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Reflective Question #3: If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?  

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Reflective Question #3: If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?  

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The element that I found to be the most important when starting your financial plan is to start an Emergency Savings Fund. The practice of putting aside 10-20% of your earnings until you've saved 3-6 months worth of income is the first greatest investment you can make for yourself. Putting those savings into a high interest account will push your money one step further into making your money work for you.

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Website #1: Ten Steps to Creating a Solid Financial Plan For Yourself 

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Website #1: Ten Steps to Creating a Solid Financial Plan For Yourself 

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This blog post outlines 10 simple prompts to guide a novice into goal setting, creating an emergency fund, paying off debts and saving intentionally for their future.  A particular section highlights the importance of acquiring insurance and creating an estate plan to protect your loved ones.

I chose this article because I appreciated the additional tips on how to review your financial plan as you make progress towards your goals.  Most of the time, people make one plan and forget to reference it regularly.  This addition at the end of the post reminds the reader that their financial plan is a living document; meaning that it needs to be regularly reviewed and adjusted to reflect appropriate changes.

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No one cares about your financial well-being more than you, so it's important to have a financial plan for yourself. Having a solid financial plan will allow you to save money, afford the things you really want, and achieve long-term goals like saving for college and retirement.

This probably won't come as a surprise, but everyone's financial plan looks different. So if you're wondering how to create a financial plan, or why you should do so, you're in the right place.

We all want to be financially independent and build wealth. Deciding to embark on the journey toward financial independence is a big deal! It marks a fresh beginning with your money and it means that you're setting out to accomplish something that can change your life for the better.

In this post, I'll take you through everything you need to know in order to plan for your financial future. Keep reading, then get ready to take some action to kick-start your own financial plan.
Contents:
Create a list of things to plan for

Let's start by creating a list of things you'll need to have or build on your journey to financial security. These items below are essential to your financial plan (Click the links below to delve deeper into each!):

Determine the type of financial plan you need

Don't think that it's too early or too late to have a financial plan. Quite the contrary-now is the PERFECT time to start!

If you're single, it's important to establish a financial plan that not only helps you meet your immediate goals, but that ensures your future self will be taken care of. This means doing all the things mentioned above without making any assumptions that things will somehow work themselves out. A big mistake? Assuming you'll meet someone who will take care of you and deal with the finances in your relationship.

If your relationship status changes or you get married, you'll be well equipped to plan your finances together if you already have things in place for yourself.

2. A plan for your marriage

If you are married or have a significant other, then you need to participate in your finances as a team. Discuss your budget and money goals and make financial decisions together. Understand where your money is going and how much money you have in savings and in investments.

- Should you have joint accounts or separate accounts?

Having joint accounts is great, but I also believe in having your own personal savings accounts. As women, it's important for us to build our own sense of security and have "our own" that we bring to the table. But don't feel like you need to keep your personal accounts secret. Remember, marriage and committed relationships thrive on openness and honesty.

Regardless of whether you team up with your partner or go it alone, the path to financial independence is not always a smooth, perfectly paved one. But don't despair; it's time to roll our sleeves up and get our hands dirty. That's right-it's time to learn how to create a solid financial plan.

How to create a financial plan

Below, you'll find ten steps to create a solid financial plan.

1. Write down your financial goals

Having financial goals is the foundation for your financial success. After all, you have to know what you want to accomplish in order to actually accomplish it. However, when it comes to setting goals, you want to make sure your goals are well defined and prioritized accordingly. It's great to have big, lofty goals! But be sure to break them down into smaller chunks. That way, you're not overwhelmed trying to accomplish them and you can easily measure your progress.

2. Start an emergency fund

It's also really important that one of your goals includes a plan to deal with emergencies. You want to make sure you are prepared to weather a storm. Otherwise, you'll just end up in debt again.

