6 Hours to Becoming a Millionaire

 

This is Rule #7 of our Managing Your Money series: Review Your Plans Monthly.

Ok….so the title is a little presumptuous. Talk about Get-Rich-Quick schemes…6 hours?

But the truth remains that those who fail to manage their money will sooner or later have no money left to manage. As Solomon wrote centries ago, “Whoever gathers money little by little makes it grow.” The key to a million is learning how to manage the thousands. Let’s get started.  

Rule #7: Review Your Plans Monthly

Out of all of the 7 Rules, this one is the easiest. It requires less than 30 minutes a month (6 hours a year). It’s a simple monthly check-up that consists of two steps:

Step 1: Review the prior 6 rules. In essence, all you’re doing here is asking yourself, “How’s my financial picture (Rule #1)? Do I need to make any adjustments to my Spending, Savings, Giving, or Investment plans (Rules #2-5)? Am I being diligent with tracking my spending weekly (Rule #6)?

Step 2: Adjust Accordingly. A good way to look at Rule #7 is to see it as your monthly performance review. If you find yourself off track in step one, then now’s the time to make any changes needed in order to reach your financial goals.

Just like with Rule #6 (Track Your Spending Weekly), your monthly review needs to become routine. Since the 1st of the month can come on any day of the week, Beth & I don’t schedule this on a specific day like we do with Rule #6. Instead, we simply run through this process when we do our monthly budget together at the beginning of each month.

I hope that sharing our seven step process of money management has helped you on your journey. Please leave us a comment to let us know how this has helped you!

Committed to your success,

-Wesley

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