If you are here reading this you have successfully completed the first half of this step! Staying involved can be more difficult, as the ebb and flow of everyday life throughout the years can direct your attention elsewhere. This is why you should always have a:
Detailed plan that you visit regularly:
Someday I’m going to be wealthy……not because I have a huge inheritance waiting for me. Not because I’m a doc, or a CEO, or a sports star. I just know that I want to change my future, and the future of my children. I don’t want my children to have to stare down the barrel of a $90,000 student loan. I want to be able to help them get through school, while also teaching them valuable lessons along the way, the lessons I wish I would have learned sooner.
The definition of wealth lies in the eye of the beholder. What do you want to accomplish? Write it down and visit your plan regularly. Are there areas of your plan that need further clarification? Did you change your mind about a certain area of your plan? Stay connected to your goals and adjust the path you take to get there as your life changes.
See how to build a detailed plan for further information.
Just do it!
If your first step can’t be done today, right now, then your plan is not detailed enough. Start with a small step, very small step………your plan should take many many steps to get to a “goal” within your plan. Here is an example.
How am I going to achieve financial freedom?
- Buy an investment property
A) Rent it
B) Collect mad cash
Umm…….yeah not a very detailed plan. It is very easy to be derailed off of the goal in this case as buying an investment home should taken detailed planning, research and many smaller steps. Don’t be afraid to make this drawn out, as the more successes you have along the way the more likely you are to stay passionate about your plan.
A better example would be.
How am I going to achieve financial freedom?
1) Buy investment properties to build a passive income portfolio
A) Collect a basic knowledge of rental properties
1) Find accurate information that I trust
B) Find my niche
C) Devise a financial plan to come up with down payment
1) Pay off my consumer debt
2) Save for a down payment on rental home
A) Save $20,00 by next year
1) Sell things I haven’t used in one year
2) Deliver pizzas 2 nights a week.
You get the picture…….dont’ be vague.
Check your plan:
Set check in times…….once a month for example. Check you plan, are you making progress on your micro-steps? Have you changed something? Now is the time to act. Change your plan as needed, just be sure you are taking action and not setting yourself up for failure.
Act on your results.
Is your plan working? I can’t tell you if it is or not……..how do you feel about your progress. If you are happy then crank it up and keep going. If you are feeling overwhelmed, then stretch it out change it up just as long as you are working toward your micro-goals and timelines. However you act just don’t give up……..keep working toward your ultimate goal of long term wealth.