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10 Keys to Building a Financial Plan

2 Frugal Dudes August 27, 2019 194


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    10 Keys to Building a Financial Plan
    2 Frugal Dudes

Episode 115: Tune in for the 10 Keys to Building a Financial Plan that will set you up for success now and during retirement.


In this episode of 2 Frugal Dudes, we’re talking to Ryan Inman about the 10 key components of building a financial plan. Ryan is a fee-only financial planner for physicians at Physician Wealth Services and hosts the Financial Residency podcast.

About Ryan

Ryan has been a self-proclaimed hustler since he was a little kid. He’d even try to upsell at his lemonade stand. He got into trading stocks at an early age that carried over into his adulthood.

Ryan met his wife in college. She accrued a significant amount of debt while training to be a physician, which gave Ryan a new focal point in life.

10 Key Components to Building a Financial Plan

Here is a summary of the 10 key components of building a financial plan. Want the details about how? Tune in to the full episode.

  1. Write down your goals and opportunities, as well as your challenges and barriers. Start to identify ways to overcome those barriers.
  2. Take an inventory of what you have and what you owe to calculate your net worth (assets vs. liabilities).
  3. Understand the flow of your money and simplify your banking.
  4. Understand the concept of budgeting and graduating to projected cashflow.
  5. Create a debt payment plan.
  6. Protect your income (get insurance).
  7. Simplify your investments.
  8. Do some estate planning: get a will, assign power of attorney, create an advanced care directive, and consider a living trust.
  9. Understand your tax situation.
  10. Implementation. Know how to implement it and that it will take time.

Where Our Money Went

Kevin didn’t have time to spend money last week, but he made some! However, there’s a cruise in Kevin’s future so that might change.

Sean’s money went toward adopting a cat this week!

Show Links & Related Episodes

Music: https://www.bensound.com/royalty-free-music

Disclaimer: Kevin and Sean are not professional financial advisors. Do not take any advice they give without first speaking with a professional and performing your own due diligence.

10 Keys of Building a Financial Plan

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