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Financial Planning - Coggle Diagram
Financial Planning
College Savings
College savings plans
Prepay tuition today
Return guaranteed - in form of tuition coverage
Limited to your state's plan
In-state public colleges
Prepaid tuition plans
Prepay tuition today
Pre-established portfolios
Returns not guaranteed
Can be used at any college
Can join any state's plan
529 plans
Tax-deferred growth and potential tax-free earnings
Withdrawals not used for college subject to income tax and a penalty
Fees and expenses with each type of plan
Financial Goals
Steps for establishing goals
Estimate cost of each goal
Calculate how much time to set aside
Divide up your goals by length of time
Prioritize goals
List your goals
Create a schedule for meeting goals
SMART goals
Measurable
Attainable
Specific
Relevant
Timely
Retirement Planning
Tax deferral
401(k) and other employer-sponsored retirement plans
Contribute to a traditional or Roth IRA
10% additional penalty tax applies for early withdrawals
Minimizing income taxes is critical to your investment success.
Plan early
Don't put off planning and investing for retirement.
The sooner you start, the longer your investments have to grow.
Playing "catch-up" later can be difficult and expensive
Budgeting
Cash inflows
Paycheck
Rental income
Interest
Investments
Inheritance
Government benefits
Bonuses
Cash outflows
Fixed expenses
Mortagage
Insurance
Utilities
Groceries
Discretionary expenses
Eating out
Gifts
Vacations
Entertainment