If you haven’t read the previous posts in this series, here they are.

Step 1
Step 2
Step 3
Step 4

Now that you’ve compiled a list of strategies, you need to choose which ones to implement. Pull out your list of strategies. Next to each one, list the benefits of selecting that strategy. Also note what change would be required in order to implement that strategy. Then give each strategy a weight on a ten-point scale with one being very difficult to implement and a ten being simple to implement.  Next, give each strategy another weight in terms of your level of commitment to implementing that strategy.  Multiply the two weights together.  The ones with the highest ratings are those most likely to be successful.  Therefore, those are the ones that should be seriously considered.

Once you implement your chosen strategies, you shouldn’t just abandon your plan.  You should periodically check your progress toward your goals and objectives.  It could be argued that this is the most critical step.  It does no good to create a a plan if you don’t stick to it.  Now that you’ve taken these five simple steps…you’ve set the stage for financial success.  Good luck!