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Michael Pope Blog post by Michael Pope

What is Money Planning? (MONEY)

Over the past few months, you may have noticed the phrase “Money Planning” appearing in communications from Empower Wealth and wondered what it means.  Not to be confused with Financial Planning, we have invented the term Money Planning to describe a new range of services designed to assist our clients to get the most from their money.

So, what is Money Planning?

Money Planning involves looking at the four key dimensions of Money – what you earn, what you spend, what you own and what you owe, or, in more technical terms, Income, Expenditure, Assets and Liabilities – and preparing a statement of where you are now in terms of your cash flow and wealth position and where you would like to be in the future, and then developing a plan to make it happen.

Every successful business in Australia prepares Profit and Loss Statements, Balance Sheets and Budget Forecasts and reviews them on a regular basis, recognising that good understanding and control of cashflows is essential to the financial success of their business.  However, very few households give this important area the attention it deserves.  Maybe it is seen as too difficult, or not important, or just plain boring, but we believe that sophisticated Money Planning is the key to understanding how the money you earn during your working life can be used to build wealth to provide the lifestyle you want for your entire lifetime, not just today and tomorrow.

The vast majority of successful businesses will happily pay for specialist advice to help manage their finances, and when you consider that, over the course of twenty or thirty years, most Australian households will have a turnover of many millions of dollars, it makes sense to think of your household as a business and give the management of household finances the attention it deserves.

If it is too difficult or too boring or there just aren’t enough hours in the day, you might like to consider getting some advice and assistance.

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