An you manage without financial planning? Many people do, but they may find – often when it’s too late – that they missed the bus and that they don’t have the means to achieve their life goals.
Consider this survey of persons who started working at the age of 25 and retired at the age of 65 which threw up very interesting statistics:
1% were wealthy!!
4% were maintaining their current standard of living!!
23% were still working as they can’t afford to quit because of unfulfilled family commitments!!
9% of them were dead!!
63% were dependent on their children and charity from others!!
Benefits of Financial Planning
Helps monitor cash flows and reduces unnecessary expenditure.
Enables maintenance of an optimum balance between income and expenses.
Helps boost savings and create wealth.
Helps reduce tax liability.
Maximizes returns from investments.
Creates wealth and ensures better wealth management to achieve life goals.
Financially secures retirement life.
Reviews insurance needs and therefore also ensures that dependents are financially secure in the unfortunate event of death or disability.
Lastly, it also ensures that a will is made.