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Columns : Investing in You - Glenn S. Ferguson Last Updated: Feb 6, 2017 - 2:32:04 PM

Why You Need a Financial Plan in 2011
By Glenn S. Ferguson
Jan 27, 2011 - 8:03:33 AM

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You have heard it over and repeatedly “He who fails to plan plans to fail.”  Yet without fail most person are experiencing this fate because they simply refuse to plan.

In these challenging economic times there is no question that the key to developing real sustainable wealth comes only through a financial plan for using your money to prudently invest- in assets; in yourself; or a business.

  1. What are you doing about your personal wealth creation today?
  2. What changes do you need to make to your lifestyle today that will allow you to enjoy the future you want?
Now would be a good time to sit down and take a look at how you have handle your finances and answer some very important questions that will allow you to review your efforts and make any needed adjustments. Allowing you to continue doing what works and get rid of what’s not working.  

Because if you do not take control of your money, you will never become financially free, no matter how much money you earn.

The truth is you either control your money, or it will control you and to control your money, you must manage it and you cannot manage it without a plan.

So here are some questions to ask yourself:
  1. What working best about your financial plans right now?
  2. Is there something you know that is definitely NOT working?
  3. What was your most positive result from your efforts?
  4. Are there any new ideas you’d like to add to your plan?
  5. Is your plan allowing you to accomplish both you long & short term savings goals?
  6. Have there been any changes in your income or expenses?
  7. Have you been able to reduce your debt since you last reviewed your plan?
  8. Will the money (cash) be there to pay for your summer vacation, buy school clothes and school fees or Christmas presents?
  9. Is there any way you can further cut your expenses?
These questions allows you to reflect on your progress to find what is working for you so that you won’t waste valuable time on ineffective and useless practices.

To help you to keep going you must appreciate that your plan must be in writing. If it’s not then you won’t be able to carry out the vital steps of reviewing and adjusting that’s needed for you to achieve your goals.

Your written financial plan should be designed to cover your current and future needs and should also incorporate ways to reduce your debt.

Taking Control of Your Money Workbook

So if you don’t have a written plan you need to develop one now.

You may feel that you don’t need a plan because you don’t have enough money. But the only way to solve your money problem is to have a financial plan.

Most people believe that earning and having more money would solve their problems but this is rarely the case.  As it is proven that once you do have more money you tend to spend more instead of applying the extra money to fixing any problems you are having with your finances. That is why it is so important to have a plan that helps you manage your money.

Remember that “Nobody plans to fail, but they achieve the same result by failing to plan.” 

If you aren't setting specific financial objectives and implementing a workable plan in writing then you are setting yourself up for disappointment.

By having a financial plan you will have a tool to help you stay on top of your finances and for measuring your progress to the future you want.

You will also find “Taking Control of Your Money” workbook is a useful resource to help you get started.

Got a question about retirement issues you're facing - any question at all.  Just Ask Glenn!

“Poor people stay poor because no matter how much money they earn they spend every penny!” - A Wise Man

Copyright © 2011 - Glenn S. Ferguson

Glenn Ferguson is a Speaker, Coach and Syndicated Writer, helping you to painlessly take control of your money so that you can own your pay cheque again to create wealth for you and your family. Email to: glenn@financialcoachingwithglenn.com  Web site: www.financialcoachingwithglenn.com Tel: 242-327-2453   Fax: 242-327-2456

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