Financial planning examines your goals and helps you prioritize, save and invest for them.
Identify your goals:
Think broadly about life goals and what you need financially to achieve them.
Put it all together:
Contrast your goals with the data about your income, expenses and net worth. Don’t be disheartened — remember, you’re mapping how to get from where you are now to where you want to be.
Put your plan into effect:
Set realistic goals, and check in on them periodically.
Collect your financial data:
What’s your net worth — that is, the value of your cash, investments and other assets versus your debts? How much cash is coming in and going out?
Develop immediate, medium-term and long-term plans:
Building and following a budget is a common immediate step. Reducing credit card or other high-interest debt is a typical medium-term plan that can unlock long-term savings growth.
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