Did you plan out the last five years of your life?

Most people don’t plan ahead that far. We often don’t even plan out the next day.

Imagine how much you could accomplish over the next five years if you made a reasonable plan and stuck to it. Without a plan your life is unlikely to change much. You put yourself at the mercy of luck.

“If you fail to plan, you plan to fail.” – Benjamin Franklin

Consider these aspects of your life that need planning:

Finances: Think about where you want to be financially. Consider income, net worth, debt, savings, investments, retirement, giftings. Are there new income streams you want to create? What are your future plans for spending? Do you want to purchase a house? An investment property? Or build a house?

Health: What are your current health challenges? How much do you want to weigh? What type of diet do you want to follow? How fit do you want to be?

Career: Where do you see yourself in five years? Where do you want to be working? What do you want to be doing? Do you need to go back to school? What is your dream job?

Relationships: Are there any relationships you’d like to create or dissolve? Do you want to get married? Do you want to have children or more children?

Personal Development: Do you want to learn to speak French or to play the piano? Would you like to learn how to dance? What would you like to learn or to become? What skills do you need to acquire to make the most of the next five years?

Adventure: What would you like to do? Climb a mountain? Go skydiving? See a volcano? What adventures would you like to experience over the next five years?

Write down what you want for each of these six areas of your life. Once you’ve completed that, begin the process of making a plan for the future. It’s not enough to know where you’re going. You must plan your path, too.

Sika Mpe Dede; a financial planning masterpiece

These strategies will help you to create a plan and execute it:

Set goals: Create a few goals for each area of your life and set deadlines for each goal. Avoid just having long-term goals. It’s important to have shorter-term goals that lead up to your bigger goals.

It’s hard to maintain focus on goals that require more than 10 weeks to reach. Break your goals down into smaller chunks. Daily Goals, Weekly Goals, and Monthly Goals.

Write a plan: You know what you want to accomplish. You have goals. Create a detailed plan about what you want to accomplish over 10-week segments of time. Just start at the end and keep working back to the present day. Make beginning simple enough that you could literally start doing something today.

Create habits: Goals are easy to achieve if you can create the right habits. The challenge is figuring out the right habits and then implementing them. With effective habits, success is a cinch. There’s a lot of material available on how to create habits. Educate yourself. It’s an incredibly valuable skill to have.

https://investmenttimesonline.com/2022/11/30/sika-mp%ce%b5-dede-launched-at-the-start-up-dialogue/

Choose a direction for your life by choosing a destination. Most people fail to plan their lives in any meaningful way. We often keep our focus too short to ever create anything substantial in the future.

A 5-year goal is a good step towards making impressive changes in your life.

Life is beautiful. Live it well.

Welcome to your Some Questions to Ponder

1. 
. PAPERWORK In an emergency, could someone in your family quickly find your important papers— birth certificate, bank account records, health care directive, insurance policies, credit card records, will, etc.?

2. 
NET WORTH Do you know your current net worth and how you hold title to your various assets?

3. 
CASH FLOW MANAGEMENT Do you have enough cash available (in bank accounts or easily cashed securities) to cover yourself and your family for at least six months of no work?

4. 
BUDGET Do you and your family have a useful, written monthly budget?

5. 
EXPENSES Do you think you’ll be able to pay ‘all your bills’ on time every month for the next 12 months without a paycheck?

6. 
EMPLOYMENT BENEFITS Do you understand and, if appropriate, utilize all your employment benefits to your advantage?

7. 
GOALS Do you know what’s really important to you; and have you written your personal and financial goals for yourself and your family?

8. 
FINANCIAL INDEPENDENCE/RETIREMENT Do you know when you expect to be able to retire / become financially independent?

9. 
FINANCIAL INDEPENDENCE/RETIREMENT Do you know how much income & assets you will need to enjoy your retirement years; to live a quality life, including any special gifts or bequests to family, friends and nonprofits?

10. 
FINANCIAL INDEPENDENCE/RETIREMENT Have you calculated the amount of money required to reach your financial goals?

11. 
MAJOR EXPENDITURES - Have you thought about and made a list of major expenditures you can expect over the next five years and where the money will come from to pay for them?

12. 
INVESTMENTS - Do you think your current investment plan(s) will meet your retirement needs?

13. 
TAX DEFERRAL Do you think you are making the best use of tax-deferred investment plans for retirement?

14. 
TAXES Do you know the income tax rates on your last earned dollar?

15. 
INSURANCE / RISK MANAGEMENT Do you think you have the right amount of insurance— life, health, disability, long-term-care, auto, home/renter’s, fire/flood/earthquake, liability, etc.—not too little, but not too much?

16. 
ESTATE & GIFT PLANS Do you and your family have current wills?

17. 
POWER OF ATTORNEY Do you and your family have a current Power of Attorney?

18. 
ADVANCE HEALTH CARE DIRECTIVE Do you and your family have a current Advance Health Care Directive?

19. 
CHARITABLE GIVING Are your favorite causes or nonprofits included within your estate & gift plans for a bequest, planned gift, or as a primary or alternate beneficiary for life insurance or retirement plans?

20. 
TRUSTS Do you know the advantages and disadvantages of using trusts?

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