30-Day Challenge #4 is to put a plan in writing. This can mean many things to many people:
Create and commit to an investment policy statement.
Make a list of all of your open accounts and how to access them/close them if something happened to you.
Modify "I Have $[X] ... What Do I Do With It?!" to make it specific to your situation (set specific goals for an emergency fund, make a list of debts and a plan to attack them, etc).
Putting a plan in writing can be as simple as a post-it on your computer monitor or a note on your refrigerator. Do whatever works best for you and what you're looking to accomplish!
Putting your plan in writing goes a step further than creating financial goals. An IPS should serve you throughout your investing lifetime. Making a list of accounts helps with estate planning, or can help get a previously uninvolved spouse or partner involved in the family finances (kids of the appropriate age may want to be included too!). "I Have $[X] ... What Do I Do With It?!" offers a cookie-cutter plan for you already.
Use the comments to share what you've committed to writing, ask for examples, or otherwise discuss the challenge. Finally, make sure your written plan is accessible and you keep it up to date as your situation changes.
Submitted February 02, 2015 at 10:33AM by aBoglehead http://ift.tt/1DmRpJz personalfinance
No comments:
Post a Comment