Tag Archives: Financial Plan

Our Financial Plan

our financial plan, merelynne

What is a financial plan?

It’s a map to your personal financial goals with actionable steps.

A financial plan is an evaluation of where you currently stand and where you want to go.

You can make it as complicated and detailed as you want or you can make it simple.  I like to keep ours short and sweet.  You know the saying – You must K-I-S-S it!  Keep It Simple, Silly!

I was reading an article about CFP®, Carl Richards and his one page financial plan.  I immediately pulled out a pen and piece of paper.  In my first attempt, I nailed it.

Why YOU need a financial plan.

It’s easy to get distracted with everything life throws your way.  By having a financial plan, you’re able to stay focused on what’s important.  You should update it often or when your plans change.  I recommend keeping the plan in a place where you will see it.  You need to remind yourself why you’re working so hard for.

What YOU need to include in your financial plan.

FIRST, You need to answer Carl’s question: “Why is money really important to you?”

The reason could be your family’s motto or number one goal.  Whatever it is, write it down!  Maybe it’s providing for your children’s future education costs.  Perhaps it’s traveling the world.  Maybe it’s making memories with those you love.

Our answer to why money is important was simple: To live the life we have always dreamed of!

SECOND, you need to write down your top 3 goals.

Here’s what we came up with:

1) Fund our IRAs
2) Start our 401(k) plans at work this summer (that’s when we both qualify to join our employers’ retirement plans)
3) Save for our dream home

Our financial plan is simple, concise and to the point.  

one page financial plan, merelynne

I had over half the page left, so I added our top 5 goals.  Our goals are simple reminders for us.  This is what’s important to us to have a full life.

1) Be able to retire early
2) Provide for our (future) kids
3) Build our dream home
4) Travel the world
5) Live comfortably

What is on your family’s financial plan?  Leave a comment letting me know.  I’d love to encourage you on your journey!