One of the hardest elements of a plan is that when we begin, it’s largely intangible. It’s hard to commit to something that we can’t see, touch or feel. In our heads, our plans are very real, but further than that – they’re a little hard to engage with.
Sometimes, it can be helpful to view our plans in the same way that we would view a road trip. If we’re planning a holiday or a trip to visit someone special, it’s easy for us to visualise the destination. After spending some time in that happy space, we are enthused to quickly think about the best routes and decide which vehicle would be best for the journey, and then… all that’s needed is action!
Let’s see what this could look like…
Destination: A plan has clearly defined goals
Every plan should be created as a pathway to an end goal, but you also may have pit stops, milestones or landmarks along your route. A goal is not just another event, it’s a defined place where you will pause to celebrate and enjoy the arrival. The pit stops along the way are planned so that you can have the energy you need to reach your goal.
All of this propels you in the direction of your goals. Otherwise what are you planning for? Our Wellsfaber team are committed to helping you plan to thrive. Your life plan and your wealth plan need to have goals that are aligned and speak strongly to your destination.
Routes & Vehicles: Your plan needs to reflect your choices
More often than not, when we create plans it is because we want to create change in our lives. For us to enjoy that change, it is important that we are consciously engaged with those plans and really express them as our choice.
For your investment plan, we will chat about goals, but we will also talk about how much time you want to take to reach those goals, and what you’d like to see happen in your life along the way. We may use words like ‘event horizon’ (which speaks to how long you might want to invest for) and ‘risk appetite’ (which speaks to how risky you are willing to be with your investments). We might also talk about ‘investment vehicles’ (which speaks to things like stocks, savings accounts and unit trusts) – all of which can be likened to how long your road trip will be, which route we will take and what type of car we will drive.
Whatever drives you to create a financial plan, ultimately it needs to reflect your choices. This helps you identify with your plan and stick to your plan!
Action: A plan needs a set course of action
For a plan to succeed, it needs to be implemented. This is the fun part – it’s where your plan finally becomes tangible!
With your goals clearly defined, and your choices firmly highlighted, it is time to act on your plan.
The emotions and decisions that led you to start the plan need to be put into disciplined activities that will translate into the value you want them to create.
We find it extremely helpful to remember that the success of your plan begins with taking the smallest of actions, because that is how you gain the required momentum in the path of your desired success. The value of one small action, inspires the next one, and another that follows and so on until you get to see yourself thrive on your life goals!
Each of us is unique and motivated by different factors and you’ve got to develop a plan that is right for you and fits you. Our goal is to help you with strategic planning and careful implementation as well as action that will see success; helping you plan to thrive.