The Six Step Planning Process (Part 2)
In this post, I’m going to cover the final half of the Six Step Planning Process, which you can (and should) use for your financial planning. Here’s a chart that I like to use to illustrate the entire process:
Now, let’s go over the last three of these steps in more detail.
The Six Step Planning Process
Step 4
Create Your Financial Plan
You are going to create and write your own personal financial plan with three earmarked points in time. The first point is from the day you first step out of the gates to freedom up to around the six-month mark. The second earmark is from six months to eighteen months. And the last earmark is from eighteen months to thirty-six months and beyond. Don’t worry, there’s enough information to help you start thinking about solutions and alternative solutions. Plus, I do plan on providing either live or on-line to help.
Step 5
Implement Strategies
It may sound crazy, but a lot of people create great plans, write them out slowly and carefully, with great penmanship, but never put them into use. We want to create a set of step-by- step, written instructions to get the job done. We will be using some organizational and time management skills that will be needed to get this project rolling. Then we will create the daily To-Do list. Many of those To-Do things you can get started on right now! While in custody! It surprises most people. You’re doing time, why not put that time to good use.
Step 6
Monitor and Review
It is essential to take the time to review your plan, celebrate your achievements, and make adjustments to the things that you’re having a hard time with. Situations are continually changing in and out of custody all the time. Life is just not a ratchet, financial and life plans need to be fluid and ever-changing. At each earmark, 6 months, 18 months, and 36 months, it is very important to review what worked and make revisions to the items that did not work. This way, you can be sure that you are moving in the right direction to achieve your goals. The first year of freedom should be the most dramatic as far as change is concerned.
In my personal journey, I walked out of Jamestown with $200, and within a year, I was looking to purchase a home. Yes, everyone’s situation is different. Still, I can tell you this, I prayed every day, sometimes in the morning and sometimes at night and sometimes all day long. I’m convinced the Lord has shined His great light upon me, and I am very thankful and blessed for it. Once you’re past the 36-month mark, your financial situation should be re-assessed at least annually to account for changes in your life and current economic conditions.
And that’s it. Six fairly simple steps to the process. You can do it!
