Basically I have to create a 5 - 6 financial plan on how to use $50 000 of money I inherited as a beneficiary. Any ideas on how to start and what this financial plan may consist of?
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Hi, I would say that there are typically 4 components to a good financial plan. Really, they're all personal finance basics, just put together in one document. 1. Assessment of debt and a plan to tackle it 2. Assessment of income and a plan to budget to manage cashflow 3. Assessment of insurances, especially life, and a solution that meets needs and fits budget 4. Assessment of investments (no point going here if the first three aren't in order) and implementation of a program that looks at the person's risk tolerance and time frame. I found one of our old articles that talks about managing auto insurance and how our writer had a close call.
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