3. Pay off debt

Sadly, you can't really kick-start your financial future if you're carrying a ton of debt. Between sky-high interest rates, large minimum monthly payments and the damage lots of debt can do to your credit score, you're better off paying your debts first. Create a debt pay-off strategy and be patient but consistent when working toward becoming debt-free.

4. Create a plan to invest

If you are serious about building wealth, then you're going to need to put your money to work for you. This is where investing comes in. However, before you put any of your hard-earned money into investments, it's important to have well-defined objectives. Think about what the investment is for when you'll need your money and what your risk tolerance.

Investing is a long-term activity, so you have to commit to it if you really want to see your money grow. Worried that you'll need your money in the short term? Well, that's what your savings accounts are for; to put aside your emergency savings and money for your short-term goals (i.e. money you'll need in 5 years or less).

You also want to make sure you have a basic understanding (at the minimum) of any investment you put your money into (e.g. the stock market, real estate or small business). Your plans to invest should be included as a part of your monthly budget where you allocate a certain percentage of your income toward your investment goals.

5. Get the right insurance

After working so hard to earn your money, the last thing you want is an unplanned occurrence to wipe you out. Insurance is essentially your back-up plan that will protect your assets in the event a life circumstance happens that requires a large amount of money to resolve.

Your insurance coverage should include health, auto, disability, life, home or rental, and business. Basically, you want to protect anything of major importance that has a high value to ensure that you (and your loved ones) are protected financially.

Having the right insurance can turn what could otherwise be a major disaster into a mere inconvenience.

6. Create a plan for retirement

In order to have the lifestyle you dream of in retirement, you need to plan adequately for it. You'll need to determine how much you are going to need to retire, of course taking inflation into consideration , and how you plan to save and invest in advance for that period of your life.

While retirement might seem like a lifetime away, it's never too early to start!

7. Plan for taxes

Yup, taxes! Taxes are annoying, but they're certainly not going away anytime soon. So make sure your long-term income projections include taxes. Not planning for taxes can impact your cash flow in a major way.

In addition, you definitely want to look into tax savings investment options and stay up to speed on any relevant tax deductions you can apply to help you save money on tax payments. You can plan to sit with a tax accountant or financial planner to help ensure your plan for taxes is adequate. You should also check out our blog post on how to reduce your taxable income!

8. Create an estate plan

Estate planning is not something a lot of people like to think about, but it's essential! It allows you to determine exactly what happens to your assets after you are gone. It involves listing out all your assets, creating a will, and making it accessible to the people who need to have access to it. A financial planner or estate lawyer can help you set things up correctly.

9. Review your plan frequently

Once you have your financial plan outlined and churning along, it's important to review your plan frequently and make the necessary adjustments if your goals or the circumstances around your life change.

For instance, maybe your insurance needs change, your risk tolerance changes, or you get married or have kids. At a minimum, you want to check in on your overall financial plan at least every six months.

When you check infrequently, it's easier for you to deal with unplanned life occurrences, bounce back from setbacks and accomplish your financial goals.

Think about what you do to maintain your personal health - You brush your teeth and shower regularly to keep yourself clean and avoid unnecessary illnesses because we all know that falling sick can lead to other health complications and you definitely don't want that. And also because you do it so often, it's now part of your everyday health maintenance habit - well, the same applies to your finances!

10. Stay the course, avoid overspending and learn from your mistakes

Your journey to financial independence won't always be easy. There will be some tough days, weeks and even months. Pursuing a goal of financial independence that's very much tied to delayed gratification is not always fun, but it's completely doable. Have a solid plan for your finances, be disciplined and avoid overspending. You'll find out how great you'll feel when you really make a concerted effort to stick to your budget.

As you work on your finances, you may still make mistakes with your money, and that's okay. Sometimes you might be unable to resist the urge to buy something that isn't in your immediate budget. And sometimes you will feel like ripping your entire financial plan to bits because it just doesn't seem like fun.

