It’s Mike from Fabulously Broke, you know, the guy who keeps sending these emails about improving your personal financeJ. If you received this email, it’s because you have gone through 9 life changing emails over the past 2 months. You have made tremendous efforts and I’m sure that your financial situation is already changing, what do you think?
Today’s email is a bit “smoother” as I will review what we have seen so far. Why would you want to review all this already? Because I want to make sure that you have fully understood each step and that you are ready to plan ahead. We are almost done with this series and I really want to help you change your personal finance situation forever! If you follow this To Do list, you will cover every single point of a great financial plan.
Day #10 The Most Important To Do List of Your Life (in this order):
- ü Register at Mint and enter your financial situation.
o Enter all your account numbers and passwords in this safe software.
o In the “Transactions” section, identify all categories to have a complete budget.
o Go in the “Budget” section and create a realistic budget.
ü Calculate your net worth – follow it on a monthly basis
o Use the “Trend” section with Mint and see your net worth evolve over time.
- ü Find some cash from your budget
o Identify unnecessary expenses from your budgets and transactions sections
- ü Get the right insurance for your needs
o Get a basic whole life policy to cover your permanent needs
o Get most of your life insurance in term insurance (get the best quotes for your situation here)
- ü Use the bucket accounts and save some time
o Set up an automatic investment for 10% of your paycheck into your 401(k) or RRSP account
o Create 3 bank accounts in total (savings, bills, fun money)
o Have your pay check deposited into your savings account
o Setup automatic transfers to your bills and fun money accounts
ü Control your credit and save money
o Read Completely Conquer Your Credit Before You Hit 30 to understand how your credit score works
o Get your credit score
o Get all your loan and credit card information and meet with your banker
o Find a way to lower your debt payments through longer amortization and lower interest rates
ü Invest your money
o Download and read my free eBook Dividend Investing
o Meet with a competent financial advisor
o Establish a solid investing strategy
o Invest 10% of your income (the one in your 401(k) / RRSP) in this solution
o Wait and relax!
Have you ever thought that the bulk of financial planning could be listed on one sheet of paper? This is quite impressive, isn’t? If you need more details on each step, I suggest you take a look back at all the emails you have received so far. Since you might have deleted one or two by mistake, I’ve posted them on Fabulously Broke in a “secret section”: 11 Days to Control Your Finance.
All right, there is only one thing left to read in this 11 Days to Control Your Finance series.
Upcoming email: Day#11 Fast Forward!!!