My Personal Finance Journey

Personal finance observation, musing and decisions in a journey toward financial independence by 2020 with at least $3 million.


By Topics

Overall:
0. About (10)
1. My Progress (139)
2. Car & Home (107)
3. Credit (138)
4. Banking (33)
5. Saving (49)
6. Investing (308)
7. Taxes (89)
8. Spending (74)
9. Misc (97)
A. Archive (49)



MONTHLY ARCHIVE

Feb 2014 (3)
Jan 2014 (6)
Jan 2012 (1)
Apr 2011 (1)
Mar 2011 (1)
Feb 2011 (1)
Jan 2011 (1)
Dec 2010 (1)
Oct 2010 (1)
Sep 2010 (1)
Aug 2010 (1)
Jul 2010 (1)
Jun 2010 (1)
May 2010 (1)
Apr 2010 (1)
Mar 2010 (6)
Feb 2010 (2)
Jan 2010 (7)
Dec 2009 (3)
Feb 2009 (4)
Jan 2009 (8)
Dec 2008 (1)
Jun 2008 (2)
May 2008 (2)
Apr 2008 (5)
Feb 2008 (3)
Jan 2008 (15)
Dec 2007 (32)
Nov 2007 (6)
Oct 2007 (8)
Sep 2007 (9)
Aug 2007 (24)
Jul 2007 (2)
Jun 2007 (1)
May 2007 (3)
Apr 2007 (4)
Mar 2007 (4)
Feb 2007 (13)
Jan 2007 (6)
Dec 2006 (3)
Nov 2006 (7)
Oct 2006 (7)
Sep 2006 (6)
Aug 2006 (4)
Jul 2006 (10)
Jun 2006 (1)
May 2006 (3)
Apr 2006 (2)
Mar 2006 (6)
Feb 2006 (6)
Jan 2006 (3)
Dec 2005 (1)
Nov 2005 (9)
Oct 2005 (8)
Sep 2005 (13)
Aug 2005 (25)
Jul 2005 (16)
Jun 2005 (17)
May 2005 (19)
Apr 2005 (20)
Mar 2005 (24)
Feb 2005 (23)
Jan 2005 (36)
Dec 2004 (40)
Nov 2004 (34)
Oct 2004 (17)
Sep 2004 (21)
Aug 2004 (59)
Jul 2004 (37)
Jun 2004 (31)
May 2004 (29)
Apr 2004 (52)
Mar 2004 (49)
Feb 2004 (49)
Jan 2004 (31)
Dec 2003 (48)
Nov 2003 (52)
Oct 2003 (29)
Sep 2003 (8)
Aug 2003 (5)
Jul 2003 (2)
Jun 2003 (2)
May 2003 (5)
Apr 2003 (2)
Mar 2003 (2)
Feb 2003 (3)
Jan 2003 (29)



 

Financial Plan 2005: The Overview

Contributed by mm | January 30, 2005 7:38 AM PST

Behind my set of ambitious 2005 goals is a financial plan. I finished the plan about two weeks ago (in an Excel workbook), and I am happy to share the details of my plan in the next few posts. In this five part series about this annual plan, you will read the following:

1. Overview: why an annual financial plan is necessary.
2. Income: understand your income streams and risks.
3. Expense: understand your expense and cost cutting opportunities.
4. Tax: how to plan (well) ahead and avoid tax mistakes.
5. Summary: recap of growth projection, risks and opportunities

Before I start to share the numbers, let me say a few words on why I need a plan.

My finance is becoming more complicated with every passing year. With two bread-earners, one little kid, a house, two cars and various investments, there are many moving parts in my financial life. The planning process allows me to think through what will reasonably happen next year and prepare for them mentally.

Specifically, a good plan can tell me, well before I start a year, how much I will earn, how much I will spend, and how fast I can grow my net worth with reasonable assumptions. The data I obtained from the planning process can serve as a yardstick to measure my performance.

Equally importantly, the details revealed in the planning process foretells the potential issues and risks in executing toward my annual goals. I believe these information will help me avoid certain personal finance mistakes.

The framework of my financial plan is actually simple. My net worth increase is essentially determined by how much we can pull in, how much we will spend, and how much tax liability we will have with these income and expenses. As a result, I first looked into income, expense and tax individually, and then piece together my financial picture for 2005.

Read on for my 2005 income projection ...

Be the First to Comment on this Post


Add Your Comments










Remember personal information?




(It will take a few moments for your comment to be published. Please do not close the window until then.)


Read More ... 139 Posts In The Same Category










This page was last rebuilt at February 09, 2014 08:23 AM PST. (328 Words)
 

RSS FEED





PERSONAL FINANCE BLOGS I READ

Consumerism Commentary
Get Rich Slowly
My Money Blog
All Financial Matters
The Simple Dollar






.



Copyright 2003-2014, PFBlog.com. All Rights Reserved. (Privacy Policy)