Goal setting and execution was covered in several posts this year, and now that we are into the last three months of the year. It’s time for a way-point check-in on your goal execution. Woulda, shoulda, coulda, is not a way to measure progress unless, of course, you shoulda all over yourself. In this case, regrets might be the only measurable thing. One should never measure those unless you want to stack them up and use them for leverage. If that works, go for it. Don’t wait for New Year’s Eve to execute. One of the things that I picked up in the ChooseFI podcast was that Brad & Jonathon said “FI is an easy process, but a long process.” In hindsight, I could not agree more. It’s easy because methods, recipes if I may, have been developed by the FI community to help anyone execute the concepts in ways that are tailored to the individual. The process takes some time and can be learned with an easy learning curve, and the results will delight you.
Let’s have a look at personal finance in comparison to cooking, shall we?
How many cookbooks do you have on the shelf or in the kitchen? I found 16 cookbooks in several different bookshelves around our house. You know, they don’t do a bit of good if we don’t have the desire or the ingredients to cook with. No cooking skills you say? Everyone should know how to make an omelet, pancakes, and hamburgers from scratch. A cookbook or an internet connection can get you some simple recipes with simple ingredients. Are you ready to take action? and enjoy the process?
1. Decide to cook something from a recipe in one of your cookbooks, any book. For those paperless folks, there’s always Allrecipes.com
2. Spend some time planning your meals and picking out some recipes. Can’t decide, start at the beginning with the first entree recipe. Sorry, salads don’t count. No major life decision ever occurred while having a salad.
3. Have the ingredients on hand. Yes, all of them, so take an inventory of your food supplies and spices on hand.
4. Make a list and go shopping to procure the ingredients to prepare a few recipes. Prepare your list and stick to it while you are grocery shopping. Oh, and no cheating, stay out of the prepared foods aisle.
5. You have to organize your groceries and set up your kitchen in some sort of way that you know where things are.
So far, that’s a pretty easy process, wouldn’t you agree? Once you have all of the ingredients the rest is even easier. You merely follow the recipe exactly as it is written, in the order it is written. Cooking is an easy process and it just takes time. I like to cook with wine, in a glass right next to the cooktop, and it’s not for the recipe that I am preparing.
Your confidence increases with every ingredient that you measure out and add. Mrs.fromthebachrow is a fantastic cook, and oftentimes does not even need to follow the recipe for several staple meals. She can cook from the heart and her results are amazing. For me, 80% of the time I need to follow a recipe. Remember, I’m a Chemist by training so I have no problems measuring things precisely as long as I have the right device. Where my cooking goes off the rails is when I start substituting ingredients that don’t belong in the recipe. If I need basil but have parsley on hand, I’ll substitute parsley. You get the idea. Things don’t turn out exactly as the recipe stated, but close enough. There’s enough slack to improvise without violating the recipe’s character. That’s my story and I’m sticking to it.
A quick review, what was the first step? One has to decide to cook. The principles listed above can be applied to personal finance.
1. One has to decide to take accountability and control of your income and spending. You don’t have to wait until New Year’s or experience an epic fail to use as leverage to make a change.
You can do that on your very own. There’s a saying about planting trees. The best time to plant a tree was 10 years ago, the second best is today. Again, it’s an easy process that takes some time and it’s painless.
2. Spend some time planning and understanding what you are trying to accomplish. What do you want?
3. Take an inventory of your current spending, bills, debts, and assets. You have to follow through on this one as it’s important to understand where you are on your map. Most people will skip this step because they are afraid of learning/realizing their stark reality. The results may surprise you and fuel your passion to execute and do something more. Yes, you have time.
4. Know where to find resources, ideas, tools, and support.
Again, it’s an easy process, but a long one, and it starts with the first step and being consistent. Once you’ve walked yourself through the steps above, you are on your way. Don’t believe me? Still, need more convincing? Better yet, do you want a reason to procrastinate just a bit longer? Download this Podcast and if you missed my previous post, try this one too.
5. Follow through and commit to some level of consistency. Develop a routine. Involve your partner to keep each other on the same track.
One final thought, the tagline for this blog is based on experience that anyone can build on. “My hindsight can be your foresight.” Don’t take it just from me, there’s a community standing right with us with resources that can be tailored made to you.
This week’s bottom Line:
1. Try cooking something new with a recipe book on hand. Don’t have one, ask your Mom, go to the library, or hit allrecipes.com
2. Look at your progress on the goals that you have set for yourself. Yes, you do have goals. If they’re dormant or need to be adjusted, work on them.
3. Remember, action will jump-start your motivation.
Think, Plan, Follow Through.
