What is the requirement of financial management?
The main aim of the Financial Management is to achieve Financial Freedom. So that we can focus on our supreme goal, which is different for each individual. We can get financial freedom after 10 to 20 years after starting up of any job or any business. It totally depends on how serious we are towards our supreme goal.
As we all know that at the age of 40 we will have one family which consist of parent, two children and wife. Our parent become old . we shall require one home , one car and money for education of our children. If we shall make a list of our requirements at the age of 40, it will be like this –
- Education of children
- Medical facility for parent and self
- Extra money for luxury i.e tours and travels
- Monthly maintenance of family expenses.
If we make a plan for the above said requirements at the early stage, then we can achieve financial freedom at the approx age of 40 or 45. There is no need to do the job up to 58 years.
So make the list of your requirements. We will try to solve this in next series of become Smartians.