How to Build a Financial Plan –  Points to Consider 

A financial plan is vital to financial success. You can develop a financial plan on your own! It is a daunting task, but don’t worry; we’re here to help.

I’m here to give you the building blocks you need to build your own financial plan. However, these are just guidelines. If you need specific help, you should see a financial planner.

Income

When you first write your financial plan, you will have to use your current income for your balance sheet. However, it’s also important to think about what might happen to your income in the future

Debt

The next part of your financial plan should include how much money you owe towards your debt.

Insurance

Insurance will help you if the unexpected happens. Car insurance, home insurance, rental insurance, and health insurance are things you need to consider in your financial plan.

Taxes

The only thing certain in life is death and taxes – so make sure your financial plan accounts for it! Taxes are due whether money is coming out of your paychecks or not. If you start a side hustle or your own business, you will have to make plans to pay the appropriate amount in taxes.

Housing

Everyone needs a place to live. However, there are lots of different housing options, and whichever you choose may have drastic impacts on your financial plan.

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