As a child my financial planning consisted of a piggy bank and a grandmother who told me a penny saved is a penny earned. Coinstar, the maker of coin-counting machines, estimates 65% of Americans save pennies. This translates into $7.7 billion of pennies. When the economy is good, more pennies are saved. When the economy slows down, pennies come back into circulation. The Gross Domestic Income exactly parallels the minting of pennies - but I guess that makes common cents.
Two Tennessee farmers used common sense to fight the high cost of gas. They parked their tractor and hitched their farm equipment to their mules Dolly and Molly, who are a lot cheaper to fuel. The mules required some training and the weight of the equipment had to be shifted so each mule pulled equally, but T.R. and Danny Raymond are saving more than $60 a day. Unfortunately, the vast majority of us don't have mules - which explains the financial mess our country is in. We voted our mules into office.
Meanwhile, brothel owners are trying to get more customers into their businesses. In June when fuel prices hit an all time high in Nevada, brothel owners had a 20-45% drop in revenue. Truckers, who provide steady business to many of the state's twenty-eight brothels, are having to pay 40% more for diesel than a year ago. To stimulate business one resourceful brothel owner is giving its best customers a $50 gas card. Obviously, not having work for the ladies isn't a problem to be taken lying down.
Then there's the man in Wankesha, Wisconsin. He had a unique financial plan for eating out. Just before being given the bill for his meal, Robert Farnam pretended to have a heart attack. Before the restaurant management could rush to judgment, he was rushed to the hospital. This plan worked well until he was recognized by one of the doctors. Now Farnam will go to trial - which could be a win/win situation. If he pays for his crimes by going to jail, he'll be getting his meals for free.
Southwest Airlines' financial planning includes fuel hedging. The airline bought fuel years in advance, gambling the price would go up. As a result, Southwest's second quarter earnings were $321 million and the value of its stock went up 44 cents. At a time when businesses are having record loses, 44 cents isn't peanuts.
Financial planning is important to any business for many different reasons. These can be in order to protect your business assets, so you can plan for retirement, to extend your investments and many other reasons as well. For these reasons many companies hire a financial planning consultant in order to help them achieve all of these things.
A financial planning consultant will help you protect and get the most out of the money that you already have. This is helpful to any business as they will be able to maximise profits and make wise business decisions.
Once your financial planning consultant knows what you business does, where it is at the moment and where you hope it will be in the future, they can help you make smart decisions regarding your money. This advice can range from how to make the most out of the money you have, investing wisely, how to protect it and how to use financial products that suit your needs.
A financial planning consultant will take into consideration the seven key building blocks needed to run a successful business and will mix and match them to suit you personally. The information from this will then be used to make a financial plan. The information on this plan should summarise your current financial position, list your goals, explain how you will reach them, show any investments, analyse any risks, state costs and reveal any money coming in from investment. Having all of this information to hand is very helpful as it can help a business to run more efficiently.
One of the many advantages of using a financial planning consultant is that you can be assured that you are getting quality advice from someone who knows what they are talking about. If you did it yourself you may be worried that you're making mistakes or taking too long to do it. Hiring a professional means you know they know what they are doing and can help you get the most out of your money. As well as this, it also leaves you free to concentrate on other aspects of your company that you need to work on as well.
Many businesses realise that having a good financial planning consultant should be an essential member of their team. This is because they can help to coordinate all areas of their financial life and develop the bet strategies for the company.
Both Knight Pierce Hirst & Derek Both are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Knight Pierce Hirst has sinced written about articles on various topics from Web Development, Humour and Internet Marketing. KNIGHT PIERCE HIRST takes humorous looks at life. at. Knight Pierce Hirst's top article generates over 135000 views. to your Favourites.
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