Personal Financial Plan Step Two - Determine Where You Want To Be Financially
- Set specific, measurable one-year, three-year, and five-year goals as well as longer-term goals. See Setting Financial Goals
- Establish an emergency fund
- Pay off credit card debt. See Get Out of Debt.
- Contribute to your employer's retirement plan if there is one. If not, set up a retirement plan (such as an IRA) and contribute to it regularly.
- Pay off the mortgage. See 15-Yr Mortgages.
- Achieve financial independence by a certain age
- Be sure your investments are diversified
- Minimize your taxable income
- Other personal financial goals
- Establish children's college funds
- Personal Financial Plan Step One - Assess Where You Are Now Financially
- Personal Financial Plan Step Two - Determine Where You Want To Be Financially
- Personal Financial Plan Step 3 - Design a Plan To Reach Your Goals
- Personal Financial Plan Step Four - Implement the Plan
- Personal Financial Plan Step Five - Monitor the Plan