Financial Health Strategy

Your financial health is based off how prepared you are for today and tomorrow.

A good strategy is a set of actions that is credible, coherent and focused on overcoming the biggest hurdle(s) in achieving a particular objective.

— Richard Rumelt

I love how Richard Rumelt defines strategy and I love how Julie Zhuo breaks it down in How to be Strategic. She states the following.

  • achieving a particular objective: it should be clear what success looks like.
  • focused on overcoming the biggest hurdle(s): There should be a clear diagnosis of the biggest problem(s) to be solved, and the plan should focus resources toward overcoming those hurdles.
  • credible and coherent: The plan should make sense and believably accomplish the objective.
  • set of actions: There should be a concrete plan.

Everyone has one common goal in life and that's to retire. Some people want to retire young, some want to live a lavish lifestyle, while others just want to be left alone. Whatever your ideal retirement is, it's important to understand what retirement looks like for you.

Now that we are all on the same page as to what strategy is, let's see how we can apply that to our financial health in the form of objectives, hurdles, and actions.

Objectvie 1

Track Your Personal Finances

Hurdle:

  • Lack of fundamental education.

Action:

  • Sign up for early access to FiStatus so you can track your net worth, cash flow, and more.
  • Educate yourself on the basic personal finances definitions, you can review our glossary.

Objectvie 2

Reduce Expenses

Hurdle:

  • Saying no.

Action:

  • Educate yourself on the 50/20/30 Rule.
  • Start thinking like an investor, not a consumer.
  • Take a look at your monthly expenses and decide what is important and what is not.

Objectvie 3

Emergency Fund

Hurdle:

  • Learning how to save.

Action:

  • Educate yourself on types of liquid assets.
  • Understand your monthly expenses.
  • Start to put a certain amount of money each month to reach your objective of an Emergency Fund.

Objectvie 4

Zero Debt

Hurdle:

  • Stop spending.

Action:

  • Educate yourself on budgeting.
  • Stop spending on credit cards. It's ok to continue to buy personal items you want and need.
  • Open new credit cards with 0% for 12 months, then do a balance transfer. Make sure you have the plan to pay off that debt within the 12 months.

Objectvie 5

Retirement Fund

Hurdle:

  • Knowing how much money to put away.

Action:

  • Educate yourself on investments.
  • Invest your monthly surplus.
  • Max out our retirement accounts.

Objectvie 6

Retire

Hurdle:

  • Living life.

Action:

  • Educate yourself on Paying for Healthcare, Paying Taxes, Overspending, and Supporting Family Members.
  • Withdraw from the retirement fund.
  • Don't spend more than you can afford.

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