7 Essential Steps You Can Take for Financial Success

7 Essential Steps You Can Take for Financial Success

1. Resolve to find the document you are looking for the first time.
   • Collect your records prior to 2012 and divide them into permanent and current information.
   • Label and place all 2011 and prior current information in a banker’s box and store it in a safe place.
   • Use a banker’s box and put your 2012 documents in it. Divide it into permanent and current information.
   • Set up your 2013 filing system. Don’t rely on ‘shoebox’ bookkeeping. An accordion file, banker’s box, or filing cabinet will help keep you organized.
   • Take all the paper on your desk and sort it into your filing system.
2. Give yourself extra time and space.
   • Deal with each piece of paper only once.
   • Have an in-basket that is truly an in-basket.
   • Clear the basket each day. Deal with each document or receipt by:
     • Responding to it by e-mail or fax at the same time;
     • Delegating it to a team member by writing a note on it;
     • Filing it in the filing cabinet; or
     • Shred it!
3. Review and crystallize your goals.
   • Why should you get it?
   • What are you prepared to do to get there?
   • What is the price you have to pay to get it?
   • Resolve to pay the price in advance.
4. Do a SWOT analysis (Strengths, Weaknesses, Opportunities and Threats).
   • Write down your strengths and weaknesses – internal.
   • Write down your opportunities and threats – external such as the economy.
5. Prepare an action plan for the year ahead.
   • Prepare your net worth statement now.
   • Prepare your pro-forma net worth statement at the end of this year.
   • Write down the action steps required to get there and consider:
     • The mentors you will need to get there.
     • Which professionals will help you get there.
     • What education you will need to get there.
     • How many new pillars do you need to add.
     • Write down what action steps you will need to get there.
     • Review your plan from a tax perspective.
6. Determine your measuring posts.
   • How many properties do you need to see or analyze each week?
   • How many phone calls do you need to make to create the contacts you desire?
   • How many books do you need to read?
   • Prioritize your action plan.
   • Turn your action plan into a “to do” list.
   • Remind yourself to do it NOW, or you will waste valuable time.
7. Celebrate each success.
   • Treat yourself when you achieve a goal.
   • Thank the people who helped you get there.
   • Share your success with a family member.
   • Enjoy the journey. Throw a party!