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Are you tracking your financial outcomes?
If winning isn’t important, why do we spend all that money on scoreboards?
Chuck Coonradt
People care about winning.
It’s why we pay attention to the score so much.
But why don’t we pay as granular attention to the score of our finances?
Some of you don’t even know how much debt you have, what your credit card limits are, what age you need to retire, how much money you need to retire, or what your total annual income is.
If someone were to ask you how much money you earned today, yesterday, this week, last week, this month, last month, last year, and this year to date, what would your answer be?
Some of you might name your salary if you only have one income.
But most people have more than one income source, which means they’re earning more than their company salary.
In “The Game Of Work,” Charles Coonradt stresses the importance of tracking and measuring if your goal is to progress.
If your goal is to earn $50,000 more in the subsequent year, you must measure your progress to know how you’re doing.
To get out of debt, you must track how much you pay off each week or month and how much is left.
If you aim to save $20,000 for your wedding, you need to track your progress toward this goal, or you won’t know how far or close you are.
Why Measure Progress
Ever notice how meticulous statisticians and athletes are about their stats?
Statistics reveal the truth.
Statistics give us feedback on what is working and what isn’t working.
When you’re not doing well, you’ll know it.
When you’re doing well, you’ll know it.
There won’t be any guessing because your stats will tell you everything you need to know.
How To Measure Progress
If your goal is to earn $50,000 more next year, first, you want to measure your actions to increase your income.
These actions could include sales calls, job apps, creating intellectual property, increasing your clients, etc.
Next, you want to measure your sales.
How many sales are you making daily, and how much is each sale?
The more granular you get with your tracking, the better.
Every week, you should know your numbers.
The numbers will help you learn what’s working and what’s not.
But the only way you’ll ever know what is and isn’t working is through consistent tracking.
Apply the same methodology to every area of your finances.
Things To Measure Financially
Debt
Earned Income
Passive Income
Total Investments
Retirement Goals
Age of Retirement
Credit Card Limits
Total net worth (minus your mortgage)
Tiny and consistent choices create your financial outcomesmedium.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.