Money Advice: 3 simple steps to personal financial planning

Personal financial planning in 3 steps

Does personal financial planning give you anxiety?  Hank Mulvihill of Mulvihill Asset Management says it need not be frightening or intimidating.

He suggests trying a simple three-step method to get you started.

“Thirty percent goes to taxes, twenty percent goes to savings and fifty percent goes to life.” says Mulvihill.

One thing to remember is the fact that many people have trouble saving enough money.

“You can’t enter the world of money management and investing if you don’t have any savings, so start!”

Consider the word affluent.  “The world affluent doesn’t mean rich, it means flowing toward.” adds Mulvihill.  “Money is magnetic, money attracts more money, but you can’t attract money or growth if you don’t have any savings.”

Bottom line: Discipline yourself.

“You know you’re going to pay the taxes, do that.  Save some money and then live life!” Mulvihill says.

Stay conservative with the three-step rule of taxes, savings and life — the better you’ll be in the long run.

Learn more about Mulvihill Asset Management.

Each week WFAA brings you Frontier Financials, 'Snackable Money Advice' from North Texas financial and real estate experts - Powered by Frontier Business Edge.

Copyright 2016 WFAA


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