February: Put Some OOMPH in Your Plan
Updated: Feb 2
Last month was all about taking the first – and most important step; developing a financial plan. The focus was on the “what” of your financial plan, using my 3 Ms of FI as a guide: Maximize Cashflow, Minimize Debt, and Multiply Your Money.
However, your financial plan isn’t complete if you don’t have the “how” to accompany your “what.”
A financial plan doesn’t have to be complex or complicated. In fact, the simpler, the better! Here is my financial plan from 2004:
Not bad, but needs more oomph. I’m missing the “how” to accomplish my goals.
This month, the focus is on adding some oomph to your plan. How will you achieve your goals? Does your plan get you there? If it doesn’t, you need to revisit the plan.
As I’ve grown, my financial plans have evolved. Here’s one from 2012 (the scribble is thanks to my then toddler!):
I’ve bolstered it, and given it more oomph by including “how” statements for each financial goal. It’s not perfect, but what’s important is that each “how” statement shows a clear path to achieving my goal.