The Wedge November 2018

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THEWEDGE REPORT

NOVEMBER 2018

Consider your future. Have you set goals for the years ahead? Do you have an action plan to achieve those goals? Imagine you have three kids, and they’re still young. When you look into their futures, you can see future expenses. Maybe it’s cars when they each turn 16, college when they turn 18, or marriages when they’re in their 20s. Then you have your own expenses and goals, including retirement. You envision a day when you’re financially free. Of course, that kind of freedom costs money, but you have control over it when you sit down and plan. Everything from buying a first car to retiring is an expected life event. These life events are predictable, and you can use that to your advantage by planning out 30 or more years in advance. When it comes to goal-setting, looking ahead 30 years is the new way of thinking. It’s looking at your goals in terms of your life as a whole — not just your work. The old way of goal-setting is more impersonal and often revolves around a one-year action plan. Sure, with some goals, it makes sense to have a one-year plan. But when you’re considering your life and career, a one-year plan is very shortsighted. This approach doesn’t connect your work with the rest SET GOALS FOR THE FUTURE YOU WANT

of your life, which includes your home life, your family, and your future.

When you’re this connected to your long- term personal goals and you put together a game plan to bring in the income you need year after year, you can work with purpose. You’re not earning money for your boss or the guy above you; you’re doing it for yourself and your family. Here’s the thing: Great goal-setting provides a huge motivator. When someone is motivated and has their sights set on the future, they can perform better. Lousy goal- setting is just going to get you lousy results. It closes the door on high performance. When you know what you want, you can go get it. And yes, the iWin Agency Growth System can help you visualize all of this and get your long-term goals rolling. To learn more, go to TheWedge.net/novindepth/ .

In short, the old way of goal-setting lacks the “why” — why you do what you do. It’s more intellectual, rather than emotional. Your life and the lives of your family members will continue after that one-year mark. So shouldn’t your planning? Planning for 30 years down the road may sound intimidating, but it can be very manageable. You can, at the very least, plan for every major event you predict will happen in the next 30 years. You can estimate the dates when certain expenses will arise and figure out roughly how much money you’ll need for that expense. Even better — you can factor in interest rates, how much you have now, and how much money you need to earn (per month and year) and save until that later date. Sending your son or daughter off to college is a great example of this. You know that they’ll go to college when they’re about 18, and you can plan accordingly. If they don’t end up attending college for whatever reason, you can easily repurpose the money.

– Randy Schwantz

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