However, as long as you keep your reasons WHY you want to be financially free in focus and make an effort to rebound quickly from your mistakes, you'll do just fine. It's all about assessing the mistakes you made, understanding why you made them and making a plan to avoid making them again. Then, you'll need to take those lessons and apply them to your future success.

Tips on how to frequently review your financial plan

Here are some tips to help you check up on your financial plans.

1. Establish a routine

Allocate some time each week or at the minimum once a month, unfailingly, to go over your finances. Make it a coffee date with yourself or put on some nice music and grab a warm cup of tea at home and spend some time checking in on things. It's a good idea to set a reminder on your calendar so you don't forget this check-in.

2. Set and review your financial goals

If you haven't already, it's important that you layout your short and long-term financial goals so you know exactly what you are working towards with your money. As time progresses, you want to make sure you review and reassess your goals to make sure they are still things you want to accomplish and that you are on track to meet them.

3. Reconcile your bank accounts and bill payments

Check your bank account debits against any bills payments you previously scheduled or sent out. Make sure any pending bills/debt repayments have been paid or scheduled.

Compare your receipts against your credit card transactions and confirm the balance. Review your budget and compare your actual spending to what you budgeted for. Once a month establish your budget for the upcoming month.

4. Review your savings and investments

If you have automated transactions set up to make transfers to your savings or investment accounts be sure to check in on them. This would also include any automatic deposits you have set up to go into your retirement accounts etc.

If you don't have automation set up, make or schedule your manual transfers to your savings and investment accounts and be sure to check and make sure the transactions went in successfully.

Also, plan to review your overall investment portfolio to rebalance and diversify as needed and be sure to review your fees too!

5. Review your insurance policies

You also want to make sure you have the right type of insurance for your life. This includes health, auto, life, disability, home, personal property, business, etc. Set a reminder for twice a year where you sit down and evaluate the costs of your various policies and shop around to see what else is out there.

Reconciling your accounts and planning your finances out, ensures you are aware of everything happening with your money and that you are on the right path to accomplish your goals.

Your net worth can almost be described as the thermometer used to measure your financial health and you want to keep track of it. Your main priority should be to pay off as much debt as possible, starting with your high-interest debt, grow your assets and over time, your net worth will start to grow.

It's also important to track your net worth over time to ensure you are in line with your long-term goals and financial objectives that you've set out to accomplish.

Many people start out with a negative net worth as they start out working on improving their finances but given time and the continuing of practice good financial habits, this will change.

Questions to ask when you review your financial plan

Some questions to help you along with the process could include:

1. What steps did I take this past month that got me closer to my goals?

2. What things happened that have put me further away from my goals?

3. Was my spending in line with my core values?

4. What money mistakes have I made in the last month?

5. Why did I make them?

6. Are my financial goals still realistic?

7. What big expenses are coming up soon?

8. Is my emergency fund fully funded with 6 to 9 months of expenses based on the current basics needs I have today?

9. Am I saving enough to retire comfortably based on my ideal retirement amount?
Don't know your amount?

10. Am I meeting my other short-term savings and investment goals

11. Am I on track with my savings for my children?

12. What steps can I take to make sure I have a better month next month?

Tip: Keep a journal where you answer these questions and then review your past entries every few months, it's a great way to stay motivated especially as you see the progress you are making over time, and if you stay committed to improving your finances, you WILL see progress.

In closing

Remember, this is your journey and not anyone else's so having a plan to succeed with your finances is super important. Planning ahead for the life you desire is 100% worth it.

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10 Steps to Create a Solid Financial Plan | Clever Girl Finance

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No one cares about your financial well-being more than you, so it's important to have a financial plan for yourself. Having a solid financial plan will allow you to save money, afford the things you really want, and achieve long-term goals like saving for college and retirement.

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Website #2: 6 steps to create your company’s financial plan

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Website #2: 6 steps to create your company’s financial plan

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This article looks at creating a financial plan from a business perspective.  This differs from a personal financial plan because it requires referencing a strategic plan for the year and figuring out how to meet those goals.  There was the similarity of saving for an emergency; referred to as a "contingency" in the article.

