Battle Plan Series

Welcome to the Battle Plan Series! We are going to go through both phases of CAM’s battle plan and what each step entails. The battle plan will consist of 2 phases to getting to financial freedom.

Phase 1: S.T.E.P. – This phase will focus on understanding and evaluating your current financial situation, coming up with a personalized plan, creating a budget, saving and paying off debt.

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

  • Pay Off Debt
  • No New Debt
  • Cut Up Credit Cards
  • Yes, Student Loans Go Here!
  • Smallest Balance to Largest (No Not Interest Rate)

Phase 2: D.F.A.S. – This phase is where you really start building wealth by getting a full disaster savings fund together, saving for retirement and college, paying off your house and building net worth.

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

 

Are you ready to get started on your financial journey? Let’s go to the first step in Phase 1!

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