Personal Financial Plan Step 3 - Design a Plan To Reach Your Goals
- Build a liquid emergency fund
- Pay off credit card debt
- Pay off other debt
- Draw up a will
- Set up a retirement plan
- 401(k)
- Keogh profit sharing (mandatory contributions) or money purchase plan
- Roth IRA
- Traditional IRA
- Other (SEP, etc.)
- Start investing or continue to invest according to your risk tolerance
- Set up an education fund for your children (529 Savings Plan) and contribute to it monthly
- Set up a budget (regardless of your income) and find ways to reduce unnecessary expenses or increase your employment income if you have a shortfall or you don't have enough left over to invest.
- 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