I chose this article because of my future goal of owning a spa. I appreciated learning that there was not much of a difference between personal and business financial planning. One piece of information that I found interesting is that by determining the needs of your business sooner with financial projections, you can present this information to you investors to get support ahead of time.

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Read time: 2 minutes

A financial plan is different from your financial statements.

Instead of looking at what's already happened, you make projections for the coming months, forecasting income and outlays. Your projections will act as an early warning system, helping you to plan for cash flow dips, identify financing needs and pinpoint the best timing for projects.

It also gives you a tool for monitoring your finances, allowing you to gauge your progress and quickly head off trouble. Here are six steps to create your financial plan.

1. Review your strategic plan

Financial planning should start with your company's strategic plan. You should think about what you want to accomplish at the start of a new year and ask yourself a series of questions:

Do I need to expand?

Do I need more equipment?

Do I need to hire more staff?

Do I need other new resources?

How will my plan affect my cash flow?

Will I need financing? If yes, how much?

Then, determine the financial impact in the next 12 months, including spending on major projects.

2. Develop financial projections

Create monthly financial projections by recording your anticipated income based on sales forecasts and anticipated expenses for labour, supplies , overhead, etc.. (Businesses with very tight cash flow may want to make weekly projections.) Now, plug in the costs for the projects you identified in the previous step.

For this job, you can use simple spreadsheet software or tools available in your accounting software. Don't assume sales will convert to cash right away. Enter them as cash only when you expect to get paid based on prior experience.

Also prepare a projected income (profit and loss) statement and a balance sheet projection. It can be useful to include various scenarios-most likely, optimistic and pessimistic-for your projections to help you to anticipate the impacts of each one.

It may be a good idea to seek advice from your accountant when developing your financial projections. Be sure to go over the plan together, as it is you, and not your accountant, who will be seeking financing and who will be explaining the plan to your banker and investor.

3. Arrange financing

Use your financial projections to determine your financing needs. Approach your financial partners ahead of time to discuss your options. Well-prepared projections will help reassure bankers that your financial management is solid.

4. Plan for contingencies

What would you do if your finances suddenly deteriorated? It's a good idea to have emergency sources of money before you need them. Possibilities include maintaining a cash reserve or keeping lots of room on your line of credit.

5. Monitor

Through the year, compare actual results with your projections to see if you're on target or need to adjust. Monitoring helps you spot financial problems before they get out of hand.

6. Get help

If you lack expertise, consider hiring an expert to help you put together your financial plan.

Download our free financial plan template to start building your financial plan now.

1. Review your strategic plan

Financial planning should start with your company's strategic plan. You should think about what you want to accomplish at the start of a new year and ask yourself a series of questions:

Do I need to expand?

Do I need more equipment?

Do I need to hire more staff?

Do I need other new resources?

How will my plan affect my cash flow?

Will I need financing? If yes, how much?

Then, determine the financial impact in the next 12 months, including spending on major projects.

2. Develop financial projections

Create monthly financial projections by recording your anticipated income based on sales forecasts and anticipated expenses for labour, supplies , overhead, etc.. (Businesses with very tight cash flow may want to make weekly projections.) Now, plug in the costs for the projects you identified in the previous step.

For this job, you can use simple spreadsheet software or tools available in your accounting software. Don't assume sales will convert to cash right away. Enter them as cash only when you expect to get paid based on prior experience.

Also prepare a projected income (profit and loss) statement and a balance sheet projection. It can be useful to include various scenarios-most likely, optimistic and pessimistic-for your projections to help you to anticipate the impacts of each one.

It may be a good idea to seek advice from your accountant when developing your financial projections. Be sure to go over the plan together, as it is you, and not your accountant, who will be seeking financing and who will be explaining the plan to your banker and investor.

