Battle Plan for Financial Freedom

CAM offers a two phase program. STEP is for people just starting out on their path to financial freedom and walks you through getting completely out of debt. Once you graduate from STEP, you will enroll in DFAS where you will build up savings, retirement and pay off your house. If you are interested in learning more about the program or would like CAM to walk with you on your journey contact us me at Charles@CAMFinancialCoach.com.

Phase 1: STEP

SURVEY PERSONAL FINANCES

  • Admit You Have a Problem
  • Evaluate Your Current Situation: list all income sources, all debts, all expenses
  • Set Some Short-Term and Long-Term Goals

TRACK YOUR SPENDING

  • Track Your Spending for a Couple Weeks
  • Create a Budget Every Month That Shows Where Every Dollar is Being Spent
  • Get Current on Outstanding Bills
  • Consider Whether You Need to Rid Yourself of Some Things (i.e. your car, your lease, the cable you don’t really need, etc.)

EMERGENCY FUND STARTED

  • Small “In-Case-Something-Happens” Fund – For Emergencies Only ($1000 – $3000)

PAY ALL (NON-MORTGAGE) DEBT OFF

Phase 2: DFAS

DISASTER FUND

  • 6-Months of Expenses In a Savings or Money Market Account

FINANCIAL SECURITY

  • 15%+ Gross Pay to Retirement
  • Diversify
  • Use Matching First, then Roth IRA

ACADEMICS *Optional*

SETTLE YOUR MORTGAGE

  • Pay Off Mortgage Early
  • Or Save Up for a 10-20% Down Payment and Then Pay it Off Early
Also, remember SHARP along your journey:
SPLURGE – Reward Yourself Within Your Budget (When You Hit Milestones)
HELP – Help Others in Need – Charitable Giving
ACCUMULATE – Build Your Net Worth: Retirement, Other Investments, etc.
RETURN – Give Back into God’s Kingdom – Tithes and Offerings
PREPARE – Get Will and Estate Plan in Order, Get Life Insurance
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