The financial planning process is a lot like an athlete training for a gold medal. Coaching, hard work, determination, riding the ups and downs, and modifying the plan to get to the prize at the end.
Attack Financial Planning like an athlete
Step 1: Choose a coach (seek financial advice). You know you can’t do it on your own; you’re going to need mentoring, an expert to guide you and keep you motivated. Set goals and explore your options.
Step 2: Start your training (implement your plan).This is the hard part. There’ll be sacrifices in the short-term but you’ll be better off in the long run. Be committed and dedicated to your plan.
Step 3: Time to compete (experience market ups and downs). You’ll win some, and you’ll lose some, but you’ll learn from every effort you make. Be prepared for some bad times but keep going and never ever give up.
Step 4: Adjust your training (review your plan). Things change. Have your goals changed? Your plan to succeed must move with you.
Step 5: Gold Medal (comfortable retirement). Achieve your personal best and enjoy the spoils of all your efforts.