3. Arrange financing

Use your financial projections to determine your financing needs. Approach your financial partners ahead of time to discuss your options. Well-prepared projections will help reassure bankers that your financial management is solid.

4. Plan for contingencies

What would you do if your finances suddenly deteriorated? It's a good idea to have emergency sources of money before you need them. Possibilities include maintaining a cash reserve or keeping lots of room on your line of credit.

5. Monitor

Through the year, compare actual results with your projections to see if you're on target or need to adjust. Monitoring helps you spot financial problems before they get out of hand.

6. Get help

If you lack expertise, consider hiring an expert to help you put together your financial plan.

Download our free financial plan template to start building your financial plan now.

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6 steps to create your company's financial plan | BDC.ca

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Read time: 2 minutes A financial plan is different from your financial statements. Instead of looking at what's already happened, you make projections for the coming months, forecasting income and outlays. Your projections will act as an early warning system, helping you to plan for cash flow dips, identify financing needs and pinpoint the best timing for projects.

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Website #3: Financial Planning Basics - Personal Finance 101

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Website #3: Financial Planning Basics - Personal Finance 101

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This article was a short and sweet description for the everyday consumer to take responsibility for their finances.  Within 5 steps, the reader is lead through the very basics needed to get out of debt and adjust their spending habits to make the most of what they have.

I chose this article because the content is presented in a way that doesn't feel overwhelming. I liked that the author included the tactic of cutting expenses after making a budget; an idea that was not presented in all of my resources. By cutting expenses after making a budget, a person can reallocate funds to areas that need more support in their budget.

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At the very basic level of personal finance, you should understand the need for, and value of, a budget. A budget or spending plan is a road map for telling your money what to do each month. At its simplest, a budget lists how much income you have coming in compared to what's going out each month.

Creating a detailed and​ ​written budget allows you to make smarter decisions with your finances daily. When you're faced with spending money on something, a budget requires you to stop and think about the purchase. You realize that by spending money in one area, you won't have to spend-or save-elsewhere.

When you create a budget, you begin to see a clear picture of how much money you have. You can identify your spending, and how much-if any-is left over. Ideally, you'll have a surplus leftover, which you can use to save for retirement, build up your emergency fund, pay down debt, or apply to other financial goals.﻿﻿

The simplest way to create a budget is on paper, but you can also use a budgeting spreadsheet, software, or budgeting app to get the job done.﻿ If it's your first time budgeting, consider testing out different approaches each month to find the one that best fits your needs and style.

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Financial Planning Basics - Personal Finance 101

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At the very basic level of personal finance, you should understand the need for, and value of, a budget. A budget or spending plan is a road map for telling your money what to do each month. At its simplest, a budget lists how much income you have coming in compared to what's going out each month.

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Website #4: The importance of reining in spending this holiday season

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Website #4: The importance of reining in spending this holiday season

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This article gives Canadian statistics about the financial uncertainty Canadians are feeling around the holidays because of COVID-19.  20% of Canadians rarely pay their credit card in full; a habit that is harmful to one's credit score.

I chose this article because I found the tips on how to avoid temptation of overspending with credit card use. A unique strategy that was shared was to avoid "fear of missing out" or FOMO. This acronym is a simple way to remind yourself to consider if the purchase you're about to make is a need or a want. Taking the time to thing carefully before purchasing helps reduce the frequency of impulse buying.

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The importance of reining in spending this holiday season

The holiday season is just around the corner, but the second wave of COVID-19 isn't exactly doing a lot for the festive spirit this year.

Canadians are worried about staying safe, flattening the curve, ensuring their loved ones are healthy - and they're also seriously anxious about their finances.

The newly released FP Canada Cross-Country Checkup, a national survey by FP Canada™, has revealed that two out of five Canadians (37%) report that their bank accounts cannot withstand a financial emergency. That's a significant increase from only two years ago, when 33% said they couldn't handle a sudden financial shock.

