SMS 147 – Measuring Financial Progress

Measuring Financial Progress

Whenever you are measuring anything in personal finance never use comparison as a guide.

Reason to measure progress:

  1. Make sure you are moving toward your goals
  2. Stay motivated
  3. Observe cause and effect
  4. Stop chasing a financial horizon

How to measure financial progress:

Hard measurements:

  1. Debt reduction
  2. Savings goals
  3. Income level
  4. Net worth
  5. Financial independence number

Soft measurements:

  1. Financial edge concerns
  2. Reduction in stress
  3. Your goals seem more realistic
  4. Frequency you celebrate wins – read the sign posts
  5. An increase in time spent enjoying life
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