Personal Financial

Personal Financial Plan

Christopher Lee

FIS/210

June 29, 2013

Kent Thune

The best way to achieve financial stability is through financial planning. Financial planning helps is determine our goals and the best method to achieve them. In this day in age, we can’t assume salaries will be consistent, social security, or government issued retirement plans will be benefit your future. It’s in your best interest to set up an efficient budget and make adjustments to keep your goal on track. Successful financial planning can improve your quality of life by creating wise spending habits, secure comfortable retirement, and improve your standard of living. Financial planning gives you the ability to control and manipulate your financial resources so you can maximize your financial potential. In other words, you have the ability to enjoy the qualities of life by making your standard of living more luxurious and comfortable.

Financial planning becomes more important when the economy is struggling; similar to our present time. Having a plan prepares you financially for any sudden changes in your income or expenses. When times are more difficult, there is a higher possibility of complications. Having a plan gives you the advantage of acting on disasters and essentially creating your options so you benefit as much as possible. Preparing for the best and worst, allows for a transition to a successful financial profile. My immediate goal is to make payments on all my debt that can be paid off like my truck and credit card. My wife also contributes about 15% of her check into a 401K, pay off outstanding loans, and adjust my budget so I can reduce my spending. Making all these changes will lead to reaching my financial goal.

Reducing our expenses from the budget we have given us the flexibility to pay off all our pending debt. The credit card and car payment is two of the important things for...