Financial planning-do you have the p-o-w-e-r?
Believe it or not there are over thirty definitions of the word”power”and they take on various parts of speech-a noun, verb or an adjective. And the most common meaning is”to have control or ability to influence the outcome of a situation.”
And there is no time like now, during these uncertain economic times that you should want”to have control or ability to influence the outcome of your situation.”My question then to you is when it comes to your finances do you have control or the ability to influence the result you want?Do you have the ability to act and the capability to accomplish your financial goals-Do you have the P-O-W-E-R?
Most persons seem to be powerless when it comes to managing their financial affairs, but here are five simple steps that will help you to take control of your finances and begin to achieve your financial goals. Because no matter how much money you earn you will not achieve any degree of financial independence until you start to take control of your hard-earned money.
Plan. There’s no question about it, if you are ever going to achieve your goal then you must have a plan. I’m sure that you’ve heard the adage”he who fails to plan, plans to fail.”If this is so then it is quite obvious that you’re setting yourself up for failure if you don’t have a plan. This first step is very critical because it tells you exactly what you want and it helps you to define your financial destination. And once you know what you want then it becomes a whole lot easier to determine what you will give up or sacrifice in order to achieve the results you want.
Organize. Once you’ve created your plan then you need to organize yourself in a way that will allow you to achieve the goals that you would have set forth in that plan. You have got to discipline yourself to focus your two most important resources-time and money, on achieving the objectives that you set for yourself. As all of your actions must be driven by your intended goals.
Write. While most persons may say that they know what they want, the problem is that their plans are usually not in writing. It is very important that you organize yourself and your goals in writing. Because if you’re like me I’m sure that you forget most things and that’s basically the problem that most persons have, they have their ideas at the top of their heads and they forget their destination. And unfortunately, if you don’t know where you’re going any road will lead you there. So your written plan will provide you with the track on which you will proceed towards achieving your goals.
Execute. Like Nike says you have got to”just do it”!There is no substitute for doing the work and so whatever your plans, you’ve got to do the work. And in doing your work you would be able to see what is working for you and what is not working.
Review. While you may have a plan you must understand that your plan can not be written in stone, and that is why reviewing your progress is very important, as it allows you to make any adjustments that are necessary in order for you to achieve your goals.
So in order to take control of your financial well-being you must have a plan, you must organize yourself, your plan must be in writing, you must execute the plan by doing the work and you will need to review your progress on a regular basis to ensure that you are reaching the goals that you set for yourself.
Now that you have got the P-O-W-E-R to control your financial destiny, make 2011 your year for achieving financial freedom!
Copyright©2010-Glenn S. Ferguson
Got a question about your financial or retirement planning any question at all go ahead and just ASK GLENN