• ILLEGAL WILDLIFE TRADE RISINGJune 25, 2025
    SOLOMON TJINYEKA editors@thepatriot.co.bw RelatedPosts ILLEGAL WILDLIFE TRADE RISING Be a problem solver – Tips from tech-preneur Mothooagae UDC impress BagaMmangwato   Illegal wildlife trade is escalating in northern Botswana, specifically in the pristine Okavango Delta, following a gruesome discovery… Read more: ILLEGAL WILDLIFE TRADE RISING
  • Be a problem solver – Tips from tech-preneur MothooagaeJune 25, 2025
    STAFF WRITER editors@thepatriot.co.bw RelatedPosts ILLEGAL WILDLIFE TRADE RISING Be a problem solver – Tips from tech-preneur Mothooagae UDC impress BagaMmangwato Local techpreneur Ogone Mothooagae has urged upcoming entrepreneurs to focus on identifying a problem that urgently needs to be… Read more: Be a problem solver – Tips from tech-preneur Mothooagae
  • UDC impress BagaMmangwatoJune 24, 2025
    Kgosi Khama happy over regaining control of Serowe kgotla Bangwato curiously await BDP apology from Balopi BAKANG TIRO editors@thepatriot.co.bw RelatedPosts ILLEGAL WILDLIFE TRADE RISING Be a problem solver – Tips from tech-preneur Mothooagae UDC impress BagaMmangwato   Residents of… Read more: UDC impress BagaMmangwato
  • LIQUID INTELLIGENT TECHNOLOGIES BOTSWANA – SOLUTIONS ARCHITECTJune 23, 2025
    RelatedPosts LIQUID INTELLIGENT TECHNOLOGIES BOTSWANA – SOLUTIONS ARCHITECT LIQUID INTELLIGENT TECHNOLOGIES BOTSWANA – HEAD OF SALES Admiral Touch(PTY) Ltd – Farm Worker
  • LIQUID INTELLIGENT TECHNOLOGIES BOTSWANA – HEAD OF SALESJune 23, 2025
    RelatedPosts LIQUID INTELLIGENT TECHNOLOGIES BOTSWANA – SOLUTIONS ARCHITECT LIQUID INTELLIGENT TECHNOLOGIES BOTSWANA – HEAD OF SALES Admiral Touch(PTY) Ltd – Farm Worker
  • Home
  • News
  • Business
  • Lifestyle
  • Sport
  • Analysis & Opinions
  • Vacancies & Tenders
  • Login
  • Register
Thursday, June 26, 2025
17 °c
Gaborone
21 ° Tue
22 ° Wed
24 ° Thu
26 ° Fri
The Patriot On Sunday
Subscribe
Advertisement
  • Home
  • News
  • Business
  • Lifestyle
  • Sport
  • Analysis & Opinions
  • Vacancies & Tenders
No Result
View All Result
Cart / $0.00

No products in the cart.

  • Home
  • News
  • Business
  • Lifestyle
  • Sport
  • Analysis & Opinions
  • Vacancies & Tenders
No Result
View All Result
The Patriot On Sunday
No Result
View All Result
Home Business

Understanding financial planning

patriot by patriot
January 26, 2021
in Business
245
0
491
SHARES
1.4k
VIEWS
ShareShareShare

Still staying on track and being committed to achieving our financial and lifestyle goals, let us continue to have the habit of looking at our vision board. Nothing is impossible when our belief system is open and ready embrace the possibilities ahead of us. The winning formula of inspiration, aspiration, planning, action, commitment and belief is one that still stands the test of time.

Also, let us continue to track our income and expenses on a daily and monthly basis to increase the accuracy of our budget next year. As the winter season is here, most of us have started stocking up on winter gear such as clothing. Whether we buy for fashion or for quality, the consideration of costs helps us stick to our budget. Another way to overcome the urges of unnecessary spending at this time is transforming the price tags we are considering to pay with our hard earned money as opportunity costs. This type of thinking is similar to always replaying the memory of our vision board but with an additional step. This additional step is really thinking about everything else we could be sacrificing as an outcome of satisfying our urge to unnecessarily spend. Taking it day by day and living in the moment with the consideration of the future is truly a mental-gym task. It is a build up of small actions that lead to big achievements. We are all a working progress in one way or another. It is okay for us to embrace and celebrate our progress so far.

RelatedPosts

Be a problem solver – Tips from tech-preneur Mothooagae

BoB warns banks

BIHL blames Letshego for earnings decline

Our financial planning topic for this week is UNDERSTANDING FINANCIAL PLANNING. With so many financial planning topics discussed, true understanding is what will enable us to effectively use the knowledge we have gained thus far to fulfil the main purpose of financial planning. The main purpose of financial planning does not lie in the actual solutions applied but lies in the achievement of the financial and lifestyle goals we set for ourselves in a personal and/or corporate capacity. There are actually three components that can help us turn our aspirations into reality. They are the concepts of financial inclusion, financial literacy and financial planning. All these concepts are tightly linked and connected. It is very important for everyone to understand these three concepts and how they relate to each other to enjoy the benefits they provide.

Financial inclusion

Financial inclusion is the first part of the chain. It is the awareness and accessibility to a financial or resource product. Note, successful financial inclusion is whereby both awareness and accessibility are realised after a financial inclusion campaign is provided by a company that offers these products and resources. For example, we would be financially included when we are aware of and have access to acquire a new product in our financial market.

