Action Plan to Financial Freedom (Part-1) | Financial

We often dream about financial freedom, we want to and more often talk about becoming financially free. But how many of us actually do something different to achieve this dream? Without a concrete action plan, and clear define road map, no matter how ambitious is the dream, chances of becoming financially free will almost equal to none. Without a clearly define road map to follow, one will soon forget the dream of freedom and go back to live their normal daily life. Action plan can be constant reminder serves to remind a person of his objectives, goal and estimated deadline. Besides, in journey to become financially free, you will want to review your progress against the action plan to see how much progress you have made and how far away you are from your goal.In order to become financial free we need to know what is the definition of financial freedom. Financial freedom being the ultimate goal, of course, before achieving that, we need to know the two pillars supporting the freedom; these are financial stability and financial security. The two pillars are the basic fundamental of being financially free; it is like the foundation of a skyscraper that is built on a strong concrete foundation, in case of financial freedom, it is built on financial stability and security. In short, in order to achieve financial freedom, we must first achieve financial stability and then financial security.Definition of Financial Stability Financial stability is achieved when one person is able to live his life without income for 6 months or more. Wealth is measured by time instead of amount of money you have. Take the example of a fashion designer whose monthly income of 10,000 with monthly expense of 8,000 and a school teacher who only earns 2,000 with monthly expense of 500. Who do you think live a more stable financial? The answer is the school teacher. If both person lose their job, the fashion designer who lives a high maintenance life style would not live through a month to go bankrupt, but for the school teacher, with a saving of 1500 per month in minimum, she can easily live for another 3 months without active income, this provide her ample of time to look for new source of income. In the first step in our road path to become financially free, we need to make sure we are financial stable before we can talk about financial freedom.Action Plan to Financial Stability: Now think. If you have less than 6 months to go into bankruptcy without a job, you need to start doing something. Below are some typical scenarios:
If you are living on a mountain of credit card debt, and you can’t seem to reduce the owing balance each and every month, you have to do something different. From you credit card bill, list out items that you don’t need to spend. Without this desire items, it is easier to pay off the credit card.
When you can’t seems to save even though you are not on any retail/credit card debt. This happens when you pay yourself last. In order to save, you need to pay yourself first. Every month when you get your paycheck, put aside a percentage into saving first and spend the difference. An average person will do the opposite that’s why they can never save, and the worse is they don’t even know where the money goes.
In the action plan, one needs to state how much money to allocate in each month to clear off debts with a deadline. Only after all accumulated debts are cleared off, one can start saving for financial stability. Subsequent action plan needs to find out total expense of one self. Since financial stability is defined to be ones ability to live through 6 months without any income before going into bankruptcy, thus the amount of money to achieve financial stability will be total expense times 6 (months), let us call it Financial Stability Amount Requirement FSAR. Next, state how much money you committed to save every month, and let’s call it monthly saving commitment MSC. With all these figures: FSAR and MSC, one can easily find out how long he/she needs to achieve financial stability. Simply divide FSAR by MSC. The result of calculation is the duration (in month) required to achieve financial stability, one will know exactly the date he/she obliges to achieve financial stability. Now with the action plan in place, a committed and disciplined person will only have to follow it and ultimately achieve it.

What Should You Know About Healthcare Informatics? | healthcare

Healthcare Informatics combines IT and healthcare, in order to bring technology into health. Just as computers and networks, and the internet are helping to revolutionise businesses all over the worild, they are helping healthcare too.Here’s what you should know about.1. The NHS NPfIT, or National Programme for IT is making the NHS better for patients in many ways. Thanks to healthcare informatics, there are now electronic medical records, X Rays and ultrasounds can be electronically sent between hospitals, and there is now more choice for patients about where they are seen.2. Sharing patient information between locations means that if you are seen at a different hospital, then your medical history can be accessed from your normal GP or hospital, so that no matter who is treating you or where, they’ll always have your current medical information.3. The NHS eSpace system allows healthcare staff to share their knowledge and experiences, so that all staff can learn from others, and won’t need to spend their valuable time doing research that’s already been done. It can also be used for much more too.4. Healthcare Informatics is also concerned about the day to day running of a hospital or other medical establishment. Perhaps you need to improve the workflow, and see where your staff are needed the most and when. You’ll be able to spot trends, and see which areas you can improve on.5. You’ll be able to keep your staff well organised, in order to improve patient care by ensuring that you have the right staff and resources available. Perhaps some days, weeks or months will be busier than others, or maybe it always gets busy at the same time every day.6. Thanks to electronic medical records, patient data is more accurate, as it is all done on computer, so there are no handwritten notes and no papers to lose.7. Healthcare Informatics also help to promote better communication, and between locations. NHSmail is the secure NHS internal email system and allows medical staff to get second opinions, or find out more about a patient, even from hundreds of miles away8. Better financial control can be achieved by using healthcare informatics. It’s easier to can see where time and resources can be best used so that they are not wasted, and ensure there isn’t a shortage of resources anywhere else.9. Using reporting systems covering different locations, it’s possible to see how your hospital is operating at different times, or how many number staff you need, how many operations have been performed, or how many beds you need of a given day. All of this helps to ensure that patient care is better.10. As all the information is computerised, and easier to access and update. It means that any information required can be accessed immediately. Better information means that better healthcare can be provided. Better for staff means better for patients too.Now you know more about healthcare informatics, what it means, and how it will help you, you’ll be able to benefit from it the next time you need medical treatment.


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