THOUGHT OF THE WEEK
WHY FINANCIAL PLANNING IS KEY
In this New Year and beyond, one of the things that will help you to achieve your dreams is financial planning. Below are some of the few reasons why financial planning is important and everyone must take it seriously.
1. Growth in Income: A good financial plan provides you with a guide that makes you to monitor your income and grow it. You money will be able to work for you when you have a plan. This growth in income allows your money to multiply and comes in handy during turbulent times.
2. Security of your family’s future: Financial planning helps provide a safe and secure future for your family. It also helps you to face the challenges of life head-on without changing the financial structure you have put in place. Your family members therefore get solid financial platform to thrive on.
3. You are better positioned to deal with inflation- inflation reduces the purchasing power you have. This causes the value of money to decline and this has been so for decades. Planning your finances will help you deal with the constantly rising inflation. This can be done through the returns earned on the various investments through financial planning.
4. Achievement of long-term goals-in setting objectives for the future, some are very crucial and they include owning a house, marriage, education etc. These long-term objectives can be achieved when you have a very good financial plan in place. With a good financial plan, these long-term objectives can be achieved within a specific plan.
5. Happy Retirement Life: after retirement, it is important to have happy life, which can be done through financial planning. It helps you to generate wealth that will make you enjoy that happy retirement life you seek. Planning today will lead to a brighter life tomorrow. Tomorrow is uncertain, but one thing we are assured of is that when we have a financial plan, we can achieve our goals. Talk to a financial planner at NIMED Capital now for guidance on hiw to develop a financial plan.
This weekly report is the copyright of NIMED Capital Ltd. (NIMED), an investment banking company licensed and regulated by the Securities and Exchange Commission (S.E.C.) of Ghana as Investment Advisers as well as the National Pensions Regulatory Authority (N.P.R.A.) as an approved Pension Fund Manager. Information and opinions herein have been compiled or arrived at based on information obtained from sources considered reliable; we therefore do not hold ourselves responsible for its completeness or accuracy. All statements of opinion, projections, forecasts, or those relating to expectations regarding future events or performance of investments represent NIMED’s own assessment and interpretation of information currently available to NIMED, which are subject to change.