Financial Strategy

Today I met WFG to discuss my Financial Lifestyle Strategy. This is something they do with new members to ensure they aren't in debt or shopping excessively instead of saving their money... It's also a form they give to clients to help them get a good overview of their current finances.

Step 1: Goals and Desires. Make a list of goals for 1-3 yrs from now, 3-7 yrs from now, and 7+ years from now and rank each item from 1-10 for value of importance (10 being most valued).

Short Term (1-3yrs) For me, ages 23-26.

Save Money (9), Improve Income (10), Upgrade Apartment (7), Pay Expenses (10), Buy a New/Used Car (6), Gain more free time (8)

Medium Term (3-7yrs) For me ages 26-30.

Officially get a new car (9), Officially get a new apartment (10), Start planning for retirement (8), Focus on helping more people financially and with Usana (8)

Long Term (7+ yrs) For me ages 30 and up.

Become more of a Leader (10), Invest more time in Art,Excercise, and Writing (10), Help more people bcome financially independent (especially family and friends) (10), Maybe buy a house (6), Continue selling Usana (7)

Step 2: Expenses and Income

"When is the last time you reviewed your financial status and financial goals?" -Never.

"Do you have an established monthly budget?" -Yes in my head. I must live within my means.

"Savings plan?" -Nope.

Current Income: $1500 (between Usana, Part-time work at my dad's company, and receptionist positions through Pride Staff)

Current Expenses (Per Month):

Food: $120
Rent: $1000
Auto Gas: $80
Auto Insurance: $100
Utilities (Gas/Electric): $40
Cable + Internet: $100
Gifts/Holidays: $50
Entertainent/Going Out: $60
Other Expenses: (Usana): $100
Total: $1650

Step 3: Debt, Insurance, and Estate

Debt? -Suprisingly no... or at least not at this moment
Mortgage? -Thankfully no
Credit Cards? -No, I'm not an idiot

Life Insurance? -Not yet
Health Insurance? -Yes (My dad's work covers me until I'm 26. Thank you Obama!)
Disability Insurance? -Nope
Long Term Care Insurance? -I'm not an old person, so no.

A Will? -No, I'm not dead yet
A Trust? -I have trust, but not the one you are talking about
Future lump sums? -No
Real Estate? -Nopes

Step 4: Asset Accumulation/ Retirement Goals

Desired income at Retirment (monthly): $4000, Desired Retirement Age: 60

Mutual Funds? -Nope
Stocks? -Nope
Bank Savings? -$100 (soon to be 0)
Bonds/Treauries? -Nope

401k -Thankfully no
IRA -Nopes
Annuities -Negatory
Savings Bonds -Also Negatory

Roth IRA -Nope
EIUL -Not yet

Well that was fun. I've got most of my plans already lined out in my head, but it's nice to have them on paper too. I can't wait for my FLS to change...