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A Rigorous Step-by-Step Guide to Financial Planning: Turning Ideas into Circumstances

Blog

A Rigorous Step-by-Step Guide to Financial Planning: Turning Ideas into Circumstances

August 10, 2023 by Progress Wealth Management

Financial planning is more than just a buzzword; it’s a pathway to a balanced lifestyle and early retirement.

But how do you transform vague ideas into concrete circumstances?

Here’s a rigorous, step-by-step guide that provides clarity and practicality for your financial journey.

1. Identify Your Financial Goals:

  • Personal Goal: Choose one that resonates with you, such as early retirement or building a business.
  • Data-Driven Analysis: Research the cost of that goal today and increase it with the appropriate inflation rate.

2. Create a Simple Plan:

  • Investment Strategy: What makes sense for your goal?
  • Consider a target date fund or something a bit more custom if you’re so inclined.
  • Assumed Rate of Return: Be realistic. ChatGPT can be a great tool to help you estimate the proper inflation rate.
  • Critical Monthly Goals: Break it down to manageable pieces. How much do you need to save? How much should your savings grow year over year? What do your investments need to do?

3. Start Small:

  • Baby Steps: Don’t change everything at once. Change is hard & sticking to your plan is rarely straightforward.
  • Problem Unaware to Best Solution Aware: Move through stages by answering critical questions such as:
  • “What am I willing to sacrifice?”
  • “How will I pivot if things don’t go according to plan?”
  • “How will I ensure my family is comfortable despite these sacrifices?”

4. Evaluate & Adjust:

  • 90-Day Check: See what’s working and what isn’t.
  • Evaluate the performance of your portfolio & your ability to stick to your budget.
  • Pivot When Necessary: Your plan should be flexible.

5. Utilize Professional Guidance:

  • Seek Expert Advice: Free advice is often worth what you pay. Consider professional guidance that’s data-driven and personal. You don’t want to depend on someone else’s plan.
  • Use Tools and Resources: Platforms like LinkedIn and Twitter can help you connect with experts. Personal capital has some great free tools as well. Monarch money has fantastic budgeting software.

6. Build a Support System:

  • Family and Friends: Share your goals and progress. Ask them to set monthly goals with you & hold you accountable to them.
  • Join Financial Communities: Engage with like-minded individuals.

7. Celebrate Milestones:

  • Acknowledge Progress: Even small achievements matter. I recommend celebrating even for successful baby steps.
  • Stay Motivated: Keep your eyes on the prize. Put a picture on your mirror of what you want.

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Progress Wealth Management • email us at blaine@progresswealthmanagement.com• Meet us at 12183 West 57th Ln Arvada, Colorado, United States of America 80002 • Hours Of Operation: 7AM - 7PM, Monday through Friday • Blaine Thiederman MBA, CFP®
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