Goal Setting 2010 part 4 of 4 (or promises you make to yourself) Thanks for the new vision John A!
Start with a list of ideas similar to the concepts below so you can really break them down and FOCUS with a specific plan for each category to accomplish your goals or vision for 2010.
- Personal Development
- Business Plans
- Exit Plan
This post will address the last two components to assist in creating a goal for 2010, Career and Exit Plans.
The statistics of people thinking they are in the wrong business, no matter what industry you are in are very high. Over 50% of people in their jobs are thinking about whether they should be in that job or not.
If you are one of those people, now is a great time to figure out if you want to stay or need to go. Should you decide to stay, now is also the time to really define your career path.
Take the time to determine where you want to be in five years, ten years, twenty years and the exit plan. No matter what line of work you are in, the fact is you need an exit plan and should start planning for that point.
I remember 1995 and attending a class where we were supposed to describe the year 2000 and how different business would be. It was one of the hardest exercises I had ever done because at the time just getting through the year was about as far as my consciousness would go. Rest assured the 5, 10 and 20 year planning will not happen overnight. This post is just a reminder of something that needs to be on the to-do list. It is something that needs to be addressed and the sooner you start thinking about it, the better off you will be in being prepared.
When you start thinking with the big picture in mind it makes going backwards to define what it is you need to do to get where you want to go is MUCH easier.
Ask yourself questions about your career. Do you want to be a broker? What do you have to do to obtain that license? Do you want to open your own office? Do you want to receive a CRB, GRI or CRS designation? What steps do you need to take to get those designations? How many classes a year are in your budget to do that? Can you arrange a family vacation around a location offering classes?
What you are doing this year is going to have an impact on your career so take the time to really think about your direction and where you want to be in five years. It's not hard, it is just life and your decisions will determine how you are connecting all the dots and how much balance and stress you will have going down the road of life.
10. Exit Plan
This could be a term that could make you uncomfortable and I want to assure you it is nothing that should give you a pit in your stomach. When you think about the "Circle of life" an exit plan is something we all need to embrace.
There are many different exit plans. The one I am speaking about in this post is retirement. When you stop doing whatever it is you are doing on a daily basis you need to have a plan to transition into the next stage of life. When you start to process life as chapters it might make the retirement chapter much easier to accept. We are all going to get there whether we like it or not so making it a fun journey with expecting only good, makes the trip much more pleasant.
Starting your exit plan will again, take time. Determine where you want to live, what type of house you want to have, how many vacations you want to take a year, what sporting clubs you want to belong to, how many cars you want to maintain. Can you see this is the same process as business planning where you start from the end and work backwards.
Once you figure out what it is you want your retirement to look like then you have to assess how much it is going to cost you to maintain that lifestyle. When you break it down to a cost basis, it could be that your expectations and reality might be different. The thing you can do now is to plan how much you have to save or invest to get where you want to go.
If you want to have a cash flow of $5,000 per month that could mean that you want to purchase an 8 plex or 5 single family homes and have them paid off by a certain date. Each area is going to be different with the cash flow scenarios as far as rent levels and expenses so start to plan and know the cost of maintaining the buildings, paying taxes and management. Once you figure out what it is you want or need then you have to plan to buy the property to fit into your vision.
Everyone is going to have a different idea for the exit plan with many external factors flying around which have to be captured to come together and make the last chapter a good one. When you embrace the concept and understand it is a bridge we are all going over it makes the process much easier! So have some fun with it and start to share and think about where you want to be on the exit chapter.
I sincerely hope this 4 part series of Goal Planning 2010 has given you a place to start connecting the dots in the Cosmic Cow Pie of life!