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How To Evolve A Financial Success System

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Title:
How To Evolve A Financial Success System

Word Count:
1151

Summary:
More often than not, people associate success with money and wealth. While that is a lopsided view of success, it is true that success often brings with it financial rewards; it is also true that many people who aspire to success are thinking of the financial rewards that will follow when they succeed. But what if your idea of success is purely financial? In that case, it could be that you are looking for a financial success system that will help you achieve your financial ob...


Keywords:
success,achieve success,how to succeed,successful,financial success system, personal finance plan


Article Body:
More often than not, people associate success with money and wealth. While that is a lopsided view of success, it is true that success often brings with it financial rewards; it is also true that many people who aspire to success are thinking of the financial rewards that will follow when they succeed. But what if your idea of success is purely financial? In that case, it could be that you are looking for a financial success system that will help you achieve your financial objective.

In two other articles I discussed the use of project management techniques in achieving personal success. In that case, we looked at "Project Success" and how we could plan for it. Why not apply more business techniques, this time to money, and develop a financial success system or plan?

In most respects, your personal finances are no different to a business's finances. The underlying principles are the same. As a former professional management accountant, I can assure you that the way a company's or organisation's finances are, or should be, run is fundamentally similar to the way your own finances should be run.

Every company will have systems in place that are designed to further the success of the company, as well as protect its assets from misappropriation. In effect, they put in a financial success system that should enable them to run the business profitably and by so doing build assets.

The main elements of a company's financial system can quite easily be recognised as good practice in your own personal financial system. The statutory requirements are quite different, but from a financial management point of view there are some helpful similarities an individual can learn from.

If you apply some of the following business finance fundamentals to your own approach to personal finance, then over time you will develop a finance success system that will grow your wealth for the rest of your life.

1. Budgeting

Setting and managing budgets is a routine part of any business; they are a key tool in financial control. A home budget is vitally important too. Get into the habit of setting and monitoring your personal budget of income and expenditure, and you will have the foundation of a financial success plan.

2. Investment Appraisal

Whenever a company decides to spend money on a large capital item or new product, for example, it may carry out an investment appraisal. You will not have such large spending decisions to make, but the important thing is to consciously assess the expenditure. Will it build your financial success or hinder it? For example, if you are buying a car, which will depreciate, there is a high risk it will diminish your personal assets significantly and set back your finance success plan. When it is time to indulge, be sure it is the right time.

3. Building Assets

A company builds assets by consistently being profitable, investing wisely, and developing the business at a sensible and sustainable pace. Being profitable is earning more revenue than you spend in expenditure. The same is true of you as an individual; always ensure you earn more each month than you spend. The balance (savings) goes into your spare assets, which can build over time, especially with sound investment.

4. Balance Sheet

Creating a balance sheet in a large business can be quite complex. A simplified version may help you keep an eye on your own asset status. Preparing a rough balance sheet once a year, showing your assets on one side and liabilities on the other, will give you an idea of your personal worth, in financial terms. By comparing year on year, you can ensure you are making progress.

If you use a home budget software program, it may have a balance sheet facility to help you.

5. Regular Financial Reporting

Companies have a legal obligation to produce accounts each financial year. Your legal requirements are for your personal tax purposes only.

However, a business does not rely just on annual accounts, and nor should you. It is likely they will have management accounts on at least a monthly basis, to allow management to keep track of the way business is progressing. You should also follow that example, and keep a close watch on your budget each month, and react accordingly.

6. Cash Flow Forecasting

Even a profitable company can have problems keeping going if it does not manage its cash flow properly. In fact, it is a common reason for companies to cease trading. As part of your budgeting, ensure you incorporate cash flow forecasting, that way you can allow for peaks and troughs in income and expenditure without hitting problems with paying bills on time.

Missing payments can prove expensive to your overall wealth, so is best avoided at all times.

7. Investment and Treasury

If all goes according to plan, you will have surplus cash. A company will have a treasurer for that, but in your case that treasurer is you. Take that role seriously, and over time you will be a financial success. If you have a partner, it makes sense to involve them in this, and other parts of your plan for financial security.

Investment is a fascinating subject, so if you can learn about it, you will be well placed to do better than an average investor. Investment is about balancing risk and return, and if you can master that without taking silly risks, you should do well financially.

On top of those purely financial aspects, there are other key areas to a business that will affect finances that you could learn from:

1. Marketing.

Keep an eye on the market place for the type of success you are seeking and your areas of expertise. Try to anticipate how that market may develop and prepare yourself ahead of everyone else. You are worth more if you are ahead of the game, whatever field you may be. For example, when I was 20 I decided it was a good idea, long term, to learn as much about computing and finance as possible, as eventually they would be key in every organisation. That was before pc's existed, and it proved a sensible decision, even though my main aim was to be a writer.

2. Education and Training of Key Personnel

As an individual, the more you educate yourself about many aspects of life, both personal and commercial, the better placed you are to become wealthy. Never become complacent about your own knowledge; over time it will decline in importance, so you need to refresh it constantly. Train yourself, educate yourself, continuous.

Those are just a few ideas of how you may use business finance practices to build your own financial success over the long term. Follow those, and you should not go far wrong, and prepare yourself for a rebound should anything ever go wrong, such as redundancy or divorce, which can scupper even the best of financial plans.


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BONUS : Title:
How To Focus Your Life With Goals

Word Count:
425

Summary:
Life can sometimes be overwhelming. Without a clear direction, you will most likely wander around the planet in a helpless state. You will not know what to do or when to do it. You will almost get that promotion. You’ll almost follow through with a million dollar idea. You’ll almost do everything you ever wanted to do. However, this is definitely no way to live. Luckily there is another way. A much better way, in fact.

In order to live the life you choose, there mu...


Keywords:



Article Body:
Life can sometimes be overwhelming. Without a clear direction, you will most likely wander around the planet in a helpless state. You will not know what to do or when to do it. You will almost get that promotion. You’ll almost follow through with a million dollar idea. You’ll almost do everything you ever wanted to do. However, this is definitely no way to live. Luckily there is another way. A much better way, in fact.

In order to live the life you choose, there must be structure. Your life must have order if you want to succeed. The best way that has been proven to work is through the use of goal setting. Without a goal, you will be unhappy and live an unfulfilled life. With a goal, you will zero in on exactly what you want. You will be happier and more fulfilled.

Did you know that only about three out of every 100 people ever actually decide on their goal? Many people go through life without any clear direction and they get exactly what they prepare for. They may say, “I wish I could buy that car.” This is quite different than setting a goal to by the car by a certain date. One method will get you the car and the other one will leave you standing outside the dealership window crying. Which one would you rather use? Is it any wonder that such a small percentage of the world’s population controls a vast majority of the wealth? This minority is the goal-setters of the world. They ask for what they want and then they receive it.

How can you begin to set a goal? There are a few criteria that must be followed. First of all the goal must be clearly defined. You can’t say, “I want a new car”. You must say “I want a brand new black Mercedes with tinted windows and chrome 20” rims.” The picture must be absolutely crystal clear in your mind. Next, you must give yourself a time limit. If you never nail yourself down to a time limit, you will probably never achieve the goal. You must be held accountable. You must also believe that you can get it. Without belief, nothing is possible. Lastly, you must make an irrevocable commitment that you will achieve the goal. There is no turning back. If you change your mind at every obstacle, you will never get what you want. Make up your mind and go for it. What have you got to lose?


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"Développez Votre Efficacité en 5 Jours"
de Christophe MONGREDIEN

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