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Phil Town from Real One Investing discusses how to create an investment plan. He emphasizes that starting to invest is great, but beginners may face challenges. An investment plan involves more than just selecting stocks; it should consider your current financial situation, future financial goals, and how these factors will shape your investing strategy. Key elements of a strong investment plan include evaluating your financial situation by assessing disposable income, debt, and average expenses. This evaluation is crucial as it helps inform and guide your investment decisions for long-term success.