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Lesson 12: Plan Review
Lesson Summary
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Summing up the plan review process, we:
- Develop the plan. Congratulations, you've done that over the past four weeks or so! A huge chunk of your work is already done. So pat yourself on the back.
- Act on the plan. This one's a bit trickier. But since you put so much work into mapping out how you're going to get from point A to B, you'll probably be pretty motivated to do what it takes to get to the finish line. This may involve shifting your investments around to get the most bang for your bucks, or bringing your lunch to work three days a week so you can retire five years earlier.
- Review the plan based on actual results over time. See if the numbers add up. The more you use the retirement calculator, the faster you'll be able to test scenarios. History is a great guide, so use realistic inputs for your real-world plan.
- Change the plan as necessary. Realize that you need to pay off that debt! Learn more about investing. Account for any life changes (kids, spouses, inheritances) along the way.
- Act on the changed plan. Yup, we're back to No. 2 again. Nothing magical about that.
Well, Fools, this brings our official seminar to an official close. As we lower the final curtain, friends, we'll say it clear, we'll state our case, of which we're certain...
We've lived a life that's full. We've traveled each and ev'ry highway; But more, much more than this, We did it o-o-u-u-ur way.
(Sorry.)
Keep in mind that the curtain certainly doesn't come down on the learning and the exchange of information here at The Motley Fool. To begin with, we have a Retirement Seminar Alumni board available. And you've got the Retirement Area on the Fool as a constant source of information.
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