Life Planning. Getting Life Back On Track

Getting Life Back On Track

I know life planning may sound like what you do when you are at work or with your accountant but it is just as important to do with all aspects of your life.  It has changed our lives.

We started offsite life planning a few years ago and I have to thank my wife for the idea. Now, I have to admit that with COVID-19 we lost focus and rigor given we were simply working to adapt to new expectations of life. As we move thru 2021, we have re-committed to ‘life planning’ and have included our latest updates below.

Life planning evolves and gets better each time we are together. It started as a budget discussion. Today, it’s much more and we have re-committed to do this every quarter. At times, we will take a weekend away, sometimes we will do an afternoon coffee and spend the day together.  It is important you are committed to the time. Create an environment that works for both of you.

Today, our quarterly life planning has 4 areas we review together.  It has evolved as our lives have. It now includes (1) a review of our budget & financial plan (2) parenting check in (3) a review of the next 3-4 months to make sure we have time for (and are making time) for each other and (4) review how we are growing as individuals. It’s important we support each other both together as well as who we are as individuals.

So my question to each of you, are you spending as much time reviewing your personal life plan as you do on other topics – social media, watching mindless television or consumed by your mobile devices? If you don’t know where you are, how do you know where you are going? Everyone needs a life plan!

Topic 1: Review Your Budget & Financial Plan

This is where we review our budget and make sure we are aligned on both our short-term and long-term investment goals.  We have discussed everything from our cutting our cable & cell phone bills to 529 plans and saving for retirement and long term care.  It’s one of my favorite topics as it is one what we are committed to making decisions together. No matter how good we are at saving, each quarter we find something new. Last quarter, we talked about investment decisions (think small cap, large cap, domestic stocks, etc.), how to create alternative & passive income streams and how we create better habits with our kids and revise their allowances.  The most important change we have made is determining a ‘number’ or what is the amount we need to live the lifestyle we want in retirement. How can you simplify and cut out the excess? 

Topic 2: Parenting Check In

This is the part of our life planning where we evaluate how we are doing as parents. It is one area that we watch closely as our kids have gotten older, there are areas where we will need help and support. We also need to build skills. We have discussed everything from behavior to teaching them about responsibilities. Most times it’s about us and how we do a better job on creating and sticking to ground rules and teaching them about good choices. In addition, we have starting discussing books or articles more often as a guide to support us. Our new favorite is ‘5 Love Languages Of Teenagers’. Parenting is the hardest job we have and also the most rewarding. How do you make sure you are continually evaluating your progress as a parent?

Topic 3: Making Time For Each Other

This is where we evaluate our satisfaction between work and life. This is where we review the next 3-4 months and what we have planned. Some of this is planning vacations as a family (or virtual vacations with COVID-19), how do we create more time for each other and do we have the space for the most important things in our lives.  There are times where this is nothing more than a Tetris of calendar invites and our travel schedule. Other times we plan exciting things for our family and new adventures.  Remember, make sure you take the time to fill the jar with the biggest rocks first.

Topic 4: Growing As Individuals

This is a new topic we added to life planning and we are still experimenting. This is where we talk about who we are as individuals. Remember at the same time you are committed to all types of relationships you are also committed to yourself.  There are times we will talk about goals we have. These may be personal goals like committing to better health or more time with family.  This also includes areas where we want to learn new skills or take up new hobbies. As an example, I have committed to reading ‘a book a month’ and Pilates. My wife started a new job so the conversations are far more about how I support her. In addition, we have both added a professional coach to support us. Our coaches crisscross our careers, leadership but also our own personal journeys as human beings.  Remember, we all started as just ourselves.

Remember that life is a game never won or lost, only played.