The survey also showed that 20% of Canadians (the same as in 2018) rarely or never pay off their credit card balance each month. That number soars even higher in Atlantic Canada at 29%. And 46% of Atlantic Canadians only pay off their credit card minimum payment, the highest in the country.

But there are some bright spots - in particular, Canadians are fully aware of the necessity of being responsible with their money as holiday shopping season kicks off. More than half of Canadians (52%) told the survey that they intend to spend less on gifts this year. At 54%, those in Ontario and the Prairies (Manitoba and Saskatchewan) intended to cut back on gifts more than those in any other region this year.

'Reassuring sign'

"It's a reassuring sign that we all seem to understand that this season, we'll have to rein in our spending, and hopefully that means we'll resist the temptation to run up our credit cards too this year," says Jackie Porter, a Certified Financial Planner ® in Toronto.

"January can sometimes be painful in terms of our finances because big December credit card bills come due. That expensive watch you splurged on for your spouse or those pricy New Year's Eve bottles of champagne suddenly seem like a pretty bad idea. If there's any silver lining to this terrible pandemic, maybe it's that January won't be quite so stressful."

Nonetheless, Canadians need to stay vigilant when it comes to credit cards, given they can so easily and quickly become a source of household debt.

Tips to avoiding credit card temptation

Kevin Cork, a Certified Financial Planner ® in Calgary, offers these tips to avoid the temptation of credit cards during the holiday season for both during and after the pandemic.

Pay your balance in full. If you only pay the minimum amount, interest quickly mounts, adds to your debt and increases the costs of the items you purchased. This is high-cost interest that adds no value to your life.

Budget. Just because a credit card company keeps giving you a higher credit limit doesn't mean you can afford to max out your cards. Only put on your card what you can reasonably afford to pay back out of your budget. And make sure a portion of your budget is earmarked for credit card repayments every month.

Have a repayment plan. If you make a major purchase on a credit card, ensure you have a plan to repay it:

Figure out how much you can afford to pay back every month then do slightly more than that if possible.

Determine how much time it will take you to do so and how much it will cost you in interest.

Set up automatic payments from your chequing account to your credit card.

Once you are done with that payment, reduce it by $50 and shift that payment to another debt or start saving it, since you have become used to living without it - trick yourself!

Never use your credit cards to fill any gaps in income. If you lose your job or take a pay cut, adjust your spending and lifestyle to make up for the loss of income. Related: If you can't seem pay down your balance, you might be living larger than you can afford.

Think before you spend. Leave your credit card at home when shopping so you can use the drive back as a chance to think about whether you really need that new bike or those new sneakers. Chances are you'll have second thoughts.

Avoid FOMO. Don't fall victim to the old "fear of missing out" syndrome, known as FOMO. It happens when you start coveting what other people have instead of focusing on what you actually need. Set financial goals based on your true, real needs, not your whims. Save for some single special something that you really desire to guard against FOMO-fuelled impulse spending.

If you're struggling to heed any of this advice, turn to a financial professional.

"The Cross-Country Checkup once again highlights that if you work with a professional financial planner, you'll feel much more confident about your finances," says Cork. "Three quarters of Canadians working with a financial planner are confident they can withstand a financial emergency, so this holiday season, give yourself the gift of professional help if you're struggling to manage your money."

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The importance of reining in spending this holiday season - Financial Planning for Canadians

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The importance of reining in spending this holiday season The holiday season is just around the corner, but the second wave of COVID-19 isn't exactly doing a lot for the festive spirit this year. Canadians are worried about staying safe, flattening the curve, ensuring their loved ones are healthy - and they're also seriously anxious about their finances.

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The Government of Canada shared this image to help Canadians remember the top 10 things one can do during uncertain financial times. One unique element shared in this image was the reminder to protect yourself from financial fraud.

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Reflective Question #1: What did you learn about your topic that surprised you the most? 

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Reflective Question #1: What did you learn about your topic that surprised you the most? 

