A Financial Revolution 

December 31, 2005
New Year's Financial Resolution: Develop a Financial Plan
In a previous post about dividend reinvestment plans (DRIPs), I noted that my investing career started a little more than a decade ago. At that time, I invested in companies that I knew and with which I was a customer. Over time, I expanded my horizons and bought stock in companies with which I had no relation. Whether it’s luck, insight, or a combination of both, those purchases have helped me beat the S&P 500 over that period. However, I’ve made my investment and financial decisions without a strategy, without a financial plan. So my new year’s financial revolution (sorry, I couldn’t resist) is to develop a comprehensive financial plan.

Over the next several weeks, I’ll discuss the process outlined below and the tools I create for the plan.

Step 1: Get organized
Step 2: Assess the situation
Step 3: Set goals and objectives
Step 4: Develop a plan
Step 5: Implement the plan
Step 6: Assess and improve

Please feel free to share your thoughts as I go along.

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