THE LIFE OF YOUR DREAMS.

What do we ultimately want? Material riches & other achievements are not giving that sense of purpose, fulfillment or accomplishment.

Living life kingsize is something many are doing today. That has become a style statement & even more than that, to show the world that one has arrived in life. Beyond proving a point, it proves onerous to keep up the pretenses. After all the trappings of high life, too many people still remain unhappy – very unhappy. That should be surprising, even puzzling, right? Do they know something called life planning?

Many of us go about doing inane things in life; accumulate stuff / relentlessly chase material goals or doggedly pursue corporate careers thinking that these are the things that we really need to do in life. Competing with the Joshis & Sharmas brings no joy… for, when they have moved on, the ones who are competing with them also will have to! That becomes tiresome and saps one’s energy.

What is the point in doing such things? What is the point in having three homes? What is the point of chasing high returns? Why compulsively go for a foreign holiday, update on FB, to show the world one is a high flier? And after having done all this, why is one not feeling on top of the world and instead feeling exhausted & fagged out?

The reason for all this is that they do not have much meaning in the first place. Doing things that are done compulsively, tire you out. Material things are certainly important & they are required for a comfortable life. A good corporate career will help one flower and achieve one’s potential in the activity area chosen. So, there is nothing wrong here – upto a point. Beyond that, it becomes a millstone around the neck as there is no meaning to running like a headless chicken, tiring oneself out.  Also, if one is in the corporate career just for the money & is otherwise meaningless, one would find it onerous to continue on that path.

We all want to do things that we like, have meaning for us, brings joy, pursue our passions & enables us to live life authentically.  We want a life which is vibrant, energizes us, that’s intensely fulfilling & allows us to experience a deep sense of accomplishment. It certainly looks like an idle man’s pipe dream, one may say.  But, this is indeed a possibility for those who would not settle for anything less.

Life Planning ticks most of the boxes and can bring in purpose, energy & meaning to life.

Life Planning engagement allows a person to do some introspection, dive deep & get in touch with what would bring them true happiness, vigor, achievement of their potential and live a life imbued with meaning. If that sounds like voodoo, read on to get the correct perspective.

There is a structured way to go about it. George Kinder was one of the pioneers in the field of Life Planning. In the Kinder method of Life Planning, there are some questions & questionnaires to assist a person to organise their thoughts and imagine a deeply fulfilling life that they would ideally want to live. This will be a starting point for the Life Planner to work with the client.

The Life Planner would follow the process and explore more on the areas highlighted by the client & will be able to get a picture of what really excites the client & the kind of life that will enable them to live a life they always wanted.

The Life Planner, based on his understanding of what truly excites the client & holds true meaning for them, paints the picture of the ideal life that the client would indeed be able to lead. The planner lights the torch of possibilities & helps them visualise a life imbued with meaning which will give them immense satisfaction. This is a wonderful moment for the planner & the client, for they would both be able to see what kind of possibilities exist for the client as a consequence of this work!

This visioning process is very important as many clients are unable to visualise the glorious life they can really live!  When the Life Planner paints their future life & the client sees themselves there, the excitement surges & the primal urge to get there builds up. This is important as the transformation could call for a leap of faith, which one would be willing to take, only if the end result is sufficiently exciting.

The Life Planner works further on the client when the client may see obstacles in the path of reaching their cherished goals. The Life Planner will have to keep the flame alive, lest it gets dimmed or put out by the doubts & second thoughts that the clients have. The problem with many is that they just can’t believe that their life can transform to the extent that it’s almost magical!

Once the conviction is established, the Life Planner would work on the numbers and create a financial plan to give shape to the new life that the client now wants to live. The financial plan will consider the finances of the client, along with the new goals and come out with recommendations on what they need to do. These recommendations will need to be implemented so that the plan would produce the desired results.

This leads to complete fulfillment as the Life planner started with what is very important and meaningful for the client, made them see that life unfolding for them, walked them through the potential pitfalls & helped them navigate the white waters of self-doubt. Then the planner creates a financial plan that optimally uses existing resources & produce the desired results for the client. The life planner would keep monitoring the situation and offer counsel to the client so that they continue to stay engaged in the path of a glorious, almost enchanted life that’s immensely satisfying & let’s one look forward to every new day with unalloyed excitement. That’s the Life Planning cycle.

Life planning engagement is transformational. It facilitates one to change gears or even change course to new possibilities & maybe a new life! We only have one life. We owe it to ourselves to live a life that’s vibrant, allows us to reach our potentials & is one wonderful, exciting journey.


Article first appeared on FPG India Financial Planning :

THE LIFE OF YOUR DREAMS

Author  -   Suresh Sadgopan  | Founder | www.ladder7.co.in

#SureshSadgopan #FinancialPlanner #FinancialAdvisor #Fiduciary #LifePlanning #FeeOnly #HolisticAdvice #Ladder7

Do life planning before financial planning!

