These steps are meant to be taken as a cyclical process, to be continuously evaluated, refined, adjusted and repeated.
The previous 19 steps i’ve outlined are not meant to be done just once. This 20 step process is not a ‘set it and forget it’ procedure. It’s designed as an iterative3 process. It’s designed to be done, multiple time, over multiple years, as you move through the various stages in your personal finance journey.
Again, these are the basics. The minimum required. The things everyone should be doing at the very least to insure they are on a solid path towards financial security and hopefully, freedom. How we define these terms is for another day. Suffice it to say, that as you move through life, maintaining a solid hold on these 20 steps should help you be successful in your finances.
Plan
- Identify your current position financially
- analyze the challenges you face
- Common challenges
- unique to you challenges
- Identify goals you are attempting to achieve
- Specify what your primary vs secondary goals
- Net Worth goal
- Net Income/Cash Flow goal
- Create milestones goals and objectives,
- Create evaluation plans and processes
- Learn best practices, strategies and tactics used by others who are successful
- Develop an action plan
Implement
- Do the work.
- Follow the process
- Document challenges, successes, failures and lessons learned
Evaluate
- Constantly evaluate short, medium and long term outcomes
- Decide on process and outcome measures
- Identify outcomes of interest
- Again, constantly evaluate and monitor with feedback
Improve
- adjust plans, strategies, tactics and even goals to account for lessons learned
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