How to Work Early With a Financial Plan and Why it Pays.

The inability to develop and pursue a serious financial plan, with clear goals, is a major reason a lot of people underachieve their potentials and often end up down-right financially broke. The reality is that a lot of people approach life without a firm determination to succeed and simply take it as it comes - no expectation, no challenge, no direction.

In the huge sea of life, you need a compass to find your way. And there is no better time to begin to get programmed than when at your prime. Begin early to chart your direction and you will find that your destination becomes clearer and more easily reachable. What key dividends do you reap from a planned approach that begins in your formative years?

1. Beat the Error of Older Generations
Many elders you see today have financial difficulties that are the direct result of the failure to learn early to plan their financial direction. I could be one: if I knew what I know today much earlier in life, it would all be different. Many have such 'regrets'. For some, it's unmitigated disaster, with no time for recovery. Worse still, there are those who never learn and remain condemned, by choice, to a life on the fringe.

Now, this is for the youth: don't wait to run against time! Don't delay action till you have to pray for extra time, hoping to score a late clincher. For you, you have the benefit, God willing, of all the time to design, pursue and accomplish a winning financial plan. Starting early is the best gift you can give to your life. Use a financial plan to articulate your financial direction and destination and how to accomplish it. Your possible mistake: to proceed on an uncharted course and end up wondering how you got to nowhere.

2. Flexibility is In-built, Keeping You on Course
A plan is hardly ever cast in iron, so if your worry is that things might change from what you think and see now, that's not a problem. You can always re-evaluate and even revise your plan. That's the way it works and, seriously, that does not in any way detract from the importance or validity of your financial plan. If you think that having to review your plan vitiates it or is a good reason to coast along without one, you are dead wrong. A good plan will keep you on track and ensure you optimise your talents and opportunities and, when there is good reason to make alterations, that's still in line. It all ensures that at each point, you are being the best you can and want to be.

3. Money Wisdom, a Tool of Untold Value
Trying early to develop and work with a financial plan immediately takes you miles ahead of your peers. Why? Because even the process of getting this 'project' worked out will open your eyes and mind to a lot of knowledge and ideas that will mould your life. If you decide today to work on a financial plan for your life, you're sure to ask questions, read literature or make some enquiries to help you know what to do and how. That process in itself will likely leave a fundamental impact on the way you see things and what will constitute priority to your life. You are likely to reap the reward for the rest of your life.

4. Set Yourself on the Path of Good Choices
A financial plan will compel you to make choices. You don't set goals and just accomplish them. An action plan, a path will be pursued to attain them. That simply means you will be forced to make clear choices as to what you want to do with yourself. Believing that you will be making good choices - you don't sow cassava to reap cocoyam - this immediately sets the tone for a focused, progressive and ultimately successful financial future. Simply put, you will pursue opportunities with vigour and a sense of mission when they arise, you will curb wastages in your life, and most of your actions will be those that are in synch with your financial and related objectives.

5. Money Grows, Given Enough Time: Grow Yours!
The time value of money tells what impact time could have on the N1 you invest today. Interest compounding is one tool that poignantly demonstrates that, given enough time and safety, your investment would grow substantially. Granted, it is possible to achieve financial success over a relatively short period if you deploy strategies that can bring that about. But not everybody can successfully do this. What is more certain is that anybody that puts some investment to work over a long period will reap significant growth. You could almost say it is the guaranteed way. What this means is that if you position yourself properly early in life, the battle is more than half won. Pursue speedy options when they arise, but secure you financial success with a planned long-term financial path that assures a steady growth.

6. Financial Confidence And Independence Will Spur You
Getting a financial blueprint worked out will clearly leave an immediate enboldening impact on you. That powerful, "I've done it" effect will imbued you with the confidence that will leverage you to success. Think about how you'd feel when you know deep within you that you've mapped out a clear, attainable path to your financial success. Yes, its not done yet, but you've outlined how to get there. If you did a good job of it, you would almost feel it's already done. Life will become exciting. This will simply make you unstoppable.

You could still find tonnes of more good reasons to programme your life early for success and financial independence through financial planning. However, only one of the listed reasons is enough to move action. After all, "a word", we say, "is enough for the wise". So, get going and do what will leave a lasting impact on your life. Don't wait to wonder how you let all the opportunities slip by.