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Regularly reviewing and adjusting your financial plan is necessary for success from "summary" of Playing with FIRE (Financial Independence Retire Early) by Scott Rieckens
One thing I've learned on this journey to financial independence is the importance of staying vigilant when it comes to my financial plan. It's not enough to create a plan and then forget about it. No, the key to success lies in regularly reviewing and adjusting that plan as needed. Life is constantly changing, and so are our financial circumstances. What worked for us a year ago may not work for us now. That's why it's crucial to take the time to sit down and reassess our goals, our income, our expenses, and our investments on a regular basis. By reviewing our financial plan regularly, we can ensure that we are on track to reach our goals. If we find that we are off course, we can make the necessary adjustments to get back on track. This might mean cutting back on expenses, increasing our savings rate, or reassessing our investment strategy. It's important to remember that our financial plan is not set in stone. It's a living, breathing document that should evolve as our lives evolve. By staying proactive and making adjustments as needed, we can increase our chances of success and achieve our financial goals faster. So, don't just set it and forget it when it comes to your financial plan. Take the time to review and adjust it regularly. Your future self will thank you for it.
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