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What surprised me the most about my topic was how consistent my resources were in their advice to effectively plan one's finances. I thought that there would be many different ways to be successfully plan that could have been tailored to each individual, but the pattern is very obvious. This reinforces the efficiency of the steps needed to create and follow a financial plan successfully.

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Video #4: Canadian Personal Finance for Millennials 

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Video #4: Canadian Personal Finance for Millennials 

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This video specifically caters to the Canadian Millennial viewer.  Starting with creating a budget and paying yourself first when starting your savings, the speaker is easy to listen to and relatable by sharing real-life examples of the temptations we encounter when managing our money.

A new strategy I learned from this video was that you can still save money while paying off your debt.  The way that was recommended to do this was by taking the interest into consideration.  If the interest rate of saving is more than the interest rate of your debt, its in your best interest to invest majority of your money towards your savings.

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Canadian Personal Finance For Millennials

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Reflective Question #2: Provide a real-life example of how this topic is relevant or interesting for you. 

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Reflective Question #2: Provide a real-life example of how this topic is relevant or interesting for you. 

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Before I began this course, I had very little confidence in managing my finances. My saving habits were inconsistent and I avoided looking at my bank accounts to take accountability for myself. As I've taken the time to learn positive habits, I now feel empowered with my confidence to make sound financial choices to build wealth for my future.

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Video #1: Financial Planning for Beginners [8 Steps] 

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Video #1: Financial Planning for Beginners [8 Steps] 

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Financial Planning for Beginners outlines 8 simple steps to get on track to acquiring financial freedom.  Tiffany Thomas takes the time to break down unfamiliar financial terms in ways that a typical person would understand.  She also highlights good financial habits like sharing tips on how to reduce your taxes, reviewing your insurance and how to calculate your net worth.

A new strategy I learned from Tiffany’s video was to create an investment strategy for yourself.  It makes it easier to save once you’ve outlined your ideals so that when a new investing opportunity presents itself, you’ll be able to quickly assess if that opportunity is right for your goals.

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Financial Planning for Beginners [8 Steps]

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The One-Page Financial Plan is an illustrated video based off of a financial planning book by Carl Richards.  Prompting questions like “Why is money important to you?” or “What things do you enjoy together that add to the quality of your relationship?” prepare you with a detailed list of goals that you can begin allocating funds towards. The video also shares tips on investing your tax return into your goals or the “72 hour Rule” to curb impulse buying to empower viewers to save their earnings wisely.

A unique technique that I learned was the emphasis of including an “Emotional Balance Sheet” in one’s financial plan.  This list is similar to creating a list of financial assets/liabilities, but it includes habits that add to the emotional quality of life like going on a date with your partner or taking a vacation.  These habits counteract the “emotional debt” people acquire from Life, such as working long hours with little family time spent.

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Image #2: 5 Golden Rules of Financial Planning 

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Image #2: 5 Golden Rules of Financial Planning 

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This image uses prompting questions to encourage the reader to get into the mindset of responsible financial planning. I chose this image because it included the consideration of how much risk the individual is willing to take on. Knowing one's risk level is the first step in making investments in the stock market.

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Video #3: All the financial advice you'll ever need fits on a single index card

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Video #3: All the financial advice you'll ever need fits on a single index card

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PBS NewsHour is an American public broadcast service that airs a weekly financial segment called “Making Sen$e”.  This video shares the interview between PBS’s economics correspondent Paul Solman and University of Chicago’s Professor Harold Pollack.  Mr. Pollack shares his top financial planning rules that are concise and short enough to fit on a single index card.

“Rule #4: Never buy or sell individual stocks.” shared that less than 1% of “regular people” have the ability to outperform the market.  This is because most people, professionals included, aren’t very good at picking guaranteed winning stocks. Instead, they suggest “Rule 5: Buy inexpensive, well diversified indexed mutual and exchange-traded funds” and hold them with the intention of keeping them for 10-20 years.

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All the financial advice you’ll ever need fits on a single index card