The Personal Financial Plan

Used 80,000 as the yearly salary with 2,000 rent monthly with no family and regular living expenses. Aim to spend no more than 30% of your income on housing, 10% on transportation, 15% on food, and 5% on entertainment. Saving 20% of income. If your employer offers a 401(k) match, contribute at least enough to get the full match. While aiming to buy a home in 5 years worth at least 500K in New Jersey. investment Aim for a diversified portfolio that includes a mix of stocks, bonds, and other assets. With retirement at 65 years of age 1. What are your objectives? — Family — Career — Financial — Estate 2. Manage the cycle — Save & invest during your working years. — Drawdown investments in your retirement years. 3. What factors drive the success or failure of your objectives? — Income - Expenses = Savings — Trade-off between Time vs. Returns vs. Amount Saved 4. What risks are you willing to take? — Start a business — Financial risk