Business financial management
Large and small businesses, organizations, schools, charities, NGOs – and every home and individual – all require financial management.
Budgets, capital, cash flow, retirement funds, investing, borrowing, and credit are all part of financial management. The globe has been plunged into an economic crisis in recent years due to poor financial management by countries, banks, and organizations. Many of them are drowning in debt.
The global economy influences individual economies. Many employees will be laid off, and company closures and investments may fall short of expectations.
Individual credit has been restricted in South Africa by regulation. Debt relief organizations have been established to assist people in resolving their debt problems.
According to some economists, up to 74 per cent of income is used to service debt. According to the South African Reserve Bank, South Africans have had “negative savings rates” over the past ten years. This means they are relying on loans to get by.
Long-term investments are required. If you begin saving for retirement at the age of 25, you must set aside 15% of your income. If you wait until you’re 35, you’ll have to pay 25%. Similarly, you should begin saving for a child’s education 10 years after birth. If you wait just 18 months, you’ll have to save 25% more to get the same lump sum at the end.
Dan Ariely is the author of “Predictably Irrational,” a book about behavioural economics. He discusses how good intentions are frequently abandoned to save, pay off debt, or manage our finances. Instead, we spend money based on our emotions and often on the spur of the moment decisions. He concludes that many of our financial woes stem from our failure to resist temptation and exercise self-control.
He suggests that you freeze your credit card in an ice cube. If you want to use it, you will have to wait for it to thaw, and by then, your own emotions may have cooled!
Robert Kiyosaki, author of “Rich Dad, Poor Dad.” is a widely read financial author. His “financial intelligence” approach is different from traditional approaches to managing finances. His focus is on the development of assets (“Anything that puts money into your pocket”) and the reduction of liabilities (“Anything that takes money out of your pocket”).
He believes that the way people think about money is the root cause of their financial problems. He describes 3 cash flow patterns.
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