Personal Finance Statement Emma Burnside

Debt & Liability Plan

Credit Cards: only going to have one card to use only for emergencies, preferably one with low interest rates and little fees

Personal Loans: keep as limited as possible, and if a loan is needed make sure to pay it off as soon as possible

Student Loans: the goal is to get it payed off sooner then later, get scholarships and pay for what I can upfront, then get a loan to cover the bare minimum of what i can't pay for

Mortgages: always take out 20% of each earning and set aside to pay off mortgage as soon as i can

Savings & Investments

Stocks and Bonds: these are ok but i prefer to invest my money in mutual funds and i plan to invest most of my money into high risk/ high return mutual funds

CDS and Savings: no CDS but have a savings account, let it build up without taking out any money

Iras, 401 K, Roth IRA: these are good, make sure I have these, they will be a benefit for me later

Investor: i want the best of both worlds for this so it's best to have a little bit of both a young investor and a old investor, the can be up to date with this new world but also very wise and smart with the decisions they make knowing what is successful

Budget

Emergency Funds: I need to have 3-6 months income in case

Check Book Balancing: I always want to do this, at least once a day

Expenses: i only want to have the bare minimum to save as much money as i possibly can

Food: be as cheap as i can with this, don't spend over $20 out a week and try to take advantage of left overd

Property

Buy, i want to buy when i have the money and when i can get a good down payment and a 30 year mortgage but if i need to i can rent, but not for very long because i don't want to invest poorly

Insurance

Health: this is good to have, i need to have this insurance in case anything happens to my health to stay in as best of a position as i possibly can and to get better savings on medical expenses

Life: i won't need this any time soon, but as i get older and i have a dependent or dependents so that when i'm older i can keep my loved ones out of debt from me

Property: this is a must have, this will help me make sure all my property is protected in case something happens and this insurance will hopefully make the fix expenses cost less

Auto: this is also a must have, this will give me a sense of safety for when i'm driving

Mortgage: yes this is always good to have because it has some compensation

Pet Insurance: not a necessity but it's a good idea to have some sort of protection plan for them as well especially with medical expenses being very costly

Credits:

Created with images by Tax Credits - "Money Hand"

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