If you had to choose only one step/action out of all the steps to do, and eliminate all the others, the action you need to keep is to reduce your spending. This one thing will almost always have a bigger impact on your personal finances than any other. … [Read more...] about Step 08: Reduce Spending (Minimize Expenses)
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Step 07: Develop a written Financial Plan
A financial plan is a written set of goals, followed by steps, strategies, timelines and habits for accomplishing these goals. It provides direction, gives you a benchmark from which to evaluate your progress, and helps you prioritize the most efficient use of your financial resources. … [Read more...] about Step 07: Develop a written Financial Plan
Step 06: Track Key Financial Ratios
Some folks feel budgets don’t work. I feel that the process of building and organizing the budget is even more important than having one. Categorizing where your money should and does go is critical. Apply the same financial discipline we do in business. Remember. You are a business. So do what businesses do! … [Read more...] about Step 06: Track Key Financial Ratios
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