Financial freedom is something that a lot of people want to achieve in their lifetime. Having to pay all debts and liabilities, enjoying all luxuries in life and enjoy life without to worry about any financial problems. More and more people are very interested in making their financial dreams come true. There are also motivation classes which main aim is not to discourage people from thinking that getting their first million dollar is possible.
As a financial planner, I am also aware that people usually do not quantify their goals. Having a goal of becoming a millionaire is something that is achievable and not impossible. I do have clients who want me to plan their millionaire journey. Having said that, a million dollar road map is easy to develop but very difficult to follow.
Before you can be a millionaire, you need to have a very good financial planning. You need to hire a financial planner to assist you as financial planners went through series of examinations and training perfecting their financial planning skills. It is impossible to be a millionaire if you do not have a financial plan.
Seminars on how to become a millionaire do not give you customized financial plan. You can be earning $ 200,000 per annum but if there is no financial planning, you will be asset rich and liquid poor. Managing your cash flow is the most basic element in financial planning.
One of my client, Mr Doctor (names are kept confidential), a doctor who has his own practice and earns $180,000 to $250,000 a year initially do not have any financial planning. He does have insurance policies and that was all. I had a hard time convincing him to meet me. He was very reluctant and told me that he already have a financial planner.
After much persuasion, I managed to meet him and assist him in his financial planning. I did a financial analysis on him and explained to him that financial planning is not just about insurance planning, financial planning also stresses on cash flow management, investment planning, child education planning, tax planning, estate planning and most importantly retirement planning.
After a year we had that meeting, he came back to me and told me that he now understand how important a financial plan is. He told me that he now can quantify his financial goals and he also told me confidently that he will be a millionaire in 5 years time.
I knew that after my appointment with him, he will identify his strength and weaknesses financially and able to quantify his goals. With my customized financial planning and financial planning tools, I am sure everyone will achieve their financial dreams.