Step 4 – Determining Where I Am and Where I Want to Be
Easy GPS Guide for Business Success
Step 4 – Determining Where I Am And Where I Want To Be
The four stages of economic life
As we go about our daily activities, we are confronted by opportunities that require a decision from us. Usually the various options that we have contain two important components to consider; time and money. Often these two components present us with a sense of frustration. We often catch ourselves saying, “if only I had the money …..” or if only I had the time….”. Frustration and perhaps a sense of helplessness rushes over us. What can we do to change this scene?
The first step is to identify and define our current condition regarding the Time & Money ratio and how it impacts our lives. Let’s begin by looking at the first of four possible time/money relationships or ratios.
Too little time and too little money
This one is the one most start out with when you get your first job. Starting pay is lowest and the hours are many. This is the plight of most all employees. You have neither command nor control of your income level and very little control of your free time. Employees are usually at the beck and call of the employer and the employer sets the schedule with little room for variance. It is the “golden rule”. “He who has the gold makes the rules”.
Employees must follow prearranged work schedules. Breaks are set and monitored closely as are lunch schedules. Vacations are restricted by the time allowed usually based on your time in service or your seniority. The employer will provide paid vacation time but does not pay for where you might choose to spend your vacation. Those costs must come from either savings or credit card debt. Either way, you are somewhat worse off financially. Is this the way you see yourself living? There must be a better way.
Plenty of money, but very little time
We all know people living this way. Perhaps this is you. You have a successful profession, a successful business or a successful upper management position. Still there is not the satisfaction or sense of peace that you expected. You are seen as a “work-a-holic” or a Type-A driver personality. If you are married with a family, they see little of you and when they do see you, you seem preoccupied. You are with them physically, but not fully focused in the moment. You are frustrated and those you claim to care about are equally frustrated. This is a very stressful and potentially destructive situation.
In your attempts to remove some of the pressure, you look for ways to delegate some of the work load. Finding the right person or persons to trust in the positions is found to be and expensive and trial and error exercise. There must be a better way, but what is it?
Plenty of time but little money
Retirees often find themselves in this group. You have worked hard, met your financial obligations and contributed to the betterment of your community. But now, you are faced with the uncertainties of what lays ahead. How many years do you have to enjoy a healthy and fulfilling life? Do you have enough money invested properly to carry you through with some left over for your heirs? Do you have a reserve “stash” for any unexpected minor emergencies: a new hot water heater, replace the four worn out tires on the car, pay for the gapping “donut hole” in your medicare part B drug coverage. Things like that. Do you have the money set aside to take that trip you both have always dreamed of? Now that you have the time, do you have the money?
If you are like many retirees, you were not able to answer yes to many of these questions. Don’t feel discouraged, there are remedies. You must first begin to think more creatively. Think more analytically and prioritize your wants and needs. If you are not sure how to discover what more options exist, begin a program of self education. Become better informed. Knowledge is power.
Now let’s take a look at the final life scenario:
PLENTY OF TIME AND PLENTY OF MONEY
Now isn’t this what you are dreaming of? So why is it eluding you?
The answer may be as simple as lack of planning. Planning requires several components to be productive. The first is to have a specific goal. The second is to have a detailed plan of action. The third is to have the proper vehicle that is more than capable of getting you to your desired destination.
If you feel that you have not reached your desired objective: the time and the money to live out your life stress free, then some reexamination of your situation is called for now. Time is the enemy here. Money can be generated, but time is fleeting and finite. Don’t waste it with inaction.
To help you with this self-examination you should use the questionnaires provided in this and subsequent steps. These tools are for your personal and private use. They are not recorded or used by anyone but you or by those you choose to work with on this journey. You have sole and complete personal control every step of the way.
Our function is to help you organize your analysis, and encourage you to stay focused as you take the steps between where you are now and where you want to be. Set your date of arrival and get started.