| 1. |
Review and Understand Your Current Portfolio |
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a. |
Do you know your current portfolio return? |
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b. |
Are you properly allocated? Do you have enough exposure to all sectors, including international?
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c. |
Do you have a planned approach to your portfolio or is it random? |
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d. |
Do you understand your investments? How much risk you are taking for the return you are getting? |
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e. |
What is your investment personality? |
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| 2. |
Checking and Savings Accounts – Pay Yourself First |
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a. |
Track your expenses |
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b. |
Take an inventory of all income |
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c. |
Develop a plan to spend less than your are bringing in |
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d. |
Setup an account to pay yourself first (direct deposit) |
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e. |
Make it a goal to build a savings account overtime that has a balance large enough to cover up to three to six months of living expenses |
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| 3. |
Understanding Good and Bad Credit
Controlling Your Credit Cards
Knowing Your FICO® Credit Score |
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a. |
Get serious about getting rid of old, unpaid credit card balances |
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b. |
Get your FICO credit score |
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c. |
Create a plan to pay off bad debt |
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d. |
Check your credit reports |
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| 4. |
Retirement Investing |
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a. |
Start saving something for your retirement now, no matter the amount |
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b. |
Understand that even a little today can add up to a lot tomorrow – the sooner the better |
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c. |
Sign up for your employer’s retirement plan if they match your contribution and qualify for the maximum employer match |
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d. |
Choose the right investments for your retirement plan |
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e. |
Commit to investing in an IRA or Roth IRA in addition to investing in your 401K |
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| 5. |
Must-Have Planning Tools |
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a. |
Have a will |
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b. |
Have a revocable living trust |
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c. |
Transfer ownership of your assets into the trust |
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d. |
Update the beneficiaries of all your assets |
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e. |
Create a power of attorney for health care |
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f. |
Choose an executor for your estate |
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g. |
Choose a guardian for your children |
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| 6. |
Protecting Your Family and Home |
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a. |
Choose the right type of life insurance for your needs |
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b. |
Home insurance to protect you in the event your home is damaged |
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c. |
Have a separate umbrella policy |
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