April 25, 2008, Newsletter Issue #95: How to Create a Financial Plan

Tip of the Week

Just like any other major event in your life; you should set plans and goals for your financial future, especially for your retirement income. A Financial Plan is a written summary of your goals as well as a step-by-step method for achieving them. Many people dream about their retirement future, but neglect to take the time to map out their financial path to their golden years. By creating a Financial Plan, you have a greater chance of reaching your financial destination. Here are some things to include in your financial plan: Assess all of your financial income and put it in writing. Organize all of your financial documents so that you have a clear view of how much you are making. Determine whether or not your income level is satisfactory. If not, you will need to plan for changes. Plan ahead for the future and determine how much you will need to attain your future goals. Determine your realistic financial goals. Devise a workable strategy to achieve your goals.

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