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  1. A 5-year financial plan is a document that outlines your financial goals and how you will achieve them in the next five years12.An example of a 5-year financial plan could include12:
    • Financial Goals: Save $20,000 for a down payment on a house in three years, pay off credit card debt, and invest for retirement.
    • Current Financial Situation: Income, expenses, assets, and liabilities.
    • Budget: A monthly plan that allocates income to savings, debt payments, and living expenses.
    • Strategies: Increase income, reduce expenses, build an emergency fund, and use debt consolidation or refinancing if needed.
    • Investments: Choose appropriate investment vehicles and contribute regularly to a retirement account.
    • Review and Adjustments: Monitor the progress and make changes as needed.
    Learn more:

    5-Year plan example

    • Increase your income each year To make the rest of your 5-year plan easier, the first step is to increase your income. ...
    www.clevergirlfinance.com/how-to-create-a-5-year …

    Example of a 5-Year Financial Plan

    • Financial Goals Save $20,000 for a down payment on a house in three years. ...
    • Current Financial Situation Income: $60,000 per year ...
    • Budget Income: $5,000 per month ...
    diversifiedllc.com/article/5-year-financial-plan-exam…
     
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