The 5 Step Plan for Financial Success and why People Aren’t Successful

By Bob Brooks

February 12, 2015

Through hosting the radio show and advising people, I have had the opportunity to see what works and what does not work when it comes to money.  Due to that history, I have developed what I feel is a 5 step plan that would serve anyone willing to follow it.  The process involves prioritizing, evaluating, planning, implementing, and monitoring.

(1)   Prioritize

Most people whether loosely or clearly defined have goals.  It could run the gambit between sending your child to college to getting out of debt to retiring someday. 

Unfortunately, success is not achieved because of two key mistakes.  First, goals are not clearly defined.  They aren’t goals.  They are wishes.  Second, the biggest mistake that most people make is not having a system of priorities in place.  The emphasis on particular goals ebbs and flows with the seasons of your life.  Understanding this is critical.

(2)   Evaluate

Once clear and defined goals are set and prioritized, the next step is determining where you are in relation to accomplishing those goals.  It is critical to understand where the gaps and weaknesses are in your financial situation that would prevent you from accomplishing those goals.

Unfortunately, success is not achieved because the process is rushed.  ALL weaknesses and gaps have to be flushed out and accounted for.  

(3)   Plan

After understanding where you are, now you have to figure out the strategies to fix those gaps and eliminate the weaknesses.  This is a process.  There are a tremendous amount of options that can be implemented. 

Unfortunately, success is not achieved because the often times the wrong options are selected and it sets the person up to fail.  It has to be a fit from a risk and implementation standpoint.

(4) Implement

You have done all of the work, now it is time to implement. 

Unfortunately, success is not achieved because believe it or not, more and more people will take the trouble to go through steps 1 through 3 and not take the step of implementation.  For a number of reasons, procrastinations will set in.  The main reason this happens is that step 1 did not create a compelling vision.  Step 1 has to be powerful and motivating enough to inspire one to act.

(5)   Monitor

Once 1-4 is in place, a monitoring system is implemented to insure #1 is achieved.  This might be the most critical step in the process.  If you don’t monitor your progress, you don’t know if you are on track or not.  A strong monitoring system will help you know when you have to make changes. 

Unfortunately, maybe the most critical component is a step rarely taken.  It takes discipline and a small investment of time to chart your progress.  I can only chalk it up to human nature. However, this is why so very few achieve financial success. 

With my financial advisement practice, I can take you through this process.  The initial assessment is always at no cost and can be done over the phone or in person. After we have done a general assessment of your situation, then you can decide if my solutions are valid enough to work in a client/advisor relationship.  Be confident that you are on track.   For once, get some advice and some solutions.  Feel free to email me or call me at 972-386-0384.

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