You are here:Article Detail 27 August 2016

Money is a means to an end - Take charge!
BY: Paul Roelofse, CFP® | FPI Consumer Advocate

Be careful about money. If you focus on it only then it is all you will have in the end. Money is a means to an end and not an end in its self. It is not that meaningful to have a heap of cash saved and not understand how it should be used. That is why planning is so important as it creates a financial destiny towards which your money moves.

Financial planning is a process which lays down a path to where you want to be. It too is a means to an end. Financial planning has a destination with realistic objectives for sometime in the future. The most difficult part of the process is defining what you really want as many of us do not know how money works in the complicated arena of the financial world.

Ultimately, it is all about maintaining our lifestyles which rely on by our income. Guess what gets in the way? We rely too much on debt to support us and we actually live above our means. So when setting realistic goals into future how much do we actually have to set aside for the future? Earning 10% on your investments is a fruitless exercise when you are paying off debt at the same rate. Your net worth will be going nowhere.

So, perhaps it's time to have a meaningful conversation with yourself to take charge of your financial destination. Set realistic lifestyle goals weening yourself off the dependency of debt. Divert your new found disposable income into your own wealth for the future. The quicker you get rid of debt the quicker you set yourself on a path to financial freedom. It will take time and with a solid financial plan in place it will be merely a question of time. Money being the means to end which you are in control of.

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