DAILY DEVOTIONALS DATE: THURSDAY 20th MARCH,2014. TOPIC:STRATEGIC PLANNING.PT7 TEXT:LUKE 14:28 “For which of you intending to build a tower , sitteh not down first and counteth the cost whether he have sufficient to finish it ‘’ Today we are doing financial planning, do not forget your income is key here and the higher you go in your career the more your income rise. Financial planning speak more of control over your income as per what we spend and what is left. The 3 keys focus area here are income, expenditure and saving/investment. The number one factor is the ability to determine a specific figure as your income from salary, profit and return from investment. INCOME-this is a source through which we receive money. The following are the common source of income1. Salary from job 2 profit/salary from business .3. investment income 4. Rental income 5. Professional income 6. Gift 7. Income from inheritance. Why I decide to break it down is because effective financial planning work with a tool called BUDGET. The budget will achieve its purpose if it capture every income of all kind including gift from friend and whoever. After the detailed income analysis, the next thing to work on is the expenditure breakdown EXPENDITURE The breakdown of this expenses will relief the burden of determining who and who you are to consider in your spending plan.1.personal expenditure 2.spouse 3.family 4.church/Gods work 5.dependants 6.domestic 7.gift/philantrophy 8.savings 9.others 10.surplus/investment. My belief is that no amount is too small nor will be enough as far as human system and need is concern but a good budget will serve as a control over any figure at any given point in time. FINALLY, the 3rd aspect is the savings. Some scholar suggest a particular percentage goes to savings every month, while some says you base your savings on the balance arrive at after settling all your expenditure . for me its better if it’s a specific percentage say 10-15% is set aside as savings so after the whole sector has been settled , if there is any balance left, you can decide to increase the saving percentage for that month ao use it as a direct investments may be RSA, Shares or home savings account. Part 8 loading be on the look out.happy Sunday. RAYERS Oh Lord cause the rain of financial blessing to come upon me today and for the rest of my life in Jesus name. amen
Posted on: Sun, 23 Mar 2014 23:52:59 +0000
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