3 Step DIY Financial Plan
Adam Olson, CFP, LUTCF, FSCP, RICP
Financial Planner helping client’s reach their financial goals. #cfp #investing #Financial-planner #insurance
Hey there, Money Masters!
It's your host, Adam Olson, from the Money Mastery Unleashed podcast, and I've got some exciting news to share in this week's newsletter. I've just wrapped up an episode that's all about empowering you to take control of your financial future, and I can't wait for you to dive in.
Full episode: Apple Podcast
?? Dream Big and Visualize Your Financial Future We kicked things off by exploring the power of dreaming. I walked you through a three-step process to help you visualize your financial goals, especially when it comes to retirement. It's all about allowing yourself to dream big and then mapping out what you want your future to look like. Trust me, a little imagination goes a long way in setting the stage for an amazing financial journey.
?? Teamwork Makes the Dream Work Remember, financial planning isn't a solo sport. I emphasized the importance of aligning your financial goals with your spouse or partner. It's like being on a sports team or running a business together – you need that shared vision to succeed.
?? Prioritize and Plan Next, we tackled the art of prioritizing your financial goals. I shared how to rank your top five immediate financial goals and plan for the short, mid, and long term. And here's a pro tip: avoid investing dollars meant for short-term and mid-term goals in volatile markets. Instead, opt for cash equivalents to keep those goals secure.
?? Dollarize Your Dreams Putting a dollar amount on your future goals is crucial, and don't forget to factor in the cost of these goals. It's all about evaluating and adjusting your plans annually to stay aligned with your evolving financial life.
?? Retirement Planning with Purpose We also dove deep into retirement planning. I prompted you to think about your desired retirement age, location, and lifestyle. It's about aligning your savings with your values and future aspirations, including supporting your loved ones.
?? Get Organized and Assess Your Financial Status In the second part of the episode, we focused on the organizational side of things. I stressed the importance of assessing your current financial status by gathering all your financial documents. We talked about creating a net worth statement and a cash flow statement to track where you stand and where you can improve.
?? Facilitate Financial Conversations I provided some thought-provoking discussion questions to help you and your partner cover all bases, from emergency savings to estate planning.
?? Execute, Evaluate, and Adjust Remember, "Discipline equals freedom." Sticking to your financial plan is tough, but regular reevaluation is key to staying on track. Just like staying physically fit, financial fitness requires daily discipline.
?? Personal Budgeting for Business Owners For my fellow business owners, I shared a personal budgeting strategy that involves setting up a personal household budget and structuring it to receive regular "paychecks" from your business account. This helps keep your spending in check and ensures you're revisiting your financial goals regularly.
I invite you to listen to the full episode for a deep dive into the three-step financial plan. If you find it valuable, please share it with friends and don't hesitate to leave a review.
Until next time, keep mastering your money, and let's unleash your financial potential together!
Warm regards, Adam Olson
Learn more about Adam Olson by visiting the following links:
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Investing involves risk, including loss of principal.??
?Be sure to understand the benefits and limitations of your available options and consider all factors prior to making any financial decisions.? Any strategies discussed may not be suitable for everyone.?
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