WHAT NEXT INVENTORY
The purpose of this 'What Next Inventory' is to assess the feasibility of whatever 'what nexts' you may be considering having completed the previous exercises. However, unlike balance sheets called 'Net Worth' - this inventory reflects 'net worth' regardless of monetary accounting.
Hopefully, this tool will assist and minimize spontaneous regression to more-onic hardwired acculturated behavior.
ASSETS FACTOR LIABILITIES
(you possess or not)
ADAPTABILITY
HEALTH
EDUCATION
KNOWLEDGE/SKILLS
TALENTS/CAPABILITIES
TRAITS
RELATIONSHIPS
FRIENDS/ENEMIES
CONTACTS
BEHOLDEN
(YOU OWE, THEY OWE YOU)
INTERESTS
LIABILITY CONTINGENCY PLANNING
LIABILITY CAUSE P(1) S(1) MINIMIZE PREVENT
ASSET ENHANCEMENT PLANNING
ACTION STEP START FINISH WHO COST/RESOURCES
WHAT NEXT STATEMENT
WHAT NEXT (IS NOT) STATEMENT (WHAT YOU ARE EXCLUDING)
1) P = probability of the cause, S = seriousness of the problem; typically one contingency plans for those problems with a probability and seriousness of medium or above. Thus a low probability and high seriousness, for example - a hurricane - would be 'insured' (transferring the risk). Thus, the ranking is low, medium or high
Monday, January 31, 2011
Sunday, January 23, 2011
Life After 'ENOUGH' - What Next?
(A Brief Interlude Before Proceeding To The Strategy Session)
What Next? (Especially If You Have Enough…)
(and don’t wish to continue rationalizing more for more’s sake potentially sacrificing what you need for what you don’t need cause you’re bored)
When love and skill come to together expect a masterpiece
Ruskin
PLEASE REVISIT THE PERSONAL PROSPECTUS SESSION IN MY BOOK ENOUGH (PROBABLY 99cents on AMAZON, EBAY, OR OVERLOOKED.COM BEFORE PROCEEDING
One reason (other than spontaneous regression, cultural reinforcement and habituation) that people who have ‘enough’ relative to their goals revert to ‘more-onic’ behavior sacrificing what they need for what they don’t need is the inability to deal with what next.
The theme of ‘what next’ is enunciated with different phrases:
· The search for meaning
· What now?
· I want to make a difference
Since there is typically little or no preparation for ‘what next’ and usually the unrealistic and impatient expectation that ‘what next’ should take 20 minutes to achieve at a high level of proficiency level it took 10-15-20 years previously for the client in previous endeavors (typically work).
Suggestions:
1.- Use a sketch pad to put your answers. And then post them on a room wall so you can see them in toto (not Dorothy’s dog) to come to some conclusion towards: what next or, at least, what maybe….
2.- Create an end to end horizontal line across the middle of the sketch pad page
3.- Get the book Enough by yours truly (probably 99c on Amazon)and fill out the personal prospectus prior to this session).
4.- If you haven’t filled out the Personal Prospectus from the Enough book (which didn’t translate well into a blog – skip this session. That said, most of my former clients said the Personal Prospectus session was the most valuable part of the Personal Financial Life Planning Process which allowed the alignment of personal financial resources and life goals and values:
Review & Warm Up
1. -Who would play you in the movie about your life?
____________________________________________
What is the last line of the movie? (PS Rosebud is taken)
_____________________________________________
Why this actor or actress?
____________________________________________
2. Again, review from personal prospectus in particular:
a. quantitative values
b. the life line
Update Lifeline
I always wanted and never got – insert as appropo on lifeline
- The ‘Thank God, I Never Got’, as Brooks sings, for unanswered prayers on below the lifeline (what was avoided)
2.- Things, events, people that had a big impact (which was?) and when
3.- Lessons: from Mom, Dad, Enemies, etc and when
Eulogy,Vision, Mission – to be inserted on life line chronologically
1.- Things I stood up for, things I will stand up for, things I should have stood up for
(why did or didn’t - when and put below the lifeline as a choice)
2.- If only’s and when
(what if had – put below the lifeline line at appropriate chronological time)
3.- Kodak Defining Moments (why, and when)
4.- Haunting Events (i.e. bully you didn’t stand up to, teacher saying ‘John, is a nice boy but he’ll become at most X, the hottie saying ‘you’re really a nice guy, but…
5.- Moments of Truth (and their consequences)
6.- Things I Wish To Correct and Didn’t
if I could, I woulds – when
regrets (didn’t do, I did)
mistakes
things I wish to be forgiven for
7.- I will miss – people, things, things I didn’t complete as of when
8.- Incompletion in my life – Unfinished Business (put into the future on life line)
9.-What Today’s Eulogy Would Look Like (who gives Eulogy)
10.- Eulogy/Mission Today Revisited
____________________, age died yesterday from ________________. He is survived by --__________________________________, He was a member of -__________________. He will be remembered for _________________________________________________ He will be mourned by ______________________ because______________________________. The world will suffer the loss of his contributions in _________________________________________________________. He always wanted but never got___________________________________________________________________________________________________________________________________. The body will be __________________________flowers or contributions can be sent to _________________________.
