FIVE STEPS TO FINANCIAL SUCCESS
THE GOAL OF PERSONAL FINANCIAL PLANNING

TO HELP ACCUMULATE MORE MONEY TO SPEND FOR WHATEVER YOUR PRIORITIES MIGHT BE:

  • Early Retirement
  • College Education
  • Major Purchases
  • Increased living standard

STEP ONE: LOOK FOR WAYS TO INCREASE YOUR INCOME

  • Invest in education, training, and personal development to increase your earning power.
  • Consider alternatives that may increase returns on invested assets.

STEP TWO: LOOK FOR WAYS TO DECREASE OUTGO

  • Reduce discretionary spending.
  • Restructure debt to lower interest rates.
  • Adopt methods to reduce taxes.
  • Adopt methods to reduce insurance costs.

STEP THREE: PROTECT AGAINST CATASTROPHIC LOSS

  • Insure your income against loss due to death or disability.
  • Insure your property against loss due to fire, theft,storms, or accidents.
  • Insure against liability losses due to negligence or error.

STEP FOUR: PLAN AHEAD FOR MAJOR PURCHASES

  • Borrow only to purchase items of lasting value such as a home, auto, or college education.
  • Save up and pay cash for general living expenses, such as vacations, clothing, gifts and entertainment.

STEP FIVE: ESTABLISH A DISCIPLINED PROGRAM TO PRUDENTLY INVEST YOUR REMAINING SURPLUS

  • Establish both short term savings and long-term investments.
  • Diversify and properly allocate according to your risk propensity.

Disclaimer: While these steps alone cannot guarantee financial success, they may be helpful in developing a sound financial strategy.


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