As some of you may know, I'm writing a book! And it's my hope that this book will help families to improve their Financial Planning so they can enjoy more freedom in life. While I'm writing the book, I thought it would be helpful to share some of the chapters with the world.
STEP 3 - FINANCIAL BEHAVIOURS
You’ve now reached the final step of the Moneyfulness Method. This is where you move out of the thinking and planning phases and move into the doing phase. This is where rubber meets the road so to speak. You see, up until this point everything you’ve been doing as part of the Moneyfulness Method has been conceptual. By that I mean, if you’ve successfully moved through the other two stages, then you’ve uncovered your Financial Aspirations for the future in the form of your goals, timeframes and values. Then, you’ve put together a plan to optimise your Financial Strategies and move towards greater levels of financial freedom. Now, whilst both of those things are very important for your Financial Planning, overall, those “thoughts” on their own will not take you away from the Financial Frustration Zone or towards the Financial Freedom Zone. Don’t get me wrong, you should feel very proud of yourself for spending the time to think through all of those important elements, as they are necessary first steps in your journey, but they are only first steps. They are the beginning of your journey, not the end. In order for you to actually achieve financial success, you must now adopt and implement good ongoing Financial Behaviours. You must stop thinking and start doing as that is the only way to turn your dreams into your reality.
“A dream written down with a date becomes a goal. A goal broken down into steps becomes a plan. A plan backed by action turns your dreams into reality.” – Greg Reid
Introducing The 3A Framework The Financial Behaviours stage of the Moneyfulness Method is where you put your plan (Strategies) into action so that you can achieve your goals (Aspirations). To help my clients do just that, I use a simple model which I refer to as the 3A Framework.
ACTION – A plan without action is just a waste of paper. In order to get the benefits of your plan you must put it into action.
ADVANCEMENT–There is no such thing as “set and forget” Financial Planning. If you want to make progress with your plan, then you’ll need to keep advancing your plan by sticking with the strategies after your plan has been put into action so you can make progress towards your goals.
ADAPTION– Life is always changing. Therefore, your plan will need to change as your life changes. Your plan is your starting point, but as things happen, your plan will need to be updated and improved in order to keep maximising your money and making progress towards your goals.
The above framework and the three main philosophies within it, are key to you achieving greater levels of financial freedom. Think of the Financial Aspirations and Financial Strategies stages as the design phase of building your Financial Pyramid. They are important and necessary parts of the process but ultimately, they only matter if you follow through at the construction phase of the process and choose to turn those designs into a finished product (pyramid). This Financial Behaviours stage is the construction phase of the Moneyfulness Method. It’s where you actually start building your Financial Pyramid so that you can have more financial security and financial freedom in the future.
So, what are you waiting for, it's time to get started. It’s time for you to TAKE ACTION!
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