10b.- The Hoped for Eulogy – prompts for revision
He/she (was) ____________________________________________________________
He/she wasn’t ________________________________________________________________________
He/she achieved ________________________________________________________________________
He didn’t achieve (thank G-d) ____________________________________________________________ ____________
Richard Feyhmann, other than Einstein considered by many the world’s smartest person, when dying was asked if he regretted now having kids. To paraphrase, he responded that he had taught, written, and counseled such that there was a little of Feyhmann running around in many individuals.
I (name)___________________________ influenced (who) _______________________ ________________________________________________________________________(how)___________________________________________________________________
________________________________________________________________________
I (name) influenced (businesses, organizations, clubs, etc) ________________________________________________________________________________________________________________________________________________
I will be remembered for:
1.-
2.-
3.-
4.-
And I wish people would forget or forgive:
1.-
2.-
3.-
4.-
And was loved by ______________________________________________________________________
_______________ will miss him because _____________________________________________________________________
_______________ will miss her because _____________________________________________________________________
_______________ will miss him because_______________________________________________________________
He or she has left behind for the his family _____________________________________________________________________
11.-Vision (Should Be) Eulogy– 10 Years + Hence
____________________, age died yesterday from ________________. He is survived by --__________________________________, He was a member of -__________________. He will be remembered for _________________________________________________ He will be mourned by ______________________ because______________________________. The world will suffer the loss of his contributions in _________________________________________________________. He always wanted but never got:____________________________________________ The body will be __________________________flowers or contributions can be sent to _________________________.
Given the Above – Now Has The Following Changed:
-Who would play you in the movie about your life?
____________________________________________
Why this actor or actress?
____________________________________________
What is the last line of the movie?
_____________________________________________
What Next? (Especially If You Have Enough…)
(and don’t wish to continue rationalizing more for more’s sake potentially sacrificing what you need for what you don’t need cause you’re bored)
When love and skill come to together expect a masterpiece
Ruskin
PLEASE REVISIT THE PERSONAL PROSPECTUS SESSION IN MY BOOK ENOUGH (PROBABLY 99cents on AMAZON, EBAY, OR OVERLOOKED.COM BEFORE PROCEEDING
One reason (other than spontaneous regression, cultural reinforcement and habituation) that people who have ‘enough’ relative to their goals revert to ‘more-onic’ behavior sacrificing what they need for what they don’t need is the inability to deal with what next.
The theme of ‘what next’ is enunciated with different phrases:
· The search for meaning
· What now?
· I want to make a difference
Since there is typically little or no preparation for ‘what next’ and usually the unrealistic and impatient expectation that ‘what next’ should take 20 minutes to achieve at a high level of proficiency level it took 10-15-20 years previously for the client in previous endeavors (typically work).
Suggestions:
1.- Use a sketch pad to put your answers. And then post them on a room wall so you can see them in toto (not Dorothy’s dog) to come to some conclusion towards: what next or, at least, what maybe….
2.- Create an end to end horizontal line across the middle of the sketch pad page
3.- Get the book Enough by yours truly (probably 99c on Amazon)and fill out the personal prospectus prior to this session).
4.- If you haven’t filled out the Personal Prospectus from the Enough book (which didn’t translate well into a blog – skip this session. That said, most of my former clients said the Personal Prospectus session was the most valuable part of the Personal Financial Life Planning Process which allowed the alignment of personal financial resources and life goals and values:
Review & Warm Up
1. -Who would play you in the movie about your life?
____________________________________________
What is the last line of the movie? (PS Rosebud is taken)
_____________________________________________
Why this actor or actress?
