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April 25, 2012 / Dale Melchin

Long Term Planning

I know, boring, right?  But it ain’t!  In fact if you approach it with the right point of view, planning can actually be fun.

According to Dan Miller, the amount of planning you put into your life increases in direct proportion to the level of income.  For instance, typical wage earners life “Friday to Friday,” people who earn high end 5 figure incomes plan year to year, and people who make six figures or more plan in 5 year blocks of time.  Dan, also points out that this is a chicken and egg issue.  Meaning, that does the planning come first or does the money.  Well, Dan argues and I can certainly argue from my own experience, that when you plan and then execute those plans, more money shows up in your life.

That isn’t some New Age Law of Attraction way of of looking at things.  That is solid science.  On the low end of the spectrum you simply keep more of your money rather than spend it on frivolous things, if you are planning, and then executing on those plans.  Even if it is only a “little” more money than you had, its still more money than you had.

One of the things I like to think about is “what does planning make possible.”  Well it makes a number of things possible.  First, it gives you control over your life.  Second, it separates you from the tyranny of your emotions and keeps you on track toward your goals.  Third, long term, you have more money!  It also increases your self discipline and character which will transfer into other life areas.  This is the most important attribute of long term planning, because it affects so many other areas.

So:  What has long term planning (and execution) made possible for you?  Please leave a comment below!

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3 Comments

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  1. sgturner2 / Apr 25 2012 4:28 pm

    Great topic! Very good point, “…it separates you from the tyranny of your emotions…” Many are not even aware the their emotional captivity. I was 38 when my eyes were opened to this oppression.

    What has long term planning made possible for me? Retirement at 46. House paid off at 47. More time to serve in other areas of life. It is a good place to be. I was fortunate to have a financial mentor early in my 20’s. I wonder what life would be if I had a spiritual mentor, then, as well?

    ST2

  2. sgturner2 / Apr 25 2012 4:34 pm

    Great topic. Very good point, “…it separates you from the tyranny of your emotions…” I did not learn of this oppression until my late 30’s.

    What has long term planning (and execution) made possible for me? The possibility of retirement at 46. Debt free at 47. Time to spend serving in other areas. I had a financial mentor in my 20’s who steered me to planning. Maybe I would have seen the emotional thing sooner had I had a spiritual mentor then as well.

    ST2

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