“In preparing for a battle I have always found that plans are useless, but planning is indispensable,” 

said former American president, Dwight Eisenhower.

Planning is essential for everything as it is when we plan that we are able to come to different possibilities, some good and some bad for the project at hand. This holds true when we are planning our finances as well. However, since life is dynamic, a plan created with all known information at one point, may not be true after some time. Life situations change and so can goals, expenses, income etc. Hence, the plan would need to be reviewed and recast – something that is part of the planning process itself.

Now, financial planning is not all about planning your monetary goals, there is another relatively lesser known concept called life planning. Life planning helps in planning for those goals that can bring meaning and happiness to our lives, instead of focusing on achieving just the monetary goals.

All of us have goals - like buying a home, a second home, foreign holidays, cars etc. We focus on these and plan and save to achieve them over a period of time. But, the important point is, do these goals bring true satisfaction and a sense of achievement to a person? Unfortunately, in most cases the answer is no.  

It is not to say that these goals are not important. While we do need the money and the conveniences it brings, we should not become its slave

When we pursue goals that don’t really matter and spend time and energy achieving it, we feel tired, burnt out, exhausted. And once we achieve it, there is no satisfaction or delight in having achieved something since these were meaningless goals in the first place, which were probably taking them away from the real goals that would give one a sense of achievement.

How does life planning make a difference?   

There is no set formula on how you have to live your life. The life we have is the only life there is and we have the option to make it meaningful. But, for that, we need to understand what is meaningful to us and what is it that we really want from life.

Life planning precisely addresses this. This is a new area where the focus is to find out what is truly important for us in life, what will deliver that freedom from the bondage of a humdrum existence. Do you want to get involved in more charitable work, do you want to change your career to something that is closer to your heart? Life planning helps you achieve such goals.  

To facilitate this, there are exercises to go through which will assist the client to focus on a meaningful life they have always wanted to live. There are some fundamental questions which one needs to ask, which will help them narrow down on what they really want to do in life. Once they discover their true, heartfelt goals, and see the vision of that wholesome life they can create for themselves, they get hugely excited. The life planner acts as a guide and mentor and paints that ideal life for the clients to see. This helps the client realise what a fulfilling life they can actually live and they get to experience the entire repertoire of emotions that would arise out of such a life.  

This may call for rework of one’s life as it exists today. Some of the goals which one had in the past may not retain their appeal any more. New goals would take its place, there could be adjustments in income, expenses etc. too, depending on what one may want to do going forward. One may feel an anticipatory thrill as well as a trepidation which comes from a leap into the unknown. Obstacles may present itself, which the client would resolve drawing strength and support from the life planner. The next step would be to consider all these goals and create a financial plan and implement it so that the life ahead is smooth.

Here is how life planning can work:  Let’s take the example of Rajiv. He was doing extremely well in his career, however, there was something missing. In his session with the life planner, it came out that his heart's core goal was to travel extensively, which he was unable to do in his current avatar. Rajiv was interested in combining his current skills with his passion and wanted to build start a travel business. During the discussions, Rajiv himself came with the idea of building specific communities of travel buffs and serving their needs. He is now completely fired up with enthusiasm of the amazing possibilities of this new business, which is close to his heart. The planner has now created a plan with these goals in mind and is helping Rajiv live a life filled with meaning and fulfillment.

In a nutshell

The initial portion of life planning is important as this is where the client and the planner jointly explore what is that which may make the client’s life truly lived. Once the client understands what would make their life meaningful, they get veritably excited. The new life envisaged may have problems that need to be surmounted and the planner plays a huge role here in ensuring that the client does not get disillusioned and slide back into their erstwhile existence. The life planner holds and keeps the torch of their dreams burning till the client is able to reconcile with the adjustments needed and gets the fortitude to make it happen. Then a financial plan which accommodates the new life is drawn and the recommendations implemented. From time to time, the life planner is in touch with the client to find out if they are on track and offer any guidance that may be required.

We all deserve a life where we experience the freedom in our lives to achieve our true potential and live a life that is truly meaningful. And life planning can make this possible.

When life planning is made a part of financial planning, it becomes a force multiplier for the client. As George Kinder, the father of the life planning movement says, “Life planning is financial planning done right”.


Article first published on ET Wealth:

You should do life planning before financial planning. 

Author  -   Suresh Sadgopan  | Founder | www.ladder7.co.in

#SureshSadgopan #FinancialPlanner #FinancialAdvisor #Fiduciary #LifePlanning #FeeOnly #HolisticAdvice #Ladder7

Bring meaning back in your lives

“In preparing for a battle I have always found that plans are useless, but planning is indispensable”,

 opined Dwight Eisenhower.

Plan & Planning -  Planning is essential as that is where we consider all aspects affecting the project we are planning for. We would be able to come to different alternative scenarios, some good and some downright in the mud. This allows us to think of the possible scenarios, based on which we need to take some actions and be cognisant of the potential outcomes of such a course.