____________________________________________
2. Again, review from personal prospectus in particular:
a. quantitative values
b. the life line
Update Lifeline
I always wanted and never got – insert as appropo on lifeline
- The ‘Thank God, I Never Got’, as Brooks sings, for unanswered prayers on below the lifeline (what was avoided)
2.- Things, events, people that had a big impact (which was?) and when
3.- Lessons: from Mom, Dad, Enemies, etc and when
Eulogy,Vision, Mission – to be inserted on life line chronologically
1.- Things I stood up for, things I will stand up for, things I should have stood up for
(why did or didn’t - when and put below the lifeline as a choice)
2.- If only’s and when
(what if had – put below the lifeline line at appropriate chronological time)
3.- Kodak Defining Moments (why, and when)
4.- Haunting Events (i.e. bully you didn’t stand up to, teacher saying ‘John, is a nice boy but he’ll become at most X, the hottie saying ‘you’re really a nice guy, but…
5.- Moments of Truth (and their consequences)
6.- Things I Wish To Correct and Didn’t
if I could, I woulds – when
regrets (didn’t do, I did)
mistakes
things I wish to be forgiven for
7.- I will miss – people, things, things I didn’t complete as of when
8.- Incompletion in my life – Unfinished Business (put into the future on life line)
9.-What Today’s Eulogy Would Look Like (who gives Eulogy)
10.- Eulogy/Mission Today Revisited
____________________, age died yesterday from ________________. He is survived by --__________________________________, He was a member of -__________________. He will be remembered for _________________________________________________ He will be mourned by ______________________ because______________________________. The world will suffer the loss of his contributions in _________________________________________________________. He always wanted but never got___________________________________________________________________________________________________________________________________. The body will be __________________________flowers or contributions can be sent to _________________________.
10b.- The Hoped for Eulogy – prompts for revision
He/she (was) ____________________________________________________________
He/she wasn’t ________________________________________________________________________
He/she achieved ________________________________________________________________________
He didn’t achieve (thank G-d) ____________________________________________________________ ____________
Richard Feyhmann, other than Einstein considered by many the world’s smartest person, when dying was asked if he regretted now having kids. To paraphrase, he responded that he had taught, written, and counseled such that there was a little of Feyhmann running around in many individuals.
I (name)___________________________ influenced (who) _______________________ ________________________________________________________________________(how)___________________________________________________________________
________________________________________________________________________
I (name) influenced (businesses, organizations, clubs, etc) ________________________________________________________________________________________________________________________________________________
I will be remembered for:
1.-
2.-
3.-
4.-
And I wish people would forget or forgive:
1.-
2.-
3.-
4.-
And was loved by ______________________________________________________________________
_______________ will miss him because _____________________________________________________________________
_______________ will miss her because _____________________________________________________________________
_______________ will miss him because_______________________________________________________________
He or she has left behind for the his family _____________________________________________________________________
11.-Vision (Should Be) Eulogy– 10 Years + Hence
____________________, age died yesterday from ________________. He is survived by --__________________________________, He was a member of -__________________. He will be remembered for _________________________________________________ He will be mourned by ______________________ because______________________________. The world will suffer the loss of his contributions in _________________________________________________________. He always wanted but never got:____________________________________________ The body will be __________________________flowers or contributions can be sent to _________________________.
Given the Above – Now Has The Following Changed:
-Who would play you in the movie about your life?
____________________________________________
Why this actor or actress?
____________________________________________
What is the last line of the movie?
_____________________________________________
Sunday, January 9, 2011
Prioritizing
Prioritizing Basket Cases
Happiness is ‘getting what you want’ until what you wanted wasn’t ‘enough’ (again)
A Schwartzism
(Which Is Why Equanimity- Rising Above The Good & The Bad - Is Preferable)
Typically, you can’t have it all in life nor in personal financial life planning. Even, when all the personal financial life goals are funded, there is another uncertainty whispering in your ear causing a reversion to seeking ‘more’ just in case (even if it means sacrificing what you have – even enough – for what you don’t need.) The ‘just in case’ becomes a cushion (just in case), moving the goal posts (just in case), and “maybe we should think ofs this eventuality (just in case). Just in Case is an Rx for Basket Case.
So instead of just funding the personal financial life goals (and assuming you are clear on what your mission is and is not – and it isn’t ‘snot’ platitudes), whether your goals are funded or not – let’s delve into the payoffs (what is really gained and what is avoided) behind each financial goal (i.e. remember FU-ability??) Let’s see the real weave behind the Basket Case.
“Oh what a tangled web we weave, when first we practice to deceive”
Sir Walter Scott
….ourselves!
