5 Steps to Financial
PAY YOURSELF FIRST
This is the backbone to financial freedom. Time is the most valuable commodity for building wealth. Delaying saving for yourself can cost you in the long run. You should allocate at least 10% of your income to retirement accounts.
BUILD EMERGENCY RESERVE
Whether its a medical emergency, job loss, or a major repair, you will likely encounter an unexpected expense in your life. Dealing with those expenses can be stressful, so it’s important
to plan in advance and have money set aside.
ELIMINATE HIGH INTEREST DEBT
Establish a plan to eliminate all high interest debt. You can use either the Debt Avalanche or Debt Snowball method.
BUILD YOUR NET WORTH
Now that you have eliminated your high interest debts, it is time to increase the amount you are savings for your financial future. You can use your Financial Decision Tree to assign responsibilities to your money based on your goals & objectives.
EXERCISE YOUR FREEDOM
You have saved for yourself, saved for emergencies, and eliminated your high interest debt... what's next? Enjoy life! Again, using your Financial Decision Tree, you can begin to allocate dollars toward your discretionary spending.