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Financial Planning

  1. 1. ELIUD BUNDI ONDARA
  2. 2. • Introduce the subject of personal finance • Identify the key components of a financial plan • Outline the steps involved in developing your financial plan At the end of this short presentation, participants shall:
  3. 3. • What is it? Taking conscientious and systematic steps toward fulfilling your financial goals
  4. 4. What does todays youth want!
  5. 5. • Budgeting and tax planning • Managing your liquidity • Financing your large purchases • Protecting your assets and income (insurance) • Investing your money • Planning your retirement and estate
  6. 6. Big Spender Vs Big Saver
  7. 7. MANAGING YOUR LIQUIDITY
  8. 8. Loans often needed for our expenditures • Business loans Managing loans • How much can you afford to borrow? • Determining maturity of the loan • Selecting a loan with a competitive interest rate
  9. 9. Step 1. Establish Your Financial Goals • Types of goals Car, home, college, wealth, charity • Set realistic goals Stronger likelihood of reaching goals • Timing of goals Short term (within one year) Intermediate (between 1–5 years) Long term (beyond five years)
  10. 10. Step 2. Consider Your Current Financial Position •How your future financial position is tied to your business development Consider your skills, interests, and career paths •How your future financial position is tied to your business choice Choose a business that will be enjoyable and suit your skills
  11. 11. Step 3. Identify and Evaluate Alternative Plans That Could Achieve Your Goals – Plans could be conservative or aggressive
  12. 12. Step 4. Select and Implement the Best Plan for Achieving Your Goals – There are many sources of valuable financial planning information
  13. 13. Step 5 - Evaluate Your Financial Plan – Keep plan in an accessible place and monitor your progress – Evaluate results by using financial statements
  14. 14. Step 6. Revise Your Financial Plan – Change plan as financial condition and financial goals change
  15. 15. • Social relationships: to make new friends, to meet a need for associations and friendships. • External expectations: to comply with instructions from someone else; to fulfill the expectations or recommendations of someone with formal authority. • Social welfare: to improve ability to serve mankind, prepare for service to the community, and improve ability to participate in community work. • Personal advancement: to achieve higher status in a job, secure professional advancement, and stay abreast of competitors. • Escape/Stimulation: to relieve boredom, provide a break in the routine of home or work, and provide a contrast to other exacting details of life. • Cognitive interest: to learn for the sake of learning, seek knowledge for its own sake, and to satisfy an inquiring mind.
  16. 16. • Lack of time • Lack of money • Lack of confidence or interest • Lack of information about opportunities • Scheduling problems • Red tape • Problems with `sources of finance
  17. 17. Rewards of Sound Financial Planning • Maintain and improve standard of living. • Control spending in order to live well today and tomorrow! • Accumulate wealth

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