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Planning Priority No. 3: Pay self first

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Question: I am trying to put together a financial plan, and I am realizing how much there is to think about! Is one thing more important than another? Where should I start?

Answer: For the last couple of weeks, we have been examining the priorities involved in building an effective financial plan.

Step one must always be protection … because life happens.

Step two is cash flow control. As one wag has said, if your outgo exceeds your intake, your upkeep will become your downfall!

This week, let’s take up the third step, or planning priority — savings.

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