Let& #39;s talk about personal finance

When I do financial coaching w/ friends & family

Step 1 is ALWAYS to get organized

Start by tracking your expenses

@mint
@PersonalCapital
@ynab

More:
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Step 2

Create income / net worth statements

Here is the coaching template that I created and use with all of my clients

https://drive.google.com/open?id=18ee7tP0qSorcbwe9Imd8D0SP52xLtf5n">https://drive.google.com/open...
Step 3

Optimize ALL expenses

Can you lower your cable / phone bill?

Can you spend less on food? ( http://budgetbytes.com"> http://budgetbytes.com )

Do you have any recurring charges you no longer need?

Attack them all!
Budget Bytes - Delicious Recipes Designed for Small Budgets

Easy recipes made with simple ingredients that will keep you full, happy, and within your budget! Step by step photos for EVERY recipe!

http://budgetbytes.com
Step 4

Starter emergency fund

How much? At least enough to cover insurance deductibles
Step 5

Pay off ALL High-Interest Debt

Payday lenders

Credit cards

Loan sharks
Step 6 (if applicable)

401(k) up to the employer match
Step 7

Full emergency fund

3+ months of expenses in cash

6+ months if you have 1 income and kids
Step 8 (if applicable)

Max Health Savings Account (HSA) contributions if you have a high deductible health plan

$1,400 deductible individual
$2,800/family https://www.fool.com/retirement/complete-2019-guide-health-savings-account-hsa.aspx">https://www.fool.com/retiremen...
Your Complete 2020 Guide to the Health Savings Account | The Motley Fool

Here's everything you need to know about triple-tax-advantaged HSA investment accounts, including 2019's eligibility requirements and annual contribution limits.

https://www.fool.com/retirement/complete-2019-guide-health-savings-account-hsa.aspx
Step 9

Max IRA contributions

Roth / traditional

$6,000 / $7,000 depending on age in 2020
Step 10

Pay off ALL non-mortgage low-interest debt

Student loans
Cars
HELOC
Step 11

Max out 401(k)

$19,500 / $26,000 depend on age 2020
Step 12 (if applicable)

529 contributions
Step 13

33% to a regular brokerage account

33% to mortgage paydown

33% to irregular expense fund (car, roof, vacation)
Step 14

Whatever you want
Other important things

If you have kids, YOU NEED A WILL & OTHER ESTATE PLANNING DOCUMENTS

Pay to meet with a local lawyer

It& #39;s expensive but worth it
If you have dependents and are not already rich

YOU NEED LIFE INSURANCE

20-year, fixed-rate, TERM insurance (not whole/universal) is a good start

I like $1 MM per adult

@Policygenius & @healthiqinsure are excellent resrouces
Other insurance:

Health
Umbrella policy
Disability
Home/renters
Car
Business (if small business owner)
Other tools (free):

@creditkarma for tracking credit score

http://SSA.gov"> http://SSA.gov 

http://Annualcreditreport.com"> http://Annualcreditreport.com 

@upromise

http://missingmoney.com"> http://missingmoney.com  http://travelmiles101.com"> http://travelmiles101.com 
Travel Miles 101 - Travel Miles 101: The quickest & easiest way to get started saving big with...

Travel Miles 101: The quickest & easiest way to get started saving big with travel rewards points and miles..

http://SSA.gov
If you are a homeowner

GET AN ENERGY AUDIT DONE

Many utilities offer this FOR FREE

And will even subside improvements
Amazing podcasts:

F.I.R.E.
@ChooseFi
@AffordAnything

Personal finance
@AnswersPodcast

Market
@MFIndustryFocus
@MarketFoolery
@MotleyFoolMoney
Too much to handle on your own?

Hire a fee-only money coach

I like http://momandddadmoney.com"> http://momandddadmoney.com 

But there are lots of great choices
Handy picture:
Remember, no one cares more about your money situation than YOU

It& #39;s all of our responsibility to do these things on our own

And to spread the word so others have a roadmap to follow

Sadly, they don& #39;t teach this stuff in school (I& #39;m working on changing that!)
You can follow @BrianFeroldi.
Tip: mention @twtextapp on a Twitter thread with the keyword “unroll” to get a link to it.

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