Abuelita Inspired Financial Plan
What if we told you that creating a financial plan is as easy as whipping up a batch of Abuelita 👵🏽 hot chocolate ☕? Well it is and it will bring you just as much comfort and satisfaction too.
Before we share our tips to creating a financial plan, let’s talk about what a financial plan is and why you need one. A financial plan, is nothing more than a set of steps or directions 🗺️ created to help you reach your financial goals. You need one because without breaking down your goals into actionable steps, you’re basically just hoping things work out the way you want them to instead of ensuring that they do. Trying to achieve your financial goals without a plan would be like trying to get to el swap meet right when they open so you can score great deals without knowing where it is and being too terc@ to get directions. 🤷🏽♀️ ¿Quién te manda?
OK, now that we’ve covered that, let’s talk about our yummy chocolate caliente-take on creating a financial plan. Basically, it’s seven things – just like the seven sections in the round barras of chocolate ¬– that your financial plan should include.
• A financial health checkup: You need to know where you’re starting financially, then do the math to reach your goals.
• Beware of risks ahead: Assess any pitfalls that might keep you from your goals.
• Utilize an investment mindset: Get informed and learn about your investment options.
• Education sin debt: Plan for the cost of furthering your education or sending your kids to college so you don’t end up in severe debt.
• Let’s plan for retirement: Decide how much you want to save for retirement and save accordingly.
• In case of death ⚰️, estate plan: We all die and planning for this inevitability is a kindness to those you love.
• Tax burden reduction: Find ways to decrease your tax burden so that you can keep more of your money.
If you don’t have a financial plan yet, it’s time to set one up. Can you do it yourself? Absolutely! Use the tips we shared to set yours up. There’s also no shame in your game if you want or need help. There are certified financial planners (CFP) that can help you out.
One thing to keep in mind 🤔 is that financial plans aren’t set in stone. You can and should adjust your financial plan when your financial circumstances change.
Sticking to your financial plan is a lot easier with support from SUMA. Sign up for our newsletter for more tips on money management and planning so you can reach your financial goals.
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