Professional Documents
Culture Documents
Personal Financial
Plan
The advice and strategies contained herein may not be suitable for your
situation. You should consult with a professional where appropriate. Neither
the publisher nor author shall be liable for any loss of profit or any other
commercial damages, including but not limited to special, incidental,
consequential, or other damages.
Amy White
www.DailySuccessfulLiving.com
awhite@DailySuccessfulLiving.com
Every year, I sit down and calculate my current value in each area and then set goals as to where I want
to be in 1 year, 5 years, 10 years and 30 years. For the emergency fund and short-term savings, I spread-
out my goals over a 12 month time period.
Simple huh!
I go through the same process for my net worth goals, debt reduction, retirement and whatever
short-term goals I’m working on.
My personal financial plan template makes it easy for me to quickly visualize the changes I’ll need to
incorporate into my budget to hit my goals.
To make my debt reduction goals, I have to calculate my current debt. Use the “My Current Debt” form
to list all of your debt. You will then use this form to make your debt reduction goals.
My Current Debt
Total Current Debt 197,652
Mortgage On Home 155,555
Car Loan #1 14,547
Car Loan #2 3,200
Credit Card #1 1,556
Credit Card #2 575
Student Loan #1 16,787
Student Loan #2 5,432
Personal Loan 0
Medical Debt 0
Other 0
Other 0
Your personal net worth is calculated by adding up all of your assets and then subtracting your
liabilities. (see the next page for an example)
To calculate your net worth, write down all of your current assets. I include anything that is valued at
over $3,000. I don't stress about the small things in my home. For example, I personally don't include
computers, jewelry, guns, camera's and other medium priced items when I create a personal financial
plan. It isn't worth the time.
The important thing is to make sure that you correctly value your assets. Just because you love your car
doesn’t mean that it is in excellent condition on Kelly Bluebook. Be realistic. Your goal is to get an
accurate value of your net worth, not an inflated valuation based on the original price of an item.
Once you have determined your net worth it is time to set some personal financial goals.
If you have a negative net worth, I would focus on debt reduction to get the most bang for your buck.
If you have a positive net worth, then review your assets to see where you have holes. For example, if
you have a lean emergency fund, you may want to prioritize your emergency fund this year and then
next year focus on retirement planning and short-term saving goals.
I go through this process every year and it really helps me stay on track with my budget, spending and
saving.
If you have any questions on these forms please reach out to me via my website. I’d love to hear from
you.
Love,
Amy
www.DailySuccessfulLiving.com
www.DailySuccessfulLiving.com