Sooner or later that future you think which is far away will catch up on you and become your present. If you wish to retire comfortably then you must have a clear financial planning process in place. Kane Bergin recommend you partake in financial planning sooner rather than later as life can throw many hurdles and it’s always best to be prepared.
It’s easy to think in this moment that everything will work out. You can’t take the risk of everything working out in blind faith. Essentially it is your job to ensure how comfortable your retirement will be. Clear financial planning allows you to support a comfortable and secure future for yourself and your family.
What Is Financial Planning?
Financial planning is a process that helps you determine your long-term personal and financial goals and incorporates proper financial management in order for you to achieve these goals. Financial planning is for everyone. We all must implement a financial plan into our lives and time and time again it is advised to start now rather than later.
Your Assets & Liabilities
If you haven’t already done so now is the time to really knuckle down and work out just how much money you have coming into your account and what you own (assets) and how much money is going out (liabilities). How many bills are you paying per month? Do you have any debts that need repaying? Do you need to cut back on expenditure?
The aim of any initial financial planning should be to figure out how much money you are worth, also known as net worth, so that you can plan for the future. To calculate your net worth all you need to do is subtract your assets from your liabilities and there you go.
Calculating your net worth allows you to have a clear idea of your current financial situation and any changes you require to make, whilst tackling the financial barriers in place.
The Importance Of Financial Planning
Making sure you have a financial plan in the short-term and long-term contributes to financial and emotional well-being. In a world governed by money wealth management is is a necessity for financial security and determines what type of lifestyle you can and will lead.
Many people turn to a certified financial planner in situations where they don’t have the know-how on retirement planning, investments, insurance or personal difficulties, to name but a few.
Benefits of financial planning include:
- Controlling Costs
- Reducing Debt
- Estimating Your Taxes
- Increasing Savings
- Peace Of Mind
First Steps
Before making any major financial decision whether that be for your business or for personal reasons you should consult with the professionals first. At Kane Bergin we offer you a full assessment of your financial situation and educated advice on how best to reduce your liabilities.
Our financial control services team are at hand for all your financial needs. Call us today on 01 969 6306 to find out how we can help.