ELEMENTS OF A
GOOD FINANCIAL PLAN

VITAL STEPS IN THE CHRISTIAN MONEY MANAGEMENT PLAN

 

• Step 1. Pray
   

• Step 2. Determine your values, attitudes and outlook toward money, investments and material possessions.
   

• Step 3. Determine where you are at.
   

  • Gathering the paper work that will tell us where you are at.  Wills, insurance policies, deeds, business agreements, bank  statements, old tax returns, etc.
     

  • List your assets and resources.
    
    Prepare  
     

    • Identify any financial shortcomings.

    • No will?  Not enough insurance? Too much debt?

    • No estate planning?

    • Paying too much to our rich uncle?

    • Not diversified enough?

    • Determine your expenses and income for last year.

    • Determine HOW MUCH YOU OWE!
      
      
       

• Step 4. Establish goals
   

  • List your goals and objectives.
     

  • What is it that YOU need to plan for?
     

    • Retirement?

    • College Funding?

    • Medical Problems

    • Second Home?

    • Just want to be organized?
       

  • Family Goals, Individual Goals, Church Goals
    This article may help!
    
    
     

• Step 5. Develop a Management Plan.
   

  • Budgets           
    
     

  • Investment Plan
     

  • Methods to Attain Goals
     

  • Start the Steps to Attain the Goals
     

• Step 6. Start TODAY!

  • See My Getting Started Plan at

  • Start to Read Financial News and Articles.

  • Look for Adult Education and Internet classes on financial matters.
     

• Step 7.  Pray!

THE PLAN ITSELF

                                         

Involve the entire family in the goal setting and planning stages.

Put the plan in writing. Make it clear and easy to understand, Use plain English, that means no lawyers can be involved.

List all the recommendations and necessary steps to reach The goals. Be clear and detailed. Be as specific as possible. 

Be sure everyone who will be affected has some input into the goals and the attainment plans.

Prepare,

,

and

Revise these forms. 

Keep monthly totals of what you spend. Use Quicken, Money
        or this worksheet.

       

Do a cash-flow analysis and then update it every 3 to 6 months, this shows what is coming in and what is going out.

Prepare budget number two: Update and revise constantly.

 

Revise goals and objectives. Start over. Keep it organized.

 

Follow the plan! Don't concrete it but follow it.         

Start over. Re-evaluate. Re-think. Check the goals.

List what has happened since the first plan.

When you mess up, start over.
 

For those of you who may just be starting on the road to financial freedom, please be sure that you see the outline,