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Developing a Financial Plan & Setting Financial Goals

  1. Figure your net worth
  2. Estimate your income and expenses.
  3. Review your personal debts.
  4. Balance your income and expenses.
  5. Identify your short-term goals (build an emergency fund, pay off a debt, buy a car).
  6. Identify your long term goals (buy a home, pay for a college education, save for retirement).
  7. Determine what you have to save to reach your goals.
  8. Implement your plan.

You need to review your plan from time-to-time to determine whether you are still on track.