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Principles of Financial Success Principles- Developing a plan and sticking to it

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  • Post last modified:June 22, 2023
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A financial plan is very critical for personal finance management. It helps to identify goals, prioritize spending, and create a budget. It also serves as a roadmap to achieve financial security and freedom. A financial plan should be updated regularly to adapt to changing circumstances. The discussion shall focus on financial goals, prioritizing spending, and the importance of creating a budget. This lesson shall be based on the following scriptural references:

“A wise man thinks ahead; a fool doesn’t, and even brags about it!” (Proverbs 13:16).

Proverbs 21:5, says, “The plans of the diligent lead to profit as surely as haste leads to poverty.”

“For which of you, intending to build a tower, does not sit down first and count the cost, whether he may have enough to finish it.” (Luke 14:28). Now let us look at the tips.

1) Developing financial goals

Setting clear financial goals is imperative. When you have a clear financial goal, you can create a plan to reach it. This plan should include short-term and long-term objectives, such as saving for retirement, paying off debt, or buying a house. By having a plan in place, you will be able to stay motivated and on track to reaching your goals.

As the Nigerian author Idowu Koyenikan once wrote: “To dream of success is to set a goal of where you want to be; to wake up, take action, and achieve it is what true success is all about.” Taking action is crucial to success, and it requires discipline and dedication. It also requires a willingness to learn from failure and keep going despite setbacks. Through hard work and determination, anything is possible.

Wealth Research Group reports that 98 percent of people die without fulfilling their dreams. This underscores the need to take action and never give up. It is important to believe in yourself and embrace failure as part of the learning process. With the right mindset and effort, you can achieve your dreams.

2) Prioritizing your spending

Since we want to be in control of our finances, listeners are reminded of the importance of prioritizing spending. Remember that there are more things we want in life than the money we acquire or earn. So, it’s wise to spend our money on items that will actually make a difference in our lives. Ask yourself if the item you’re buying is worth it.

As the famous psychologist Daniel Kahneman once wrote: “Money does not buy you happiness, but lack of money certainly buys you misery.” Always think about what matters to you most and what will make the biggest difference. Make sure to create a budget and stick to it. Invest your money in experiences and things that will bring you joy.

3) The importance of following a budget

Having your financial goals in place, and the right spending priorities, you will need a budget in place. That budget will keep you on track. A budget should be created and updated regularly. Make sure to review and adjust it according to your needs and goals. Having a budget will help you stay on track and reach your financial goals.

For example, if you want to save money for a car, you can adjust your budget to include a separate savings account to help you reach that goal. This will ensure that you are putting aside the right amount of money to reach your goal. It will also help you keep track of your spending and make sure you are staying within your budget.  As Antoine de Saint-Exupéry once wrote: “A goal without a plan is just a wish.” The Wealth Watch survey found that 54% of adults met or exceeded their 2022 savings goals.

This article emphasized the importance of setting financial goals. Prioritization of spending was also discussed. Finally, the issue of following a budget came up. These are the things you need to do to ensure proper personal financial management. Please check out my books.


Elphas Sipho Mdluli- MBA Areas of Expertise Business Leadership – Operations Leadership – Financial Management – Process Optimisation – Decision Making Stakeholder Engagement – Project Delivery – Organisational Strategy – Relationship Management – Negotiation Skills Strategy Development – Change Management – Relationship Building – Team Empowerment – Performance Improvement Critical Thinking – Systems Thinking – Strategic Planning – People Management – Business Administration Executive Summary As a meticulous, driven and people-oriented professional, Elphas is motivated by ensuring the achievement of organisational goals. He is fuelled by improving business performance, whilst his all-embracing skillset has enabled him to successfully execute projects across various platforms. His career has presented the effective delivery of solutions, leveraging expertise in financial, operations, administrative and business processes, as well as the management of integrated transformational projects. Elphas thrives in complex environments where strong leadership is required to drive business performance. As a highly focused and participative leader who believes in effective teamwork, he prides himself on his innate ability to connect with and lead stakeholders across all levels of an organisation. With a dedication to continuous improvement, Elphas has completed a vast range of courses, including currently completing his Doctor of Business Administration, building upon his MBA, Bachelor of Ministry degree and Bachelor of Commerce degree in Accounting, to mention just a few. Career Summary Elphas has built his career on a strong academic foundation across a diverse range of areas, including accounting, management development, ministry, finance, corporate governance, risk management, behavioural intelligence, leadership and business administration. He is a Business Leader, an Author, a Lecturer and a pillar within his community. His diverse roles have shaped his skillset and his early roles consisted of Chairperson and Senior Pastor for Christian Liberty Centre and Branch Officer for Select Management Services before moving to Sibonelo Savings and Credit Cooperative Society as Accountant, Manager and then General Manager. In 2013 Elphas spearheaded the start-up of Life Solutions Investments, an organisation providing Training & Consultancy as well as leading operations of a Block Yard. He has also been contracted by Calvary College as a part-time Lecturer. In addition, Elphas has written and published numerous books based in business, marriage and spirituality, as well as being Founder and Senior Pastor of the Freedom Centre International Church. As a result of his sharp business acumen, Elphas was offered the role as Executive Manager for Eswatini Association of Savings and Credit Co-operatives (ESASCCO) where he effectively led teams across various departments. He oversaw Administration, Finance, Training, ICT and the Insurance departments. Elphas has consistently excelled in improving performance and has enjoyed many successes throughout his career, which is evident in the success of the organisations in which he is involved. Elphas provides a significant contribution to the long-term sustainable growth through his extensive experience, vast administration knowledge and impeccable business leadership abilities. His implementation skills are forefront in overall strategic development, and his involvement in business ensures ground-breaking improvement in performance. He is a resourceful professional who has a passion for the development of commerce and the progress of human capital within business, ensuring and facilitating significant growth and financial health of an organisation.