As sagely opined by Eisenhower, a plan maybe useless overtime as there are too many variables affecting any project situation & we may not reach the result envisaged in the plan. But the planning exercise done is invaluable & we may keep revising the plan as per the changing circumstances.

Financial Planning -  This holds true for Financial Planning. A plan created with all known information at one point may not be true after some time. Life situations change… goals, expenses, income etc. too, can change. Hence, the plan would need to be reviewed & recast. That is however part of the planning process itself.

Even Financial Planning is not a concept that is well understood, still. Many still think that one is doing financial planning if they have started investing in some products for their goals.

Financial Planning starts with understanding the needs/ aspirations of the family & their financial situation. Then the planner analyses & checks feasibility of achievement, comes up with alternative scenarios, evolves a strategy that would work best for the client and then holistically comes up with suggestions on what they need to do regarding past investments/ insurance, liquidity/ contingency requirements, future surplus deployment in appropriate assets after due consideration of their risk profile, years of service left, dependencies in the family, when the goals are coming up etc.

Life Planning -  Now, there is another area called Life Planning. People have virtually not heard about this. So, let’s try and understand what this is.

All of us have goals - like buying a home, a second home, foreign holidays, cars etc. We focus on these and plan to achieve these goals overtime. In fact, in financial planning, these are the goals we come across and plan for. But, the important point is, are these the real goals & are these truly important?

Let’s put it another way - Are these goals the ones which would bring true satisfaction, a sense of achievement & happiness? The unfortunate answer in most cases would be - No!  

Most of us assume that buying a home, car etc. are what are important in life. While we do need the money and the conveniences it brings, we should not become it’s slave. The so-called goal should not drive us so relentlessly that we lose our sense of proportion & pursue them to our detriment.

Why does a person not feel happy after buying the third home? Because, it was a meaningless goal in the first place!

When we pursue goals that don’t really matter & spend time and energy achieving it, we feel tired, burnt out, exhausted. And once we achieve it, there is no satisfaction or delight at having achieved something - because these were meaningless goals in the first place, which were probably taking them away from the real goals that would liberate them, provide vitality, a sense of achievement of one’s potential & the exhiliarating feeling of looking forward to life itself, as it unfolds!

How does Life Planning make a difference -  There is no set formula in which a life needs to be lived. The life we have is the only life there is ( not counting rebirth, for now ! ) and we have the option to make it meaningful, blissful & elevating.

But, for that, we need to understand what is meaningful for us & what is that we really want from life...

Life Planning precisely addresses this. This is a new area where the focus is to find out what is truly important for us in life… what will deliver that freedom from the bondage of a humdrum existence. What would give us the vigour & vitality to look forward with anticipation to the next moment, next day…

To facilitate this, there are exercises to be gone through which will assist the client to focus on a meaningful life, they always wanted to live. There are some fundamental questions which one needs to ask, which will help them narrow down on what they really want to do in life. Once they discover their true, heartfelt goals and see the vision of that wholesome life they can create for themselves, they get hugely excited. The Life Planner acts as a guide & mentor and paints that ideal life for the clients to see. This helps the client to realise what an amazingly fulfilling life they can actually live & they get to experience the entire repertoire of emotions that would arise out of such a life.  

This may call for rework of the life as it exists today. Some of the goals which one had in the past may not retain their appeal any more. New goals would take it’s place, There could be adjustments in income, expenses etc. too, depending on what one may want to do going forward. One may feel an anticipatory thrill as well as a trepidation which comes from a leap into the unknown. Obstacles may present itself, which the client would resolve drawing strength and support from the Life Planner. The next step would be to consider all these goals and create a financial plan & implement it so that the life ahead is smooth.

In a nutshell -  The initial portion of the life planning is very important. This is where the client & the Life Planner jointly explore what is that which may make the client’s life truly lived. Once the client understands what would make their life meaningful, they get veritably excited. The new life envisaged may have problems that need to be surmounted & the planner plays a huge role here in ensuring that the client does not get disillusioned & slide back into their erstwhile existence. The Life Planner holds & keeps the torch of their dreams burning till the client is able to reconcile with the adjustments needed & gets back the strength & fortitude to make it happen. Then a financial plan which accommodates the new life is drawn & the recommendations implemented.

From time to time, the Life Planner is in touch with the client to find out if they are on track and offer any guidance that may be required.

We all deserve a life where we experience the freedom in our lives to achieve our true potential & live a life that is truly meaningful, garnished with vigour & vitality in good measure & anticipate each day with bated anticipation. Life Planning can make this possible.

When Life planning is made a part of Financial Planning, it becomes a tremendous force multiplier for the client. As George Kinder, the father of Life Planning movement says, “ Life Planning is Financial Planning done right”. How True!

Author  -   Suresh Sadagopan  | Founder | www.ladder7.co.in

#SureshSadgopan #FinancialPlanner #FinancialAdvisor #Fiduciary #LifePlanning #FeeOnly #HolisticAdvice #Ladder7