Dear Readers: Often when I talk about the importance of a financial plan, I see people start to squirm. There’s something about the topic that makes them uncomfortable. When I dig a little deeper to find out why, two reasons regularly come up: Either people don’t think they have enough money to warrant a financial plan or they think a financial plan costs too much. And no matter how often I try to debunk these myths, it’s hard to change someone’s preconception.
It’s a challenge for sure, but I’m such a firm believer that everyone needs a financial plan that I’m going to give it another try by showing you how you can actually be your own financial planner. It doesn’t require that you have a lot of money—and it doesn’t have to cost you a penny. If you’re willing to spend a little time, you can actually do it yourself. Here’s how: