What Do Rich People Have That The Poor Does Not Have Apart From Money? The rich has money which the poor does not have but aside that, there are other urbane possessions of the rich that the poor don't have and I will just write on10 of such. The rich has money because they have learnt how to make money flow to them effortlessly but the poor would never know or do that These other urbane possessions of the rich include: 1. Wealth Mindset The rich has learnt that his mindset is everything and thus he guards jealously never allowing weeds and negative thoughts to live therein and making every effort to avoid the victim mentality. But the poor has accepted his condition as his fate and thus makes no efforts to extricate himself from the poverty pool. 2. Personal and Financial Discipline The rich has taught himself both physical and financial discipline. He does not speak out of tune, he has a cultured mannerism, is often courteous and humble. He also...
Definition, Goals, and Importance of Financial
Planning
Financial Planning is
described as the process of making financial decisions.
The process of estimating the capital needed and assessing its competition is known as financial planning.
It is the method of establishing financial policies for an organization's acquisition, expenditure, and administration of funds.
Financial Planning Objectives
There are several goals to look forward to in financial planning:
Capital needs would be determined by factors such as the cost of current and fixed assets, advertising costs, and long-term planning.
Capital needs must be seen
from both short- and long-term perspectives.
The capital structure, or the relative kind and proportion of capital needed in the company, is determined by determining the capital structure. This covers both short- and long-term debt-to-equity ratio decisions.
Defining financial policies in terms of cash management, lending, borrowing, and so on.
A finance manager ensures that limited financial resources are used to their full potential at the lowest possible expense in order to maximize returns on investment.
Financial Planning's Importance
Financial planning is the method of defining goals, strategies, practices, programs, and budgets for a company's financial activities. This ensures that financial and investment plans are successful and appropriate. The significance can be summarized as follows: Adequate funds must be ensured.
Financial planning means that fund providers can effectively invest in businesses that follow financial planning guidelines.
Financial planning aids in the development of growth and expansion plans, which aid in the company's long-term survival.
Financial planning eliminates the risks associated with evolving business conditions, which can be easily addressed with sufficient funds.
Financial planning aids in the reduction of uncertainty that can stifle a company's development. This aids in maintaining the stability and profitability of the company.
Financial planning aids in maintaining equilibrium by keeping a fair balance between outflow and inflow of funds.
#wealthisearned
1.Financial planning covers all the aspects involved the planning , budgeting and execution of activities that involve financial involvements either in any organizational set up or on individual basis. Financial management involves estimation of the capital needed also assessing your competitions and also establishing financial policies which will have short and long term effects on the organization. In other to fully gain these benefits on the organization the services of a financial manager who would try and use the limited resources to fully actualize the potentials of the organization goals.with financial management, organizational growth and expansion becomes possible.
ReplyDelete2. Financial planning in my own words would be outlining your financial demands, using certain financial skills to meet all at the lowest possible financial implications.
3. 1. Financial management helps eliminate business risks.
2. It improves growth and expansion.
3. With financial management organizational goals can be effectively met.
4. Financial management helps maintain equilibrium between inflows and outflows of money.
5. Financial management over the years sets a template on which other financial decisions can be taken which will save time, energy and resources.
4. The best time to start is now. We all embark on financial decisions.. set a plan and pace for yourself so that you won't encounter wastage and unnecessary business risks.
1. This post talks about Financial Planning as summarily been a careful and detailed thought out plans or strategies about financial decisions aimed at moving a company, organization or individual forward --financially.
ReplyDelete2. in my own words, financial planning is the foundation for financial upscaling. it is the first step to financial progress for it involves a careful and well laid out steps of actions that is aimed a propelling forward the financial status of the person, persons or community involved in it.
3. 5 benefits of financial planning:
i. It provides a path way one can follow financially.
ii. It leaves room for little or no poor financial decisions in the future for one since hitherto he has already engaged in a rational activity that created the path (or rule of thumb) for him/her.
iii. it is the mother of a financially disciplined life.
iv. it favours whoever is involved in the activity for it doesn't look at age, colour, race or religion.
v. it is a light in our darkened path towards the route to financial independence and financial freedom.
4. i think the best time is always the main time we are resolute to up our financial game. thus, it first start with the wlll, then the discipline to consistently do that even as we advance. eventually, there could be no best time for any time is the best time as long as the will is there.