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The one page financial plan carl Richards pdf download

The one page financial plan carl richards

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The one page financial plan carl Richards pdf download

Details of The one page financial plan 

  • Book Name: The one page financial plan 
  • Authors:  Carl Richards
  • Pages: 213
  • Publish Date: 31 March 2015
  • Language: English
  • Genre: Personal finance, investing, 


It is said that a goal set without any planning can be accomplished only in a dream, a goal that you may or may not achieve. It is very important to have a plan, something that shows you the right path in life and brings discipline. 

A good financial plan not only tells you how to save and invest but it also goes into the depth of 'why you need to save and invest. And that's what Carl Richards' book "The One-Page Financial Plan" tells you. 

"The One-Page Financial Plan" by Carl Richards. Carl Richards is a financial advisor turned author. His biggest speciality is his easy-to-understand explanation of difficult finance topics. 

Another example of the brilliance of Karl's work is that he has narrowed down finances to just the important topics that matter most. 

The book begins by stating that money plays an important role in fulfilling your goals and aspirations. So, before you start your financial journey, the question to ask is, "Why is money so important to me?"

You can create an effective financial plan only when you understand your basic and important ideals. For example: Before prescribing you medicine, the doctor talks about your current condition, symptoms of the disease and special medical needs. 

It is only after discussing all the things that he tells you a cure. Overall the thing is that doctors do not give one type of medicine to every patient, but treat every patient according to the disease. 

Carl Richards also believes that this is the basic principle behind a good financial plan. Knowing why money is important to you will help you understand your financial situation. Only then will you be able to find the right "cure" for you. 

Due to the difference between the main goals and ideals, the financial plans of the two people will be completely different. And once you've figured out why money is important to you, it's time to think of some goals that will guide you on the right path to your financial future. Identify Your Goals In the next section of the book, Carl looks at how you need to identify and write down each of your goals. 

They talk about how creating a financial plan is just like planning a vacation. You decide where you want to go and then create a schedule that will make your vacation fun. 

However, they also emphasize that you must remember to be prepared for a sudden situation as well. So, the first step to goal setting is to accept that you can't always foresee the future. But what should be your goals? Again, the answer is tied to the real question, "Why is money important to you?" Carl explains this with an example. 

Suppose the answer to the above question is, "Money is important to me because it will help me to give better opportunities to my children and secure their future ." Then they suggest that some of your goals could be based on the following reasons: - My son will be going to college in three years and I need to add a lot of money to cover these expenses - My daughter will be on foreign exchange next year planning a trip I need to save money for -- I'd like to raise some emergency fund for the kids in case my kids don't get a job right away after they finish college. 

You can always make goals according to your changing circumstances. And then, once you have your ideals and goals in front of you, the next step is to assess your financial situation to decide what to do and how. 

Assess Your Current Financial Situation Carl believes that not knowing your current financial situation could put your future financial security at risk. Therefore, it is very important to prepare your balance sheet and know your current net worth.

He then explains to his readers how to create your personal balance sheet to know where you stand at the moment. They recommend that you draw a T shape on a piece of paper, writing assets on the left and liabilities on the right. Now, in the assets section, write down everything that brings or is likely to generate income for you. 

For example your investments, savings, properties. Now, write down everything you owe in the liabilities section. This can include your loans and mortgages. Next, simply subtract the liabilities from the assets to get your net worth. 

This is a special number because it tells you your current net worth. And now you understand all the basics of making a financial plan and are also clearly aware of your current financial situation. The rest of the book provides practical tips on how to better spend and save money to invest wisely and free up resources to achieve your goals. 

Keep a track of your spending and to do this, the first step they tell you is to make a budget. It is very important for you to understand where you are spending and whether you are spending according to your ideas and goals. 

For example, travelling more is one of your goals, but if you spend 40-50 per cent of your income on partying and good food, it will be difficult to arrange money for your trip to Iceland. 

If you really want to fulfil this dream of yours, then you have to make some changes in your spending habits. Start by deciding on your monthly income. 

Then, make a list of the important expenses for your month as well as the non-essential ones. Cut down the unnecessary expenses completely, as well as try to reduce some important expenses of your month.

Making transactions in less than a week is another challenge mentioned by Carl. Intentionally spend less money. To gauge your success, don't forget to take a look at your spending once every two months. Save as much as you can After your budget, the book moves on to savings. 

Your financial plan is personal, so should be your savings plan. Carl Richards emphasizes that the goal should be to save as much as you can - an amount that suits your situation. Once you decide how much you can save, this approach can make your life easier. 

By automating, you'll have to spend less time thinking about how much to spend or save. In no time you will forget all this, and wonder how much your savings have grown in just a few years. 

Along with saving, the book also suggests that you should pay off your liabilities, starting with the highest interest-bearing liability. It tries to convince you that paying off your liabilities is ultimately an important investment for your financial future. 

If your credit card liabilities are rising because of things that aren't important to your goals, then instead of saving up for what you really want to do, you'll end up paying interest on your liabilities. 

After explaining how you should spend and save your money to meet your goals, the book moves to the last step that talks about investing. Invest Like a Scientist There are a variety of businesses and institutions that promise attractive returns on investment. 

But how do you choose the best path for you? You can take advice from your family and friends. But then you will listen to your feelings instead of your mind. A good way to avoid financial mistakes and risks is to consult academic journals and other peer-reviewed publications on investing. 

To make the best investment, you have to look at investing as a science. Experts have been studying investments for years and people have been trying to grow their money for a long time. 

It is quite difficult to predict how a stock will perform in the future, you cannot predict it by controlling your emotions. If you are investing in the stock market, you can reduce your risk by investing in different types of stocks. 

Forget the single stock that could be your golden ticket to making money. When Facebook first entered the market, how many of us could have imagined that it would become so big? 

How many of us were able to anticipate the 2008 economic crisis? So instead of trying to find that one stock that can make you a millionaire, you should divide your risk by investing your portfolio across multiple sectors and market capitalizations. 

By doing this your portfolio will be balanced. Lastly, 'The One-Page Financial Plan' gives us a very clear and concise message - a financial plan begins when you ask yourself why money is important to you and create a goal that will help you achieve this goal. 

Answers the question. Next, there are simple tasks like assessing your spending, savings and investments to achieve your goals and making some adjustments to be on the right track towards achieving those goals. 

There are many ways to create a financial plan. However, the best plans are the ones that are simple, clearly describe your current net-worth and future needs and are in line with your ideals. 

This brings us to the end of the book's synopsis, now, as Karl suggests, the best way to invest is to spread your portfolio across sectors and company sizes, and investing in mutual funds is the best way to do it. 

Easy and economical way. There is a fund for every situation, depending on what your goals are and how much risk you can take. And on money, you can invest in these funds without any charges. 

Also Read: Scarlett: Lost in the Five Lands book review

Also Read: Enrichment begins within Rahul Bhatnagar pdf download



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