Checklist for Your Initial Financial Plan
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Step 1: Calculate Your Financial APGAR Score
Date Completed ___________________
APGAR Score ___________________
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Step 2: Put Together Your "Ow-Ow" (Net Worth) Statement
Date Completed ___________________
Net Worth ___________________
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Step 3: Prepare Your Monthly Cash Flow Budget
Date Completed ___________________
Monthly Surplus or Deficit ___________________
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Step 4: Set Your Savings and Debt Reduction Goals
Date Completed ___________________
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Step 5: Project If You're Saving Enough for Retirement
Date Completed ___________________
Projected Annual Income from Retirement Accts ___________________
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Step 6: Work Through a Tax Projection (to Avoid Any Surprises Next April 15th)
Date Completed ___________________
Projected Refund or Balance Due ___________________
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Step 7: Review Your Life and Disability Insurance Needs
Date Completed ___________________
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Step 8: Have an Attorney Draft Certain Essential Documents
Date Completed ___________________
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If you're able to work together and complete all 8 steps of this initial financial plan by your first anniversary, then you deserve to treat yourselves to a nice dinner at your favorite restaurant (as long as it fits within your budget).
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