This is the fourth and final week of our month-long Four Principles of a Debt Free Life Series! Throughout the month of January 2016, we covered each of the four principles we wrote about in 4: The Four Principles of a Debt Free Life. On this week’s Queer Money we discuss the fourth principle of a debt free life, have a financial plan.
This week’s free tool is the #MoneyConscious Financial Planning Guide: 12 Steps to a Richer You. Get your free copy of #MoneyConscious Financial Planning Guide: 12 Steps to a Richer You here.
Principle Four: Have a Financial Plan
Just like you can’t drive from New York City to Los Angeles without clear directions, you can’t achieve financial goals without a financial plan. This includes knowing the starting point of where you are financially and the ending point or goal of where you want to go.
On this Queer Money, we talk about how we created and why we have a financial plan. We discuss the benefits of a financial plan and the risks without one. Along with this week’s free tool, we cover other tools, such as investment accounts and ways to increase your income to help you have a plan.
We share how it wasn’t until we knew which direction we wanted to go with our financial lives and our lives in general that we could go from a negative net worth of $10,000 to a positive net worth approaching $500,000. This is why you need to have a financial plan.
We, also, dispel the myths that creating and maintaining a financial plan is hard and limits you from enjoying your life. As we learned, our budget and financial plan help us do all the things we want in life without the burden of debt weighing us down.
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