Keys to Financial Success - Part 1
Keys to Financial Success - Part 1 - Reevaluation is the key
One of the main keys to success in business and life in general that I don't think gets enough attention is Re-evaluation.
When we have set a goal for ourselves, we typically will put together a plan of action on how we will achieve that goal. Along the way, it is important for us to look to the past and the future and re-evaluate our action plan to make sure we are on the right track or so if we need to change and adjust some things to better achieve our goals moving forward.
As with anything in life, things generally don't go as we planned, so the need for re-evaluation when you have a particular goal of project in the works is key to ultimately achieving success.
A practical application of this is in the budgeting process. Personally, I have a clear cut vision of how much money I expect to spend and save each month and have developed long term goals and plans based on those budgets I have put together for myself. At the end of each month, I go through all of my expenses and savings to see how well I adhered to the budget I set forth at the beginning of the month. If say an unexpected expense occurred, I will re-evaluate my next month's budget to reflect that and hopefully make up that expense by cutting out some things in the future, or I may even have to adjust my time-frame of my long-term goal because of it.
In both instances, my re-evaluation has allowed me to have a better grasp on achieving my long term goals, because by catching those changes early, I am able to adjust accordingly. If I were to stick to my original plans for months or years without seeing how they applied in real time, I may lose out on precious time that I could have adjusted my plans to achieve my goal faster.
By keeping constant track of your plans, you will not only sleep better at night knowing exactly where you stand, but you will also be able to achieve all of your goals on a more consistent basis.