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In order to determine my financial situation, I will use the Net Worth Statement worksheet from the University of Illinois. This worksheet asks about your assets and liabilities that contribute to your net worth. Assets outlined in the worksheet include cash (I.e. savings account), investments (I.e. mutual fund), retirement assets (I.e. IRA), and personal assets (I.e. home). Liabilities are what I owe, and for me that includes mortgages, car payments, and student loans. To determine my net worth, I would subtract liabilities from assets.

(University of Illinois, n.d.)

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To create my goals, I looked at my financial situation and thought of the areas in which I can improve. Specifically, I looked at my liabilities and how I can minimize them. I used the video below to create goals that are realistic and appropriate for my life stage.

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The 5 Most Basic Financial Goals Everyone Should Have

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Developing a course of action consisted of looking for tips on how to manage finances. The University of Illinois provided a fact sheet on this topic that I found to be helpful.

(University of Illinois, n.d.)

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Another alternative would be to hire a financial advisor. Weliver (2020) suggested that there are a few different times where hiring a financial advisor is appropriate, and one of those is when you already have an emergency fund. I think this would be an appropriate choice for me when that time comes so I can have an objective opinion on how to best save for the future.

(Weliver, 2020)

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Creation and Implementation of Financial Action Plan

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Creation and Implementation of Financial Action Plan

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I used the video below to find a way to implement my financial action plan. He suggests using a financial software to track your budget so I will use Mint because I am already familiar with it.

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I will review my financial plan every year, or if I experience a job change or other major life event. Personal FN (2013) notes that reviewing and revising the financial plan is crucial when you have a change in goals or your financial situation. For this reason, I think it will be benefit to go review my financial situation around the time I complete my taxes.

(Personal FN, 2013)

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Personal FN. (2013, July 30). Why is it important to review your financial plan? Retrieved December 06, 2020, from https://www.personalfn.com/fns/why-is-it-important-to-review-your-financial-plan
University of Illinois. (n.d.). Assessing your financial situation. Retrieved December 06, 2020, from https://web.extension.illinois.edu/toughtimes/making_the_most.cfm
University of Illinois. (n.d.). Spend smart, save smart tips. Retrieved December 06, 2020, from https://web.extension.illinois.edu/toughtimes/smart_tips.cfm?tipstype=money
Weliver, D. (2020, October 16). When is it time to hire a financial advisor? Retrieved December 06, 2020, from https://www.moneyunder30.com/when-is-it-time-to-hire-a-financial-advisor