Is your plan in after this life to leave your finances so your last check bounces?
One of the philosophies of Life Business™ is to “focus on cash flow, not accumulation” What does this mean to you ?
One of the key tenets of the Life Business™ program is the use of cash flow as well as time and energy to fund current activities to your maximum capability. At the same time, there is a need to “save” or “invest” to provide a source of future cash flow.
In my teaching and coaching in the Life Business™ metaphor, the goal is “to have your last check bounce”.
This can be an interesting exercise as there are certainly many unknowns:
- When will I be writing this last check? (i.e. when will my life end?)
- How will my expenses/endeavors change going forward.
- Are there things I need to plan for that I do not know about now?
- You can easily add to this list….
Often in talking with clients, they are frustrated doing this sort of planning because of the uncertainty involved. You just can not know what is going to happen.
One of the key elements of any type of planning is that is an ongoing process, not something you do just once and then never make adjustments. If you understand that you will review and update this plan on at least an annual basis, or even better every 6 months, then your decision making is based on accurate numbers and projections at that time and adjust as your progress. Just as a plane flying from east coast to west coast makes a never ending series of course corrections to attempt to stay on track, so will you if you stick with the above methodology.
The value in having someone else to help you trouble shoot this process is they will help remind you not to make huge changes, but minor course corrections as time, situations, circumstances, values change. This is always a fluid and adjustable process.
So, keeping in mind funding your current endeavors that feed your satisfaction, personal growth and goals is just as important as funding your future cash flow needs. One does not take priority over the other. If anything, tending to fund the current in a reasonable fashion while not omitting the future. I see more people over save for the future and underfund the present, sacrificing today for tomorrow as opposed to balancing both.
Learning the Life Business™ basic principles can help you with this process.
Would love to hear your thoughts.
More next time……..
Jerry “follow the bouncing ball” Bergner
This complete “CEO of Your Life” class is now offered via self paced, online access. If you would like free access to this class, just follow this link.