Peter Drucker is one of the most widely known and influential thinkers on management, and he famously

said, efficiency is doing the thing right, effectiveness is doing the right thing. In other words,

you can be incredibly efficient while still being horribly ineffective. They are two different things.

So how does this relate to financial planning? Well, I believe you can relate efficiency to tactics

and effectiveness with strategy. So put it another way, you can perfectly implement all the right

financial tactics, but completely miss the strategy. The goal of a truly effective financial plan

is to start with the right strategy and then align your tactics to support this.

So today we're going to break down the difference between your financial strategy

and the financial tactics that you used to get there, and I'm going to highlight some key pitfalls

to avoid.

This is another episode of Ready for Retirement.

I'm your host, James Cannell, and I'm here to teach you how to get the most of the

life with your money.

And now, on to the episode. I want to read that quote one more time

before we jump in today, because this applies to all aspects of life, not just management,

not just finance, but everything. And again, its efficiency is doing the thing right.

Effectiveness is doing the right thing. Now, this may not be a perfect analogy, but I do believe

it highlights a problem I see a lot. And the problem is people become so focused on the right

tactics, they lose sight of the bigger strategy. So we're going to explore this and how this

applies to your financial situation today. And real quick, before doing so, highlighting the

review of the week, this one comes from ht h reviews

five star review it says great listen this podcast is very helpful it's a must listen if you are

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