First Thing First

I've put Life Planning first for a reason. And that reason is simple. Because Life Planning is the single most important element of your financial plan. Financial planning is great, but every plan is planning for something. And when it comes to financial planning, what you're planning for is your future life.

What the heck is Life Planning? At it's core, it's about goal setting. Your plan needs a goal. And that goal is to deliver you a life that you feel passionate about living.

This lofty ambition begs two related questions. First, what type of life do you want?  And second, at what point in the future do you want it? If you don't take a moment to carefully answer these questions, any financial plan you develop will be of questionable value. Life Planning is the process of answering these two questions.

I suspect the unexamined (e.g. default) goal of most financial planning is a financially secure retirement. And that's great - that's not a bad goal. Perhaps those are the only goals your financial plan seeks to achieve. But honestly? I think you can do better.

This is the question that Life Planning really seeks to answer. Do you want a financially secure retirement where work is optional? Great! What does that look like? What about that is important to you? And if you could have that... is there anything else you'd want for your life? And when would you want it? Maybe earlier than the day you retire?

Life Planning isn't just about what you want retirement to look like. It's about what you want your life to look like at all points in the future. Including, like... I dunno, tomorrow.

And what about that near future?! Do you want to work more? Work less? Change the way you work? If you work less, what is it you want to do with your time?

I think most goal setting exercises which are used in the financial planning industry are far too narrow and unimaginative. We are talking about designing your life, so let's take some time and really open horizons up for you!

In a word... No. Please don't.

Do you want to let your financial resources dictate how large (or small) your dreams can be? Or would you rather dream big, unconstrained by any (perceived) financial restrictions, and then figure out how to make those big dreams happen?

I hope you answered you want to dream big. I love people who want to dream big. And most of us do! Who wouldn't?!

But too often we unintentionally allow our financial circumstances to shrink our dreams. Why? Because it's hard to do otherwise! You have any number of financial concerns to deal with. Add to that a hectic, full life. Who has the time, energy (not to mention money) to dream big? Much less make those dreams a reality?!

And yah, all fair points. But do yourself a huge favor. Make time and space for yourself to simply dream big, without slowing down to think about if any of it's possible. Suspend your disbelief - just for a little bit. 

It doesn't matter if you think it's possible or not. Not in the beginning anyway. Check out the resources in this section to help you figure out how to do this kind of dreaming. Your future self will thank you.

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