People ask: What stage of a life cycle is considered to be adulthood? Research results say: “Adulthood is the period in the human lifespan in which full physical and intellectual maturity have been attained. Adulthood is commonly thought of as beginning at age 20 or 21 years. Middle age, commencing at about 40 years, is followed by old age at about 60 years”.
If adulthood starts at around 20 and ends around 60, can you imagine how much planning should go into each stage of a life cycle, even before adulthood is reached and after “old age” arrives? Yet, people think that your adult life only starts when you get your own “responsibilities”, like getting married, starting a career, starting a family, buying a home, and finally going on retirement. And they are not totally wrong, but for each stage of that process, planning is key to how you map out your life. Your life plan does not only start when you are an adult, long before that your parents were probably already planning your education, which is the first step for them in sending you into the “adult world” to survive without them.
In business, planning is easier but vitally important if you want to get to building wealth (the purpose of business) successfully. Business planning revolves around time management, resource management, marketing, financial management, systemisation, getting clients, and delivering a service. To have a successful business, the process starts with you, the owner. You need to plan your life that forms the building blocks to your success in your business.
Create these five plans for a prosperous life:
1. Study Plan
The “Learn before you earn” Plan. You need to plan to get the knowledge you need if you want to ensure a sustainable and financially independent future for yourself, whether that is part of your career planning or starting your own business (or taking over your family business). This plan is not only your parent’s responsibility, you need to plan with them at first and later on in your life, you will continue to plan on your own. Once you know what you want to do with your career, learn everything there is to learn and know about it. Plan for formal and informal learning and know that you can never stop learning, even if you are successful.
2. Financial Plan
Understanding the rules in “the game of money”. Learn how to let your money work for you, how to save and how to provide for the future. Understand investing, assets, liabilities, compound interest and taxes and set SMART goals in your financial plan to get the best value and return on your money.
3. Wealth Plan
Design the life you want and deserve. Now that you have the knowledge and money, start building your wealth. Your wealth plan is built on your personal goals and dreams, your family’s as well as your business and your bucket list.
Dare to dream BIG and use the formula for success to get to your Wealth goals:
- Imagine you could have anything you want; all you have to do is decide what it is and have a clear vision about it.
- Visualisation is powerful because as you create pictures in your mind, you are generating thoughts and feelings of having it now.
- Verbalise your dreams and imagine yourself already having it, confirm it in your daily affirmations.
- Materialisation is when the manifestation of what you have imagined, visualized and verbalized starts to become reality.
4. Pay It Forward Plan
Give back to your community and others. If you have gratitude for your life, you should want to give back to your community, your employees, your family and charities. The wealthy know the secret of giving back and that showing gratitude is one of the laws of attraction. If you are grateful for what you have, you will have more abundance and contribute to the abundance of others.
5. Exit Plan
Leave a legacy. At the end of your working life, plan for your retirement. Plan saving for a retirement fund, a retirement home (or a fully paid off property), life insurance policies, estate planning and your will. If you have a business, plan to sell or hand it over to the next generation. Although this might the last plan you do in your lifetime, your exit plan is very important for your loved ones to put their life plans in motion and for their life cycles to be pathed out as well. So, plan it well, make sure you leave a legacy that would be there long after you are not.
If you need assistance with your plans, get in touch with our professional business coaches – this is a life-long process. Book a Complimentary Coaching Session with your nearest ActionCOACH Business Coach today: https://bit.ly/3gsIQGv