Financial Planning Where To Start

Financial Planning Where To Start – Retirement Planning Learn how to start planning for retirement at any stage of your life, whether you’re a working adult, have a growing family, or are an early retiree, you’ll have important choices that will shape your life. will affect your retirement during the call. .

At the National Day Rally 2019 held on 18 August, it was announced that the retirement age would be increased from 62 to 65 by 2030.

Financial Planning Where To Start

Financial Planning Where To Start

But this does not mean that you can retire only at the age of 65. In fact, you can retire whenever you want, as long as you are financially able to afford the retirement you want.

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Retirement planning is best done when you are young. At this stage of life, you have fewer financial responsibilities, and the onset of puberty gives you more time to take advantage of the blended power.

Here’s a graphic representation of what we can do at each stage of life to prepare for retirement.

In Singapore, we have CPF LIFE, an annuity that pays us a lifetime income from the age of 65 until we survive.

We can also fund our retirement income with other instruments, such as a personal annuity plan. CIMB Bank can help people in Singapore by offering a wide range of retirement plans to fund your golden years.

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CIMB Bank offers a wide range of pension plans from Tokyo Marine, NTUC Income, AIA and Aviva, including plans where you use your Supplementary Retirement Scheme (SRS) funds to fund your golden years. can

Also Read: CPF Life or Personal Annuity Plan? Advantages and disadvantages of choosing both pension options

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Financial Planning Where To Start

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CPF Pros and Cons of Adding to Your CPF Account with RSTU Early in the Hunt If you want your business to achieve something, you have a clear picture of your future success in mind.

You have to chart your own path to get there, so there is financial planning. So should you be looking into financial planning for your startup or small business?

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No! Every minute you spend planning is a minute you don’t execute, and execution is everything!

With that in mind, I’ve put together a short guide to help you decide what your planning needs are.

But you don’t need to write a formal business plan to think about all these things. Just keep a live record of your research and notes on these topics.

Financial Planning Where To Start

This will help you and your team get on the same page about the business you are building.

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Angel investors don’t particularly care about all these details. They get what they care about from a digest or publication.

The paper doesn’t tell you what your customers think about your product. You won’t know until they buy it. Or if they tell you why they didn’t.

I adapted many of them and mixed them with my personal experience as a manager and came up with the next five steps.

Businesses don’t fail because they’re unprofitable or because their product is bad. They fail because they run out of money.

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You can only get something if your business survives. He can only survive if he can pay his bills

In practice, managing cash in the early stages is not difficult. In fact, I did an entire blog post on building your first financial model in 20 minutes.

If it’s less than or close to your cash amount, you’ve got a problem. The good thing is that you now know there is a problem. So you can do one (or more) of four things:

Financial Planning Where To Start

Runway: How long it will take to run out of money at the current burn rate. To calculate it, simply do the following: Current Cash Balance / Burn Rate

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(We use zero). These apps connect to your bank or credit card account and help you keep your financial statements organized. Using them will help you during tax season and future investor due diligence.

The next phase begins when you get your first paying customers. Good news! You have income, you have business.

You can start building a small team and make decisions with little information, not just experience.

Then you ask yourself, “How much will I sell per month for the next few months?”. Or “Can I get clients for less?”.

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Customer acquisition is usually a marketing and/or sales function. To answer questions a and b above, you need to understand your funnel:

An example of a funnel structure is in this article by investor Patti Galaza.

If you can’t answer all these questions, you can’t plan for your income. If you can, your plan is almost obvious.

Financial Planning Where To Start

Simulate how much you plan to spend at each stage of the funnel. Use your previous answers to estimate how many customers you will get, how much they will pay you, and how many customers will leave.

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Marketing Cycle / Sales Cycle: How long it takes from prospect initiation to becoming a paying customer.

MRR (Monthly Recurring Revenue): Revenue from subscription or continued use of your product or service (excluding one-time fees).

Once you figure out your income, your business will start to grow. If you ended up here, congratulations, it’s not for many people!

The next challenge you will face is balance. You have many options.

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The word budget can send chills down some people’s spines. In the business world, it is associated with long and bureaucratic processes. And finally, no one can spend on anything.

This is not a budget problem, but a lack of opportunity and ambition. A budget is merely a tool for deciding on the allocation of limited resources.

If you don’t have more resources than options, you need it. Each area of ​​your business has limited capacity:

Financial Planning Where To Start

Don’t think about who has the most complaints. Or does the org balance the chart. Or what are the tasks that no one does.

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If your product has a lot of bugs, you need more customer support representatives. But what if you give more budget to engineering and solve the problems once and for all?

Or your marketing team may not be effective because it’s working with bad data. If you bring in a data analyst, you can spend more on marketing.

A big part of being an entrepreneur is allocating resources. Listen to your team and customers to understand the limits of your capabilities.

Talk to your team about why you are budgeting the way you are. Leave no room for doubt. You still hear complaints. But hopefully that’s only because you have an enthusiastic team that wants to achieve more

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How tight or loose you want to be with your budget is optional. The key here is to organize it in a way that makes sense for your decisions

Tip: If you don’t already have a financial analyst, it might be a good idea to hire a financial analyst now. He helps you build models based on your assumptions and tracks how you’re doing against the plan.

By now, your team has at least 50-150 people, and more are added every week.

Financial Planning Where To Start

It becomes difficult to know everyone’s name in the company, and even more difficult to know what each person does.

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A pricing plan with multiple products or different growth rates will reduce your plan based on average revenue per customer.

Multiple marketing channels with different CACs on different segments will reduce your marketing budget based on average CAC.

The same logic can be applied to any area of ​​your business that becomes more complex. Averages don’t work anymore

All previous plans are still required. But now they are being adapted to use action plan inputs from each more complex business area.

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This means that most resource allocation will be across teams rather than at the enterprise level

These plans are very specific to each industry, a product roadmap is completely different from a sales plan or a marketing plan, but they should all relate to the company’s strategy and key priorities.

An action plan spends resources and metrics related to company goals for a specific area in more detail than a business plan. There is no right or wrong way to be too detailed.

Financial Planning Where To Start

This transition is very difficult for many entrepreneurs. Trusting your leaders to make these decisions is hard, but it’s the only way to grow over time.

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Your leaders are the ones who really understand what’s going on

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