Cfle Africa

Big Joe’s Dream and How He Worked It

Big Joe had a dream, he wanted to own a business.

After serving in the police service, he knew that with a little extra training, he could use his skills to start a ventilation and air conditioning company.

He and his wife saved every month until they reached their savings goal to start their business. When they felt the timing was right, they bought a van, tools and equipment and set up shop in an old warehouse.

Big Joe’s wife kept her job so they would have steady income and benefits while the business got off the ground.

https://youtu.be/E3oDMEEY9bY

For the next five years, Big Joe worked long hours and put all the income back into the business to help it grow. He gave his customers good service, attracted more customers and paid close attention to his expenses.

By the sixth year, the business was profitable and Big Joe and his wife were well on the way to owning a successful, ongoing enterprise that will increase their personal wealth.

None of this would have been possible without budgeting and saving; they set a goal, made a budget and stick with it.

Big Joe was able to use the couple’s savings to invest in his talents and entrepreneurial spirit.

You can also start and invest in your own business. This requires planning, know-how, savings and an entrepreneurial spirit.

Starting a small business can be risky, but it is one of the most significant ways individuals have to create personal wealth and achieve financial freedom.

Contact Peter Kwadwo Asare Nyarko via

Email: peternyarko403@gmail.com

Call/Whatsapp: +233 278 553 887

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Peter Asare Nyarko

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Welcome to your Some Questions to Ponder

1. 
. PAPERWORK In an emergency, could someone in your family quickly find your important papers— birth certificate, bank account records, health care directive, insurance policies, credit card records, will, etc.?

2. 
NET WORTH Do you know your current net worth and how you hold title to your various assets?

3. 
CASH FLOW MANAGEMENT Do you have enough cash available (in bank accounts or easily cashed securities) to cover yourself and your family for at least six months of no work?

4. 
BUDGET Do you and your family have a useful, written monthly budget?

5. 
EXPENSES Do you think you’ll be able to pay ‘all your bills’ on time every month for the next 12 months without a paycheck?

6. 
EMPLOYMENT BENEFITS Do you understand and, if appropriate, utilize all your employment benefits to your advantage?

7. 
GOALS Do you know what’s really important to you; and have you written your personal and financial goals for yourself and your family?

8. 
FINANCIAL INDEPENDENCE/RETIREMENT Do you know when you expect to be able to retire / become financially independent?

9. 
FINANCIAL INDEPENDENCE/RETIREMENT Do you know how much income & assets you will need to enjoy your retirement years; to live a quality life, including any special gifts or bequests to family, friends and nonprofits?

10. 
FINANCIAL INDEPENDENCE/RETIREMENT Have you calculated the amount of money required to reach your financial goals?

11. 
MAJOR EXPENDITURES - Have you thought about and made a list of major expenditures you can expect over the next five years and where the money will come from to pay for them?

12. 
INVESTMENTS - Do you think your current investment plan(s) will meet your retirement needs?

13. 
TAX DEFERRAL Do you think you are making the best use of tax-deferred investment plans for retirement?

14. 
TAXES Do you know the income tax rates on your last earned dollar?

15. 
INSURANCE / RISK MANAGEMENT Do you think you have the right amount of insurance— life, health, disability, long-term-care, auto, home/renter’s, fire/flood/earthquake, liability, etc.—not too little, but not too much?

16. 
ESTATE & GIFT PLANS Do you and your family have current wills?

17. 
POWER OF ATTORNEY Do you and your family have a current Power of Attorney?

18. 
ADVANCE HEALTH CARE DIRECTIVE Do you and your family have a current Advance Health Care Directive?

19. 
CHARITABLE GIVING Are your favorite causes or nonprofits included within your estate & gift plans for a bequest, planned gift, or as a primary or alternate beneficiary for life insurance or retirement plans?

20. 
TRUSTS Do you know the advantages and disadvantages of using trusts?

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