Action Plan to Financial Freedom (Part-1) | Financial

We often dream about financial freedom, we want to and more often talk about becoming financially free. But how many of us actually do something different to achieve this dream? Without a concrete action plan, and clear define road map, no matter how ambitious is the dream, chances of becoming financially free will almost equal to none. Without a clearly define road map to follow, one will soon forget the dream of freedom and go back to live their normal daily life. Action plan can be constant reminder serves to remind a person of his objectives, goal and estimated deadline. Besides, in journey to become financially free, you will want to review your progress against the action plan to see how much progress you have made and how far away you are from your goal.In order to become financial free we need to know what is the definition of financial freedom. Financial freedom being the ultimate goal, of course, before achieving that, we need to know the two pillars supporting the freedom; these are financial stability and financial security. The two pillars are the basic fundamental of being financially free; it is like the foundation of a skyscraper that is built on a strong concrete foundation, in case of financial freedom, it is built on financial stability and security. In short, in order to achieve financial freedom, we must first achieve financial stability and then financial security.Definition of Financial Stability Financial stability is achieved when one person is able to live his life without income for 6 months or more. Wealth is measured by time instead of amount of money you have. Take the example of a fashion designer whose monthly income of 10,000 with monthly expense of 8,000 and a school teacher who only earns 2,000 with monthly expense of 500. Who do you think live a more stable financial? The answer is the school teacher. If both person lose their job, the fashion designer who lives a high maintenance life style would not live through a month to go bankrupt, but for the school teacher, with a saving of 1500 per month in minimum, she can easily live for another 3 months without active income, this provide her ample of time to look for new source of income. In the first step in our road path to become financially free, we need to make sure we are financial stable before we can talk about financial freedom.Action Plan to Financial Stability: Now think. If you have less than 6 months to go into bankruptcy without a job, you need to start doing something. Below are some typical scenarios:
If you are living on a mountain of credit card debt, and you can’t seem to reduce the owing balance each and every month, you have to do something different. From you credit card bill, list out items that you don’t need to spend. Without this desire items, it is easier to pay off the credit card.
When you can’t seems to save even though you are not on any retail/credit card debt. This happens when you pay yourself last. In order to save, you need to pay yourself first. Every month when you get your paycheck, put aside a percentage into saving first and spend the difference. An average person will do the opposite that’s why they can never save, and the worse is they don’t even know where the money goes.
In the action plan, one needs to state how much money to allocate in each month to clear off debts with a deadline. Only after all accumulated debts are cleared off, one can start saving for financial stability. Subsequent action plan needs to find out total expense of one self. Since financial stability is defined to be ones ability to live through 6 months without any income before going into bankruptcy, thus the amount of money to achieve financial stability will be total expense times 6 (months), let us call it Financial Stability Amount Requirement FSAR. Next, state how much money you committed to save every month, and let’s call it monthly saving commitment MSC. With all these figures: FSAR and MSC, one can easily find out how long he/she needs to achieve financial stability. Simply divide FSAR by MSC. The result of calculation is the duration (in month) required to achieve financial stability, one will know exactly the date he/she obliges to achieve financial stability. Now with the action plan in place, a committed and disciplined person will only have to follow it and ultimately achieve it.

Making Sure You Choose The Right Accountant For Your Business | accounting

As a sole trader or small limited company, when you first start out you generally do everything yourself. This generally involves everything from answering the telephone and invoicing to cleaning the office not to mention actually doing the work that your clients pay you for.As your business grows you get to the point where you can’t do everything yourself and if you want to continuing growing you are going to have to employ the services of other people. An accountant should be the first professional that you consider hiring but choosing the right accountant for your business isn’t as straight forwards as you might think. Here are some tips to help your decision-making process.Make sure that you hire a qualified accountant for your business. There are many people who will offer to do your accounts for you and on the surface they may appear to carry out a good job but you don’t really know how good a job they are doing until the Inland Revenue ask to look in to your accounts in detail. If this happens then you really need the assurance that your books have been professionally prepared by a qualified person who is up-to-date with current tax laws and allowances.Choose an accountant that you feel that you can have a genuine professional relationship with. Once you start looking around for an accountant there is generally a divide between the big accounting firms and the smaller local accounting firms. If you are a small to medium-sized business then the greater personal attention that you receive from a smaller accounting firm will help in developing a productive long-term relationship. The service fees of a smaller accounting firm are also liable to be much more affordable.Choose and accountant that understands your business. Most smaller accountants tend not to be specialised in a certain area of business and have much more diverse accounting experience. Ensuring that your accountant knows how your business operates is essential to them being able to carry out a good job for you so make sure that your accountant understands your industry and business set-up.Choose an accountant that offers a comprehensive range of services. There is much more to accounting than just bookkeeping and at a basic level your accountant should be able to file your tax returns with the Inland Revenue, prepare your financial statements and if the need arises they should be able to present all of the relevant documentation for auditing. Many accountants will also measure your business performance, help with business and growth planning and support your management team.Make sure that you interview the accountant before choosing and don’t just interview one. Choose two or three accountants that you feel are the best options and compare their services, prices, their knowledge of your type of business and very importantly, how well you get along with them.


www.addeducation-help.us www.allabout-eduinfo.us www.allaboutedu-trustcenter.us www.allproperty-home.us www.build-education.us www.centerschool-business.us www.childrenedu-news.us www.educationadvices-me.us www.education-destine.us www.education-generalsight.us www.education-help.us www.educationhelp-me.us www.education-internet.us www.education-myworld.us www.educationsight-news.us www.education-world.us www.edu-trustcenter.us www.fulleducation-field.us www.grap-thebestproperty.us www.help-homerenovate.us www.homesandhouses-post.us www.houses-field.us www.my-homesandhouses.us www.my-homessearch.us www.myhqrealestate-zone.us www.mypage-edutech.us www.my-realestatesearch.us www.mysmart-education.us www.myworld-edu.us www.only-edufield.us www.postcenter-myedu.us www.pro-education.us www.promote-realeatate.us www.propertyadvert.us www.property-corner.us www.propertyfor-shelter.us www.property-help.us www.propertyrealestate-center.us www.propertyselling-business.us www.realestate-mytop.us www.realestatenewssite.us www.realestate-portal.us www.realestate-services.us www.realproperty-booster.us www.school-myedu.us www.smartrealestate-blog.us www.technology-myedu.us www.thebesthomes-me.us www.tophomes-me.us www.unique-myhomes.us www.blogcar-technology.us www.blogcar-general.us www.carservices-me.us www.automotive-trustme.us www.autocar-solutions.us www.bestcar-solutions.us www.autobusiness-me.us www.autopost-carportal.us www.carblog-post.us www.myautomotive-business.us www.atautosite-car.us www.general-autonews.us www.automotive-center.us www.carnews-autocenter.us www.t3pro46.ga gfoo17.cf www.schadevoertuigen.cf zqw567.ga zddx9.ga gamblingarticles.gq SpeedyForumcitra.cf www.wdw888.ga www.watchyouwear.ga getld.petsupplystore.pw floweraku3.ml zhongdakejiku3.ml abererku3.ml vaper.ga pusatpromosi.ga www.snuttefiltar24.ga www.snapdrop.ga geomercatoku3.cf eirmode22.cf bangiveku3.cf