Financial Management – Personal and Business Level

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Going through a financial crisis, either at a personal level or in business is one of the most disturbing experiences. It is hard seeing your highly prized possessions or business property that you have worked for along time, being disposed to keep you or your business going. Financial crisis is usually painful as you see your status in the society taking a nosedive, while the people expect you to continue with your position with the money you do not have. Anyway, such kind of misery and pain should leave you a much stronger person and not heart broken.

Many financial crisis only comes because of lack of plan or those which are fragile and cannot sustain your needs. Those who do business face a great risk of failing dramatically especially during economic recession thou those in employment are not totally invulnerable. All that one needs to understand is that financial planning forms a major part of our day to day life and dictates who we become and what we can do in the future.

At a personal level, it will be sad to see someone who retires from a luxurious corporate life full of holidays in the best resorts in the world to lack stricken life. This is where many understand that they had not planned their money well during their working years.

For those in business, it is more frustrating to see organizations laying off most of their staff to try and cut down on costs. One would wonder why a global recession which only lasts for less than twenty four months should bring down a company that has existed for the last thirty years. How would you explain that except by seeing how bad the finances of that company were managed?

Source by Reuben Ochieng

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