STICK TO THE PLAN
Having a successful plan starts with one’s lifestyle. As the saying goes “It’s not how much you make, but how much you get to keep”. With that said, your lifestyle determines how much you have left to actually fund the plan: savings, investments, insurance, etc…This is why it is primordial that an appropriate budget be set up from the get-go. Unfortunately, the age-old conflict of Indulgence vs. Excess is still current. Clients need to be realistic in their budget expectations. It is okay to indulge here and there, but living a lifestyle of excess is a one-way ticket to perdition. Very few people can afford to burn $250,000 a month in cash consistently, but many try. The majority of it is usually spent on non-critical items. The only solution is to know and understand the plan. A good attitude involves knowing what the goal is, what is expected of you, but mostly knowing your weaknesses so you can recognize the triggers and avoid them. If being depressed makes you want to splurge in boutiques, notify someone before it is too late. Adopting such a strategy will ensure that the plan is implemented and maintained.
WHAT ABOUT PLAN B, C AND D?
Very few careers last forever, so one should have a backup plan at all times. If you prefer a voluntary exit strategy or retirement, you first need to define what shape it will take and what exactly it will entail. You also need to figure out a road-map to get there and over which time frame. A few people successfully managed to retire at the top of their game on their own terms, but very few that announce it actually follow through. For everyone else, I suggest setting up an ICE Plan (In Case Of Emergency) for when those checks stop coming. The key here is to figure out what else motivates you. Is it teaching or coaching your former profession? Is it something else in the industry or field? Or is it exiting the field altogether? Options in that case range from starting an unrelated business to going back to school. Do your research about those endeavors during your career and talk to people that went that route already. Whatever it may be, you should never be caught unprepared whenever your career ends.
GIVE BACK
To whom much is given, much is required. I believed that whenever a great blessing has been bestowed upon you, your responsibility is to share some of it. On top of the moral aspect of giving, there are tax benefits associated with charitable donations. You can give outright personally, via your business entity or through a non-profit you set up. Please consult with a professional to structure such donations. Again, it truly makes sense to reach back to the least fortunate. Not only do you get a sense of accomplishment, but you also achieve spiritual balance and spread good karma that is sure to come back your way. I always share my personal philosophy on the matter with new clients: Those who give are always provided for. I could give you countless personal examples, but confidentiality prevents me from doing so. Just know that it works!