In this case, we would know: the name of the product; where to get the product; and that we can acquire the product

On the other hand, there has been some confusion in the financial industry regarding what is meant by accessibility. Some companies operate on the definition of accessibility to mean that we (the clients) have access to the location where the product is available. Other companies operate on the definition of accessibility to mean that we (the clients) meet the actual requirements needed to acquire the product. The reality is that many companies that provide financial and resource products still have to catch up to the understanding that accessibility means the combination of both definitions.

Financial literacy

Financial literacy is the second part of the chain. It is the knowledge of the type of financial or resource product. For example, we would be financially literate when know the different types of products available in our market such as current accounts, savings accounts, shares, investment portfolios, retirement annuity funds, pension funds, funeral plans, trusts, and so forth.

In this case, we would have adequate knowledge of both: the benefits of that particular type of product; and downsides of that particular type of product.

Having knowledge on a type of product is not linked to any company that provides it. But, it is the understanding of the basic skeletal frame from which products are formed. This understanding is what allows us to compare different products of the same type available in our market.

Financial planning

Financial planning is the last part of the chain. It is the process of using awareness, accessibility and knowledge of financial and resource products as part of a solution to achieving our financial and lifestyle goals. Financial planning answers the question of how to use chain combination.

Basically, we would: know what we want to achieve; set SMART goals; align a type of product as part of our solution to achieve our goal; know the benefits of that particular type of product; know the downsides of that particular type of product; know the names of products (of that type of product) available in our market; know where to get the products; know that we can acquire the products (by physical location and set requirements); compare the different products to decide on the one to pursue; appoint our chosen product as a solution; and meet our set financial or lifestyle goal.

Let us take some time this week to ask ourselves the following questions: Am I financially included? Am I financially literate? How am I effectively financially planning? Are the financial and resource products I currently own effective?

In conclusion, we know what we know and don’t know what we don’t know. We do not have any power over what we don’t know. But, we do have power to move forward with what we do know. From understanding the relationship between the three concepts discussed, we basically need to be financially included to be financially literate to use effective financial planning to achieve our financial and lifestyle goals.

Related

Tags: finance

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
Previous Post

Moving Up!

Next Post

Telling Botswana women’s stories

Related Posts

Be a problem solver – Tips from tech-preneur Mothooagae
Business

Be a problem solver – Tips from tech-preneur Mothooagae

June 25, 2025
BoB warns banks
Business

BoB warns banks

June 23, 2025
BIHL blames Letshego for earnings decline
Business

BIHL blames Letshego for earnings decline

June 17, 2025
Redefining banking through innovation
Business

Redefining banking through innovation

June 16, 2025
Access bank’s top brass upbeat
Business

Access bank’s top brass upbeat

June 16, 2025
Business

AI agents are redefining productivity

June 10, 2025
Next Post
Telling Botswana women’s stories

Telling Botswana women’s stories

Please login to join discussion
  • ILLEGAL WILDLIFE TRADE RISINGJune 25, 2025
    SOLOMON TJINYEKA editors@thepatriot.co.bw RelatedPosts ILLEGAL WILDLIFE TRADE RISING Be a problem solver – Tips from tech-preneur Mothooagae UDC impress BagaMmangwato   Illegal wildlife trade is escalating in northern Botswana, specifically in the pristine Okavango Delta, following a gruesome discovery… Read more: ILLEGAL WILDLIFE TRADE RISING
  • Be a problem solver – Tips from tech-preneur MothooagaeJune 25, 2025
    STAFF WRITER editors@thepatriot.co.bw RelatedPosts ILLEGAL WILDLIFE TRADE RISING Be a problem solver – Tips from tech-preneur Mothooagae UDC impress BagaMmangwato Local techpreneur Ogone Mothooagae has urged upcoming entrepreneurs to focus on identifying a problem that urgently needs to be… Read more: Be a problem solver – Tips from tech-preneur Mothooagae
  • UDC impress BagaMmangwatoJune 24, 2025
    Kgosi Khama happy over regaining control of Serowe kgotla Bangwato curiously await BDP apology from Balopi BAKANG TIRO editors@thepatriot.co.bw RelatedPosts ILLEGAL WILDLIFE TRADE RISING Be a problem solver – Tips from tech-preneur Mothooagae UDC impress BagaMmangwato   Residents of… Read more: UDC impress BagaMmangwato
  • LIQUID INTELLIGENT TECHNOLOGIES BOTSWANA – SOLUTIONS ARCHITECTJune 23, 2025
    RelatedPosts LIQUID INTELLIGENT TECHNOLOGIES BOTSWANA – SOLUTIONS ARCHITECT LIQUID INTELLIGENT TECHNOLOGIES BOTSWANA – HEAD OF SALES Admiral Touch(PTY) Ltd – Farm Worker
  • LIQUID INTELLIGENT TECHNOLOGIES BOTSWANA – HEAD OF SALESJune 23, 2025
    RelatedPosts LIQUID INTELLIGENT TECHNOLOGIES BOTSWANA – SOLUTIONS ARCHITECT LIQUID INTELLIGENT TECHNOLOGIES BOTSWANA – HEAD OF SALES Admiral Touch(PTY) Ltd – Farm Worker
The Patriot On Sunday

© 2024 Copyright The Patriot On Sunday - Inspired by Search Mart.

Navigate Site

  • About Us
  • Advertise
  • Disclaimer
  • Contact Us

Follow Us

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Login
  • Sign Up
  • Cart
  • Home
  • News
  • Business
  • Lifestyle
  • Sport
  • Analysis & Opinions
  • Vacancies & Tenders

© 2024 Copyright The Patriot On Sunday - Inspired by Search Mart.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?