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Why You Need a Financial Plan
We have all heard the term “financial planning,” but what does it actually mean? In this episode, Gabe tells us exactly what a financial plan is and why every adult needs one. Maybe you know what a financial plan is but are unsure of where to start, Gabe answers all of these questions and more! First, Gabe touches on the financial news that could impact your planning. Man
companies are going public, which will, in turn, create a much more competitive housing market in places like San Francisco. If you are looking to buy property in the Golden Gate City, get in before the tsunami of capital gets released. Plus, Gabe discusses the repercussions of Feds cutting rates for the first time in a decade.
A financial plan is a roadmap for handling your money that is done in a way that allows you to reach your goals. It consists of short-term, medium-term, and long-term goals. Also, your financial plan will include a budget that is based on your income, expenses, and savings.
Lastly, the plan should consist of an investment strategy, so how will you allocate your savings? There are loads of other things that you may need to consider depending on the situation. For example, education savings for college, car insurance, home insurance, and life insurance may all need to be accounted for.
Then, Gabe lays out the steps to creating your financial plan:
Stay tuned to hear how your financial plan will assist with your future, Gabe answers the listener question of the week and reveals a productivity hack.
Enjoy the show!
Timestamps:
[01:50] Financial news this week
[03:45] What is a financial plan?
[05:40] Steps to building your financial plan
[07:50] How will the plan help you?
[09:40] Listener question: what are the best financial tips anyone has given you?
[12:35] Trivia time!
[12:30] Productivity hack
Resources:
Website: https://moneybagel.com
Trivia: http://moneybagel.com/trivia/
Quotes:
“If you have children, you will want to have education savings plan to pay for college.”
“There’s many things out there that you can protect, how far do you want to go?”
“Sometimes the shortest financial plan isn’t the most preferred because it requires too many sacrifices.”
“Spend less than you earn.”
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By Gabriel Kaplan
5
99 ratings
We have all heard the term “financial planning,” but what does it actually mean? In this episode, Gabe tells us exactly what a financial plan is and why every adult needs one. Maybe you know what a financial plan is but are unsure of where to start, Gabe answers all of these questions and more! First, Gabe touches on the financial news that could impact your planning. Man
companies are going public, which will, in turn, create a much more competitive housing market in places like San Francisco. If you are looking to buy property in the Golden Gate City, get in before the tsunami of capital gets released. Plus, Gabe discusses the repercussions of Feds cutting rates for the first time in a decade.
A financial plan is a roadmap for handling your money that is done in a way that allows you to reach your goals. It consists of short-term, medium-term, and long-term goals. Also, your financial plan will include a budget that is based on your income, expenses, and savings.
Lastly, the plan should consist of an investment strategy, so how will you allocate your savings? There are loads of other things that you may need to consider depending on the situation. For example, education savings for college, car insurance, home insurance, and life insurance may all need to be accounted for.
Then, Gabe lays out the steps to creating your financial plan:
Stay tuned to hear how your financial plan will assist with your future, Gabe answers the listener question of the week and reveals a productivity hack.
Enjoy the show!
Timestamps:
[01:50] Financial news this week
[03:45] What is a financial plan?
[05:40] Steps to building your financial plan
[07:50] How will the plan help you?
[09:40] Listener question: what are the best financial tips anyone has given you?
[12:35] Trivia time!
[12:30] Productivity hack
Resources:
Website: https://moneybagel.com
Trivia: http://moneybagel.com/trivia/
Quotes:
“If you have children, you will want to have education savings plan to pay for college.”
“There’s many things out there that you can protect, how far do you want to go?”
“Sometimes the shortest financial plan isn’t the most preferred because it requires too many sacrifices.”
“Spend less than you earn.”