{"id":1907,"date":"2015-08-05T00:15:56","date_gmt":"2015-08-05T08:15:56","guid":{"rendered":"http:\/\/www.cultofmoney.com\/?p=1907"},"modified":"2015-08-04T14:19:56","modified_gmt":"2015-08-04T22:19:56","slug":"how-to-craft-your-own-financial-plan","status":"publish","type":"post","link":"https:\/\/www.cultofmoney.com\/how-to-craft-your-own-financial-plan\/","title":{"rendered":"How to Craft Your Own Financial Plan"},"content":{"rendered":"
<\/a>Personal Finance is basic. It really, really is. There are only a few things you need to do in order to be financially successful. And while all of these things are simple they aren\u2019t necessarily easy.<\/p>\n In order for your financial life to be successful you need to have a plan. This plan outlines all the basic steps of personal finance but is designed specifically to benefit your life.<\/p>\n Here\u2019s how to craft your own financial plan.<\/p>\n The point of creating your own financial plan is to ensure that you meet the financial goals you have. It will be one place where you can view a snapshot of your personal finances.<\/p>\n Here are some things you can include:<\/p>\n The Best Way to put everything together is to purchase a three ring binder and some divider tabs for different sections.<\/p>\n After that you\u2019ll make a customized page for each section using Microsoft Word or similar program.<\/p>\n Goals:<\/strong> Use this page for motivation. List out all of your short term and long term goals and give each goal a deadline. Some examples will be paying off your credit card debt in six months, saving $50,000 for each of your children\u2019s college educations, saving one million dollars for retirement<\/a>, and so on.<\/p>\n The most important thing is that your goals are true to where you want to be<\/strong> in life.<\/p>\n Income:<\/strong> Make a page to highlight your current income, income sources, and future income, career or business aspirations.<\/p>\n Savings and Investments Page:<\/strong> Create a spreadsheet where you can record the amounts you have in savings and investments. Update your spreadsheet at least every three months so you can look at all of your balances together to see if you\u2019re on track with your goals.<\/p>\n Debt Pay-Off Plans:<\/strong> If you have debt you need to create a page where you can record all of your debt balances. You also need to make a debt payoff plan. You can do this by using the debt snowball, debt avalanche, or something complete different.<\/p>\nYour Financial Plan Basics<\/h2>\n
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How to Put it All Together<\/h2>\n