Only about one-third of Americans have a life plan. A comprehensive life plan is the road map to achieve the confidence to pursue all your life’s goals. Your InvestmentHunter Advisor will help you develop a clear, disciplined, actionable and flexible plan base on your needs to achieve these goals over time. No matter your financial situation, it’s important to take all your goals into consideration, such as planning for college costs or retirement. Your InvestmentHunter Advisor takes the time to get to know you and understand what is important to you and put a plan into place, and update the plan on an ongoing basis.
Your Life Plan will include the following:
- Balance Sheet
- Income Statement
- Budget/Cash Flow
- Insurance Plan
- Retirement Spreadsheet
Life Planning (Basics of Financial Freedom)
- Power of Compounding
- Find out what they like to do for fun and put up some examples
- Let them know this can be used as an asset or work against you
- Anyone can become a millionaire…..
- Build a Budget (build a cash flow spreadsheet as step one of your plan)
- Be very detailed at first
- Get/Stay out of Debt
- Only have debt for appreciating assets except for auto when young
- Use cash envelope system
- Credit Cards (Use a debit card only for the first couple of years)
- Use debt reduction spreadsheet if you start a career with debt
- Build an Emergency Fund
- At least 4-6 months of monthly outflow buildup before you can reward yourself
- Pay off your auto
- Do not have other debt on depreciable assets
- Begin the Journey (Starting Building Wealth)
- Turn your Budget into a Financial Plan (Commit To A Plan using spreadsheets and integrate as a team if married)
- Forced Savings (Pay self automatically via savings, 401K, IRA, investments)
- Understand how tax planning can pay off
- A credit card is not always a necessity for young adults
- Get your Insurance in order
- Get your credit report 3 times a year through www.annualcreditreport.com
- Use retirement accounts whenever possible
- Learn How to Invest (Rule of 72)
- Use “street smarts” in everything you do (Watchdog Nation: Dave Leiber. Scams, autos, mortgage, furniture, appliances, cable, clothes, etc.)
- Buy “cheap” (Negotiate)
Remember, that your live plan is part science and part art, and one needs to check the credibility of one’s plan and making necessary changes. The world happens to all of us….Financial Freedom can be very liberating.