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Financial plans are written, well-organized methods for keeping your finances in good shape and achieving your financial objectives. Creating a personal financial plan will not only give you more control over your finances, but it will also improve your quality of life by lowering the anxiety you feel about money and future demands.
To establish a solid strategy for the future of your finances, most financial planning experts recommend following a six-step procedure.
STEP 1 : Analyze Your Present Financial Situation
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A) Make a list of all of your assets and liabilities.
Liabilities are the values of the items you owe, whereas assets are the things you own that have worth.
Cash and cash equivalents, such as checking and savings accounts; personal property, such as equity in a home and/or a car; and invested assets, such as stocks, bonds, and pensions, are all examples of assets.
- Current expenses and debts, such as vehicle loans, home loans, medical debt, credit card debt, and student loans, are examples of liabilities.
B) Make an estimate of your present net worth.
Add up all of your assets, then remove all of your liabilities. Your present net worth is the result of this calculation. The beginning point for your personal financial plan is your current net worth.
C) Make a system for keeping track of your finances.
Make a file system for your tax returns, bank account statements, insurance policy information, contracts, receipts, wills, deeds, titles, invoices, investment plan statements, retirement account statements, pay stubs, employee benefits statements, mortgages, and any other financial documents.
Add up all of your assets, then remove all of your liabilities. Your present net worth is the result of this calculation. The beginning point for your personal financial plan is your current net worth.
- A positive net worth indicates that your assets exceed your liabilities, whereas a negative net worth indicates the opposite.
C) Make a system for keeping track of your finances.
Make a file system for your tax returns, bank account statements, insurance policy information, contracts, receipts, wills, deeds, titles, invoices, investment plan statements, retirement account statements, pay stubs, employee benefits statements, mortgages, and any other financial documents.
D) Keep track of your revenue and expenses.
This will allow you to examine how you now spend your money, as well as the practises that have led to your current net worth.
This will allow you to examine how you now spend your money, as well as the practises that have led to your current net worth.
STEP 2 : Create a list of financial objectives.
A) Set short-, medium-, and long-term objectives.
Goals are at the heart of personal financial planning. Consider what you want your lifestyle to be like in the present, near future, and distant future, and then build a goal outline that is broad enough to encompass all aspects of your life:
You might find that your short-, intermediate-, and long-term goals overlap — saving $200 a month for a house fund, for example, could lead to your long-term goal of buying a home.
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A) Set short-, medium-, and long-term objectives.
Goals are at the heart of personal financial planning. Consider what you want your lifestyle to be like in the present, near future, and distant future, and then build a goal outline that is broad enough to encompass all aspects of your life:
You might find that your short-, intermediate-, and long-term goals overlap — saving $200 a month for a house fund, for example, could lead to your long-term goal of buying a home.
B) Make use of a "SMART" goal-setting strategy.
Ensure that your objectives are Specific, Measurable, Attainable, Rewarding, and Time-bound. As a result, your goals will be able to progress from the "dream" stage to actual implementation.
C) Consider your financial assets and liabilities.Ensure that your objectives are Specific, Measurable, Attainable, Rewarding, and Time-bound. As a result, your goals will be able to progress from the "dream" stage to actual implementation.
- Specific objectives can be stated clearly. It's hard to succeed or fail with a vague aim like "be financially independent." Have a clear and succinct purpose that you can summarise in a few words.
- Measurable objectives involve a numerical component, such as "raise my credit score to 750" or "have $12,000 in emergency savings." It's also tough to judge if you're making progress without assigning a value to a goal.
- Attainable objectives are grounded on truth. Make a goal that you can really achieve; otherwise, you'll be discouraged from making a plan at all.
- Once you complete rewarding (also known as relevant) goals, you will feel good about yourself. There should be a positive feedback loop in which you complete a goal and then want to complete others.
- Time-based goals aren't open-ended; instead, they contain deadlines and milestones that you can either meet or miss. Keep in mind that plans are fluid and might change as new information becomes available.
What is your attitude about money? What is the significance of money in your life? Answering these questions will assist you in determining your financial objectives. Money may be essential to you because you wish to have the time and means to pursue your ambition of foreign travel, for example. Knowing this about yourself will aid in the development and prioritisation of your objectives.
D) Include your family in the discussion.
Make your "personal" financial plan a "family" plan if you have a spouse or family. This will ensure that you and your partner share your values and goals, and that you make financial decisions based on these shared values and goals.
Recognize that some people are better with money than others. Determine who will be in charge of the household budget, or think about how to accommodate each partner's need for control.
E) Take into account all of your objectives.
A dream of backpacking through Europe, for example, may not appear financially feasible at first, but you'll need to gather resources to make it happen.
STEP 3 : Choose from a variety of options.
A) Examine your possibilities for achieving your financial objectives.
In general, your alternatives will fall into one of two categories: repurposing existing resources or producing new revenue. Consider whether you should: for each goal:
B) Keep in mind that the same aim can be achieved in a variety of methods.
Make your "personal" financial plan a "family" plan if you have a spouse or family. This will ensure that you and your partner share your values and goals, and that you make financial decisions based on these shared values and goals.
