Develop your own Financial Plan by covering the following Steps:

1. Establish your financial goals.

• What are your short-term financial goals?
• What are your intermediate-term financial goals?
• What are your long-term financial goals?

2. Consider your current financial position.

• How much money do you have in savings?
• What is the value of your investments?
• What is your net worth?

3. Identify and evaluate alternative plans that could achieve your goals.

• How can you obtain the necessary funds to achieve your financial goals?
• Will you need to reduce your spending to save more money each month?
• Will you need to make investments that generate a higher rate of return?

4. Select and implement the best plan for achieving your goals.

• What are the advantages and disadvantages of each alternative plan that could be used to achieve your goals?