From the course: Start Young for Your Best Retirement
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How to build your financial plan
From the course: Start Young for Your Best Retirement
How to build your financial plan
- The idea of having a financial plan seems terribly grown up and somewhat complex. But neither could be further from the truth. Your plan could be as simple as bullet points and key numbers sketched into a notebook. Or as detailed as a multi-tabbed Excel database. Or as professional as a piece of AI driven software that automatically updates your plan in accordance with your behavior. Well, that last one doesn't exist as yet but I'm sure it will soon. You see, most personal finance innovations are organized by product. Here's a budgeting app, here's an investment app, here's five ways to borrow more money today. But unless you're taking control of your data and collecting it in one place, it can be difficult to get a full view of your complete financial picture. And that's where a plan comes in. Here's the basic building blocks of a financial plan. First thing, you've got to know your numbers. What are the baselines for your personal income statement which is your income and…
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