Building your own personal financial plan will be crucial in your success in managing your money and investments. It also helps you visualize your path to a brighter financial future.
A Personal Financial Plan Doesn’t Need to Be Complicated
An easy way to get started on a financial plan, is begin tracking your net worth. This is a simple habit that keeps you on top of your finances and financial growth. I recommend Personal Capital, which is free and easy to use. It does all the heavy lifting for you.
Am I saving money? Is my spending out of control? What does my retirement look like? Do I have a will? Am I paying off any debt? No matter how bad it might be, these numbers and information need to be known.
What do I want to accomplish in a year, five years, ten years, and beyond? Many times, your future goals may shift, but it’s good to get this on paper and know what you want to work towards.