Recognize that some people are better with money than others. Determine who will be in charge of the household budget, or think about how to accommodate each partner's need for control.
E) Take into account all of your objectives.
A dream of backpacking through Europe, for example, may not appear financially feasible at first, but you'll need to gather resources to make it happen.
- Continuing your education, attending leadership retreats, sending your children to college, and attending seminars are all examples of intellectual ambitions.
- Consider how you want to generate revenue, whether it is by continuing or advancing in your current field of work or by changing careers entirely.
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In general, your alternatives will fall into one of two categories: repurposing existing resources or producing new revenue. Consider whether you should: for each goal:
- Maintain your current path of action.
- Increase the scope of your current scenario.
- Alter your current circumstance.
- Take a different approach.
For example, to save money for that Europe backpacking trip, you may substitute regular coffee shop stops with home-brewed coffee and save $20 each week.
- You might also provide child care for a friend one day a week and put the money toward the trip.
You should think about how your goals interact in addition to identifying different courses of action within your financial goals. You could think of travelling as a "lifestyle" goal, but after some thought, you realise that following the educational goal of learning a foreign language will allow you to travel more affordably — or even seek a profession as a translator or businessperson working in another nation.
STEP 4 : Consider Your Alternatives
A) Choose the tactics you'll use to finish your financial strategy.
Take into account your own status, values, and current economic situations.
Consider how you feel about where you are financially now compared to where you want to be in each of the categories you've considered. Do you notice any particular flaws in one area? Perhaps you should pay special attention to this area.
Lastly, maintain your practicality.
B) Keep in mind that every decision has an opportunity cost.
When you make a decision, you give up something called an opportunity cost. Giving up coffee shop visits to save money for that backpacking trip could mean sacrificing time, planning, and the discussion you enjoy with your favourite barista.
C) Consider your options as if you were a scientist.
Gather as much information as possible and thoroughly assess your findings. If you're thinking about making an investment, for example, you should pay close attention to the risk-reward ratio — how risky is the venture, and how much would you get if it succeeds? Do the advantages outweigh the risks?
When you make a decision, you give up something called an opportunity cost. Giving up coffee shop visits to save money for that backpacking trip could mean sacrificing time, planning, and the discussion you enjoy with your favourite barista.
C) Consider your options as if you were a scientist.
Gather as much information as possible and thoroughly assess your findings. If you're thinking about making an investment, for example, you should pay close attention to the risk-reward ratio — how risky is the venture, and how much would you get if it succeeds? Do the advantages outweigh the risks?
D) Recognize that there will always be some level of uncertainty.
The parameters of your issue may vary even after you've thoroughly done your investigation. The economy may experience a downturn, easing investment fears. Your new job may leave you disappointed on both a personal and professional level. Do your best and keep in mind that you can always change your mind afterwards.
The parameters of your issue may vary even after you've thoroughly done your investigation. The economy may experience a downturn, easing investment fears. Your new job may leave you disappointed on both a personal and professional level. Do your best and keep in mind that you can always change your mind afterwards.
STEP 5 : Make a financial action plan and put it into action.
A) Take a step back and look at the larger picture.
Create a list of the methods you've identified now that you've defined goals, found alternatives, and evaluated those choices. Consider your existing condition and then consider which goals are most likely to be achieved.
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A) Take a step back and look at the larger picture.
Create a list of the methods you've identified now that you've defined goals, found alternatives, and evaluated those choices. Consider your existing condition and then consider which goals are most likely to be achieved.
- Take into account your current net wealth. If your obligations are approaching or exceeding your existing net assets, you should take actions to improve that ratio.
B) Make a decision about which goals you'll pursue right now.
Aim for a balanced approach to short-, intermediate-, and long-term goals that will allow you to plan for the next few months and years.
Aim for a balanced approach to short-, intermediate-, and long-term goals that will allow you to plan for the next few months and years.
- Concentrate on slow, steady progress. You will be able to design a road plan that will lead you to your objectives.
- Keep your expectations in check.
You won't be able to implement all of the fantastic methods you've researched at once, but choosing a diverse set of objectives will help you achieve the goals you do set and progress toward a position where you can take on more initiatives.
C) Create a budget that includes your financial planning objectives.
Set these into a framework that includes the decisions you've made. You already know your net assets and liabilities from your existing net worth analysis. Then hold yourself responsible for your choices. List it in your budget if you've resolved to spend $50 less per month on coffee and put the money in a savings account.
D) Consider retaining the services of a competent financial advisor.
Although you may be capable of making financial decisions on your own, a professional adviser offers the benefit of emotional distance from your financial circumstances.
Although you may be capable of making financial decisions on your own, a professional adviser offers the benefit of emotional distance from your financial circumstances.
A) Make it a habit to assess your financial objectives on a frequent basis.
If your life circumstances change frequently (for example, as a college student), you may want to revisit these goals every six months. If your life is more steady (for example, as an adult empty-nester), you might want to schedule an annual review.
B) Talk to your partner about your financial goals.
If you're already in a committed relationship, you've most likely gone through this together. Financial discussions should be included in the discussion about your values, goals, and plans for achieving those goals when entering into a partnership.
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