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Financial Planning Tips for beginners

Financial Planning Tips for beginners


Many people would like to establish a budget or financial plan or take a more active role in managing their investments. With an abundance of “expert” financial advice out there, though, newcomers to financial planning may well feel overwhelmed. To get started, it can be helpful to have one simple first step.

Professionals from Forbes Finance Council gave their suggestions for starting your journey toward more actively tracking and managing your personal finances.



Start with the end in mind and determine your net income


The first step in designing a financial plan is spending time thinking about the end. Aside from understanding your expenses and income, it’s important to have a vision of what you want in your life.

No matter your age, saving is nonnegotiable. When taking an inventory of your monthly income and expenses, make sure you are first looking at a net income amount. Your net income amount is what’s left after you have saved 15% of your gross income in multiple different types of accounts: taxable, tax-deferred, and tax-free. These 15% savings should also be automatic.



Organize your financial records and document everything


As you begin the trek of building a financial plan for the first time, work very deliberately on all of the data collection. Use this opportunity to organize where you keep all of your financial information before building your plan. This can include bank and investment statements, insurance policies, and updated spreadsheets of monthly expenses, as well as copies of estate documents, even more, if you have different sources of income.


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