEVERS?
understand the investment market.
of desire to gain that knowledge.
know where to turn to for advice
Lack of Foresight
to put money aside for the future.
Lack of Planning
to work towards a goal with a plan.
Spend Now Rather Than
not live within means- would
rather buy it now on credit and pay interest rather than later when have
built up savings and can afford it.
Invest in Items Which Lose
in Value Rather than Items which Gain in Value
invest in expensive motor cars, appliances and other luxuries which
don't increase in value over time and invariably take out hire purchase
with high interest rates to pay for these items which means that they
end up repaying much more for them than original cost.
achievers buy items such as houses which increase in value and borrow at
relatively low interest rates.
Bad Money Management
living an expensive life with expensive cars, clothes,
entertaining etc. and not putting money aside
for a future emergency.
Bad Mental Attitude
people have an optimistic attitude and unsuccessful people have a
achievers mix with successful money managers with similar optimist
have strong desires to become financially secure, are willing to borrow,
invest and take risks to obtain gain.
Use of Time
good time manager can achieve more in a day than someone who manages
their time poorly.
The Need To Conform
majority do not take investment risks and are not financially rewarded.
the creative minority who dare to be different and seize opportunities are generally financially rewarded.
Lack of Action
person who says "I am getting around to it" but never takes
action will not be rewarded financially.
FOUR STEPS TO FINANCIAL SUCCESS
yourself a measurable financial goal, being the minimum lump sum of capital
that will return a permanent flow of income.
a specific time frame on the achievement of that goal.
a strategy for the achievement of the goal within your time frame.
assess your risk tolerance
decide the investment portfolio mix to suit your needs
start a regular savings programme
that strategy, monitor it and progress towards your goal.
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