BUSINESS & FINANCE

Taking Charge of Your Financial Planning Journey

We are in the last month of the 1st Quarter of 2021 and what a better time to review our financial fitness journey!

The year 2020, due to the Covid-19 pandemic that almost shut down the world and its economy, proved a very difficult year for most of us and if there is something we learned, then it is how to take responsibility for our savings and investments, to be intentional about the future we want, and to hold ourselves accountable to achieve financial freedom. The future, for reasons that we are all familiar with, proved that it can be uncertain. Many people lost their jobs, most businesses were closed, among others. Life, certainly took a drastic bound turn. Even now, there is no complete financial recovery from the damaging consequences of the Covid-19.

The journey to achieving financial freedom is very personal and requires a lot of introspection – it requires us to look from the inside out.

Whatever we dream in the dark of the night, the kind of life we envision to have, the type of house we want to have, the car we aspire to drive, the schools we want to take our children, the kind of vacations we want;  it all starts with realizing that saving and investing to build wealth cannot be a side hustle:  it is our main gig and only we can steer it from the front seat – not someone else.

Whatever we do today largely reflects the kind of life we shall have tomorrow.

What will life look like for you in the next few years? Are you building on your passive income?

If you got laid off from your job today or your main source of income gets compromised, or you get incapacitated to work, how drastically would your life change with respect to your financial status?

The personal Financial Planning journey requires us to have a full plan for our finances and we cannot overemphasize the little steps to start with:

  1. Tracking our expenses daily
  2. Ensuring we have an emergency fund that can support 6-12 months of our expenses
  3. Making plans to build passive income by building our investment portfolio gradually
  4. Intentionally increasing our sources of income
  5. Protecting our wealth
  6. Paying ourselves first
  7. Managing our debt, and
  8. Ensuring we prioritize our health while at it.

Let’s endeavour to live a fulfilling and confident life by taking control of our finances.

I will be delighted to walk this journey with you and answer any questions you may have about personal financial planning, wealth creation, and portfolio management.

The highlighted above will be shared in-depth in our next episode of my next articles.

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