Review, Refine, Redesign

This is a recipe for success.

“How is that working for you so far?”

This was the one question I kept asking my clients last year when they would tell me about investments or strategies that they were involved in. .

In response, some paused and said “Well actually, not very good now that I think about it.”

Our lives are busy and we often just don’t take time to reflect, refine and redesign.
Reflection allows us to go back and think about what the intended result was and compare that to the actual result.
Refining allows us to identify what we need to start and stop doing in order to achieve the desired result.
Redesigning  is about behaviour modification – its made up of the actual activities we will put in place to get back on track.

So let’s apply this in a financial context.
REVIEW – How have my financial habits affected me this past year? Did I overspend? Did I not save enough money? Did I stick to my budget? Do I have a budget?
REFINE – What could I do differently? Where could I cut expenses? Where could I save money? Do I really need that huge truck payment? What is essential and what is not?
REDESIGN – Map out a plan for cutting expenses. I am going to live on 80% of my pay check for the rest of my life. I am going to put away 20% for myself first – not for anyone else but for me – my own hard earned money.

Design your plan to reach your intended result. Your plan is your discipline, and to that you add denial.

For every worthwhile goal, denial is necessary, as the unexpected torpedoes in life will always try and tempt us away from the discipline needed, unless we have denial.
And discipline equals freedom. You save so you don’t have debt. You save so you don’t have poverty in retirement.
You discipline yourself not to use credit cards so that you have the freedom of no debt.

Reflect – Refine – Redesign is an ongoing process throughout life – day by day, month by month, year by year.

~ Dan Loney