7 Steps to a Foolproof Financial Plan

Beyond Finances

As financial planners, we spend every day working to build foolproof financial plans. A foolproof financial plan is one that you can stick to, that you can execute, consistently over time - even through challenging times or unexpected setbacks.

In this episode of the podcast, we're discussing 7 key aspects that we look at when trying to create plans that can withstand the wear and tear (and unpredictability) of everyday life:

1. Constructing a baseline plan with high likelihood of success
2. Identifying actions you can take consistently over time (in almost any circumstance)
3. Choosing assumptions carefully
4. Avoiding reliance on any one factor or variable to work out perfectly in order for the entire plan to work
5. Saving 25 percent of your income (or more!)
6. Frontloading your savings and taking advantage of the power time gives you when it comes to compounding returns
7. Keeping your spending in check (and using other rules of thumb to keep cash flow under control, like limiting your total annual housing costs to 20 percent of your gross income)

Following these 7 steps can help you construct a foolproof financial plan that provides freedom and flexibility both right now and into the future. And freedom with our finances means access to the ultimate marker of success: having the choice and flexibility in how we spend our time.

Ready to get your foolproof financial plan in place so you can enjoy these benefits? Jump into this episode now!