Building Financial Plans
Transcript: Building Financial Plans By: Bertha Gutierrez, Amalia Gaviro, and Michael McNeill Step 1 Steps (College) Discover where your money goes (NOW!) Get a notebook or small notepad that fits in your pocket and write down everything that you buy. Step 2 Step 2 Be realistic and specific about your goals. Prepare for the unexpected with Insurance Step 3 Step 3 Set financial goals No matter your financial situation, insuring against the unexpected can help you a lot when accidents happen Step 4 Step 4 Keep an eye on your credit Once a year, check your score with three of the big credit agencies: 1. TransUnion 2. Equifax 3. Experian Worry about your expeditures, not just your income. Look at your expenditures and determine if you are spending too much on anything. Step 5 Step 5 Start Saving After saving enough for an emergency fund, start to look towards investing extra cash. A portfolio is a grouping of financial assets such as stocks, bonds, commodities, currencies and cash equivalents, as well as their fund counterparts, including mutual, exchange-traded and closed funds. ... Portfolios are held directly by investors and/or managed by financial professionals and money managers. Step 6 Step 6 Begin to build a portfolio Keep track of your plan!!!!! Step 7 Step 7 Plan your exit strategies Step 8 Step 8 Plan an exit strategy for every financial goal in your plan. How to build your financial plans for teens Steps For Teens 1. Save money to spend it later. 2. Pland ahead to spend money in the future. 3. Don't spend money as much, only for the things that you really need. 4. instead save money for your future and goals. (Ex. College or University) 5. Try to develope life long money management so that you dont become bankrupt. Financial Plan What is it? In general usage, a financial plan is a comprehensive evaluation of an individual's current pay and future financial state by using current known variables to predict future income, asset values and withdrawal plans. Why is it important? The Importance of having one Having a financial plan assists you in seeing the bigger picture, allowing you to set goals and stay profficient. It is also a better way to save money. You'll be able to differ what you want and want and need. Self control Saving money The Success The end result
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