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My friend Peter Carlson, a Seattle CPA and owner of West Coast Tax and Accounting came up with this sensible list. He is a wise man.  

 

      1. Make a will.
   Additionally, consider Advanced Directives for Health Care, Powers of Attorney, and beneficiary designations for IRA's and insurance policies.

2. Pay off your Credit Cards
    Carrying a monthly balance is very expensive.
3. Get term life insurance if you have a family to support.
Term life is the least expensive, simplest way to protect dependents. 
4. Fund your Roth IRA or regular IRA fully, as soon as you can.
No one has ever told me that they wished that they had put less in their IRA when they were younger.

5. Fund your 401(k) or deferred compensation plan as soon and with as much as you can.
    Start  on day #1 of your job. Capture the employer match, if available. Don't cash in your plan if you change jobs.  
6. Buy a home to live in; buy it only if you can afford it and with a fixed loan. Take care of #4 and #5 first.
    Read this again.
   
7. Build up to six month's expenses in a money market or savings account.
    This will time to build up; it is an important part of taking the reins in your financial life.
8. Take what is left and invest it in a mix of stocks and bonds,
 adjust periodically but otherwise don't pay too much attention to it.
     I help people invest properly, as well.
9. If you have a complicated situation, unusual circumstances, or feel that you need help with an important decision, get help from a CFP™, CPA or tax attorney.
    Ask questions and be sceptical. Understand how your advisers are paid.    
10. Don't make changes in your life to accommodate the tax law.
    " The goal of life is living in agreement with nature." ...Zeno