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TAKE CONTROL OF YOUR FINANCIAL FUTURE- 4 STEP ACTION PLAN

By
Services for Real Estate Pros with Credit, Wealth & Success Coaching

 

TAKE CONTROL OF YOUR FINANCIAL FUTURE- 4 STEP ACTION PLAN

 

STEP #1- MAKE A BUDGET

      

TRACK YOUR SPENDING FOR AT LEAST ONE WHOLE MONTH AND KNOW WHERE EVERY DOLLAR IS GOING BY GOING THROUGH YOUR BANK STATEMENTS AND RECEIPTS

 

DO THE “SURVIVAL BUDGET” TO FIND OUT HOW MUCH  MONEY YOU NEED JUST TO SURVIVE (DON’T LEAVE OUT ENTERTAINMENT, IT’S NOT ABOUT CUTTING OUT EVERYTHING THAT BRINGS YOU JOY IN LIFE, BUT ABOUT BETTER ALLOCATING YOUR MONEY)

 

DO THE “MONTHLY CASH FLOW PLAN”- IN ADDITION TO YOUR SURVIVAL NEEDS, THIS HELPS YOU FIND WHAT YOU CAN PUT TOWARDS-

     1. DEBT REDUCTION

     2. BUIILDING AN EMERGENCY FUND

     3. SAVING

     4. INVESTING

     5. GIVING

 

RECOMMENDED SPENDING PERCENTAGES:

GIVING- 10-15%

SAVING- 5-10%

HOUSING- 25-35%

UTILITIES- 5-10%

FOOD- 5-15%

TRANSPORTATION- 10-15%

CLOTHING- 2-7%

MEDICAL/HEALTH-5-10%

PERSONAL- 5-10%

RECREATION- 5-10%

DEBTS- 5-10%

 

NOTE: IF YOU HAVE AVERY LOW INCOME- YOUR NECESSITIES PERCENTAGES WOULD BE HIGHER. IF YOU HAVE A HIGH INCOME, YOUR NECESSITIES PERCENTAGES WOULD BE LOWER AND SAVINGS WOULD BE HIGHER.

 

THIS DOESN’T NEED TO BE A DAUNTING TASK-

KEEP IT SIMPLE AND STICK TO IT

 

STEP #2- PAY OFF DEBT

 

IMPLEMENT A PLAN TO STRATEGICALLY PAY DOWN DEBT

BY FOLLOWING THE PLAN LAID OUT IN THE “CREDIT CARD CHUNK DOWN SHEET

 

YOU’LL SEE QUICK RESULTS AND GET AHEAD OF THE GAME BY CREATING THE ABILITY TO APPLY MONEY TOWARDS A SAVINGS

 

REMEMBER, THIS WILL TAKE SOME PATIENCE AND TIME, DON’T GIVE UP, YOU’LL GET THERE

 

 

STEP #3- BUILD AN EMERGENCY FUND

 

 START WITH WORKING TOWARDS A $1000 EMERGENCY FUND FOR LIFE’S “SMALLER” EMERGENCIES, FOR EXAMPLE: IN CASE THE CAR BREAKS DOWN OR AN UNEXPECTED BILL ARRIVES

 

NEXT, WORK TOWARDS SAVING A 3-6 MONTH’S WORTH OF LIVING EXPENSES FUND FOR LIFE’S “LARGER” EMERGENCIES- FOR EXAMPLE: IN CASE YOU LOSE YOUR JOB OR FALL ILL

 

IT’S IMPORTANT TO SET ASIDE FOR SAVINGS WHILE YOU’RE PAYING OFF DEBT- IF YOU DON’T HAVE AN EMERGENCY FUND AND YOU’VE BEEN PAYING DOWN YOUR DEBTS FOR SEVERAL MONTHS AND THEN AN EMERCENCY POPS UP- ALL THE PROGRESS YOU WOULD HAVE MADE COULD BE INSTANTLY WIPED OUT

 

REMEMBER, THIS WILL ALSO TAKE PATIENCE AND TIME, DON’T GIVE UP, YOU’LL GET THERE

 

 

STEP #4- START INVESTING 15% OF INCOME

 

AFTER YOU HAVE REACHED THE GOAL OF SAVING YOUR 3-6 MONTH’S WORTH OF LIVING EXPENSES AND PAID YOUR CREDIT CARDS OFF- DIVE INTO THE EXCITING WORLD OF INVESTING

 

DON’T LET YOUR DEBT STEAL YOUR RETIREMENT

 

GET THE ADVICE OF A FINANCIAL PLANNER AND EXPLORE THE MANY OPTIONS AVAILABLE TO SERIOUSLY BUILDING WEALTH

 

 

 

 

 

BY THE WAY… BETTER CREDIT SCORES CAN GET YOU BETTER INTEREST RATES WHICH CAN FREE UP MORE MONEY TO PAY DOWN DEBT, CREATE A SAVINGS, AND START INVESTMENTS!

 

AS ALWAYS, WE ARE AVAILABLE ANY TIME TO ANSWER ANY QUESTIONS

 

YOU MAY HAVE AND TO COACH YOU ON THE STRATEGIES OUTLINED

 

ABOVE.

 

 

 

STRATEGIC CREDIT COACH

 

Web: www.StrategicCreditCoach.com

 

Email Mickey at: Guru@SCChelp.com

 

Email Jennifer at: Jennifer@StrategicCreditCoach.com

 

P.O. 125

 

Fair Oaks, CA 95628

 

877-825-7885 (office)

 

877-825-0724 (fax)