CPA Accounting Firm Mesa AZ
4 Easy Steps to financial planning  for young adults

4 Easy Steps to financial planning for young adults

4 Easy Steps to financial planning for young adults

4 Easy Steps to financial planning for young adults

  1. Have your personal documents such as a will (who gets your stuff), medical directive (who can make medical decisions for you if you are unable), durable power of attorney (who can legally take care of your stuff if you are unable) and instructions at death (who to contact, list of passwords and pins, disposition of pets and personal property, funeral preferences).
  2. Have adequate insurance for health insurance, life insurance, casualty/ liability insurance and disability insurance.
  3. Eliminate or avoid unsecured debt or upside-down debt (i.e. you owe more than your car is worth).
  4. Save 10%. Start with 10% in savings until you have 3-6 months of expenses then start 10% for retirement.

Why walk these 4 steps?  To give yourself choices, to be able to say “no” to a boss or change jobs, to help get through tough times…