This is the fifth of the series financial planning posts to help readers get started in managing their personal finance. Sharing the links for the earlier posts for those who have missed it
Day 1: Setting Up Your Financial Goals
Day 2: Knowing Your Net Worth
Day 3: Understanding Your Income Flow
Day 4: Budgeting
This is the last post of the series and will be a short one.
While I appreciate the time you spent reading the posts, they are worthless information if you did not take action. These posts are just worthless data that will flood your mind with nothing. So, before proceeding, go back and make sure you have set up your goals, calculated your networth, reviewed your income flow and have prepared a budget.
Do this for your own sake.
After doing all the exercises, the next step is do a pit stop. Take a pause and review where you currently stand.
You can do it monthly, quarterly or annually. Whatever suits you.
Take time to review everything from the ground up.
Where are you in achieving your goals? What have you accomplished? What has to be done?
What is working and what is not?
Look at your networth's growth on a regular basis. Is it increasing? Hopefully it is. And hopefully it is growing faster than the inflation rate.
Review and check whether you are still on track in meeting your financial goals. If not, then plan a change so you can still achieve it.
Before i close this post, let me share steps I got reading the book Eat That Frog
Day 1: Setting Up Your Financial Goals
Day 2: Knowing Your Net Worth
Day 3: Understanding Your Income Flow
Day 4: Budgeting
This is the last post of the series and will be a short one.
Reminder
Thinking and reading will not help you achieve what you want. You have to take action. You have to move.While I appreciate the time you spent reading the posts, they are worthless information if you did not take action. These posts are just worthless data that will flood your mind with nothing. So, before proceeding, go back and make sure you have set up your goals, calculated your networth, reviewed your income flow and have prepared a budget.
Do this for your own sake.
Pit Stop
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| via snorpey |
After doing all the exercises, the next step is do a pit stop. Take a pause and review where you currently stand.
You can do it monthly, quarterly or annually. Whatever suits you.
Take time to review everything from the ground up.
Where are you in achieving your goals? What have you accomplished? What has to be done?
What is working and what is not?
Look at your networth's growth on a regular basis. Is it increasing? Hopefully it is. And hopefully it is growing faster than the inflation rate.
Review and check whether you are still on track in meeting your financial goals. If not, then plan a change so you can still achieve it.
Before i close this post, let me share steps I got reading the book Eat That Frog
Seven Magic Steps in Getting What You Want
- Decide exactly what you want
- Write it down
- Set a deadline on your goal
- Make a list of everything you can think of that you are going to have to do to achieve the goal.
- Organize the list into a plan
- Take action on your plan immediately
- Resolve to do something every single day that moves you toward your major goal.
