Do you even have a plan?
The other day I had my monthly team call at work, and one of the elements of the call is “food for thought” story. I refer to them as “motivational moments”. The team seems to enjoy them as it breaks up the discussions on work stuff, and provides a little entertainment. This call’s story was called “5+5=5” and it spoke on the reasons people are not achieving their goals. See, it is very easy to write out your plan, bucket-list, goals sheet, or whatever you rely on. However, all too often I hear of people writing them down but then never revisiting them. I’ve been guilty of it, too. I found a folded up sheet that had 5 year goals from when I was 22. I accomplished 1 of the 9…1!!!
I asked my team if they have their plan written somewhere. Some do, some don’t. I then asked if they ever pull it out to update, modify, or re-do. None of them did. Perhaps you are in the same boat? Don’t worry, though, because after you read this, you’ll rush to update those plans.
What is the point of the plan?
Your plan, whether it be 1-year or 10-years, outlines the items that matter most to you. Perhaps you hope to buy a new car, or a house, or get married. Whatever your goal may be, it goes on the list. BE realistic! If you have no savings and a negative net worth, retirement is unlikely next year.
The best part about the plan, however, is that once you write down what you hope to accomplish, then you can start identifying the steps it will take to get there. Now some people find this part daunting, but for me it works best to go backwards from your desired goal. You want to be financially independent? You are going to need some sweet investments. Ok let’s invest some money. Well, you should probably have a positive net worth. To get that, it is time to get rid of these college loans. To do that I need money. To get money I need more side hustles.
So at this point I can then start identifying some side hustles to focus on. Selling items online, copy-writing and editing, web development, the possibilities are endless.
Yeah, but what about this 5+5=5 thing?
So the third five is your five-year plan, if you have a ten-year, or a two-year just sub in that number. Stop worrying about the math, it is just to catch your attention. Whatever the duration, that is the sum result of the first two fives.
The first five refers to the five people you spend the most time with, in your life. Some may even say, these are the five people you care most about, but this doesn’t necessarily have to be the case. You may have heard this, but there is a popular adage that you become the average of the five people you spend the most time with. This is the first element of the equation. If your goal is to run a marathon, but the only running your “fav five” (Thanks T-Mobile,) does is their mouths, there is a much lower likelihood of success for you.
The second five refers to the last five books you read or listened to. Audible counts, people. Seriously, why aren’t you reading more? If you want to be an entrepreneur, read about it. Are you interested in finance or investing? Read a book. Add more opportunities for learning in your life. You will be paying yourself in something that no one can ever take from you. Also, unlike in school, you get to choose everything you read, and learn.
Get out there and plan for yourself…
Then come back in a couple years and let’s talk about how you did. I set the bar pretty low, so there is no way you cannot do better than that sheet I found.