Schwartz
Spin #1 Prioritizing Your Objectives As Named (Hypothetical Do Your Own)
Hypothetically, below is the result of a three phase forced choice analysis. (Force choice analysis is done by listing the choices and giving each a sequential numerical value. Assuming there were 6 goals, you would choose between goal #1 and goal #2, goal #1 and goal #3, goal #1 and goal #4 and continue this process until you have chosen between goal #5 and goal #6. Count the choices for each goal and there is your ranking. Here is the first spin:
Value/Goal Chosen
1.-Education
2.-Retiremement
3.- Slow Down Income
4.-Income Adequacy Disability
5- Income Adequacy Spouse Upon Your Death
6.-Asset Disposition according to Desires
(Your Rankings?)
Spin #2 Re Prioritizing #1 by Payoff (What Is Gained By Achievement of Each Goal)
When the payoff (what was to be gained by each goal) was ranked instead of the name of the goal the priority changed - the results:
Independent of Work (Retirement) 5
More time for self (Slow Down Income) 4
Kids on own –independent (Education) 3
Spouse independent of work 2
(Income Adequacy Spouse Upon Passing)
Legacy (Asset Disposition by Desire) 1
Don’t Depend on Kids 0
(Income Replacement Upon Disability)
(Your rankings of positive payoffs?)
Spin #3 Re Prioritizing #2 by Payoff (What Is Lost If Each Goal Is Not Achieved)
FU ability not Beholden, Dependent
(Income Replacement Disability) 5
(Retirement Income) 4
(Income Adequacy Spouse) 3
Not Take as Much S**t 2
(Slow Down Income Prior to Retirement
Relief – End The Dole 1
(Education Kids)
Remembrance (they’ll waste it anyway) 0
(Asset Disposition According to Desires
(Your rankings of negative payoffs?)
Rabbi Hillel when asked to tell all of Judaism while standing on one foot said to paraphrase, “don’t do unto others what is unpleasant to you.” Real prioritizing of those unspoken values underneath the goals name (sort of like saying steak instead of Elsie The Cow) is unpleasant but real.
Now go rank (literally and figuratively) and prioritize.
Personal Financial Life Planner’s Cut
Talmudic story.
Two boys go to the movies.
Spotting an open door that would allow them to get in free to their show, one of the boys snuck in.
The other boy paid his way.
After the movie, the two got together. The sneak made fun of the his friend who paid for his ticket saying, “I looked left and right – east, west, north and south – and there was nobody to catch us. So why didn’t you sneak in with me.”
“You forgot to look up,” replied the boy who ‘paid.’
We all pay – it’s just a question of when. So platitude and motherhood goal statements are typically laziness, delusion or lies to others (worse to oneself), and failing to look up.
Happiness is ‘getting what you want’ until what you wanted wasn’t ‘enough’ (again)
A Schwartzism
(Which Is Why Equanimity- Rising Above The Good & The Bad - Is Preferable)
Typically, you can’t have it all in life nor in personal financial life planning. Even, when all the personal financial life goals are funded, there is another uncertainty whispering in your ear causing a reversion to seeking ‘more’ just in case (even if it means sacrificing what you have – even enough – for what you don’t need.) The ‘just in case’ becomes a cushion (just in case), moving the goal posts (just in case), and “maybe we should think ofs this eventuality (just in case). Just in Case is an Rx for Basket Case.
So instead of just funding the personal financial life goals (and assuming you are clear on what your mission is and is not – and it isn’t ‘snot’ platitudes), whether your goals are funded or not – let’s delve into the payoffs (what is really gained and what is avoided) behind each financial goal (i.e. remember FU-ability??) Let’s see the real weave behind the Basket Case.
“Oh what a tangled web we weave, when first we practice to deceive”
Sir Walter Scott
….ourselves!
Schwartz
Spin #1 Prioritizing Your Objectives As Named (Hypothetical Do Your Own)
Hypothetically, below is the result of a three phase forced choice analysis. (Force choice analysis is done by listing the choices and giving each a sequential numerical value. Assuming there were 6 goals, you would choose between goal #1 and goal #2, goal #1 and goal #3, goal #1 and goal #4 and continue this process until you have chosen between goal #5 and goal #6. Count the choices for each goal and there is your ranking. Here is the first spin:
Value/Goal Chosen
1.-Education
2.-Retiremement
3.- Slow Down Income
4.-Income Adequacy Disability
5- Income Adequacy Spouse Upon Your Death
6.-Asset Disposition according to Desires
(Your Rankings?)
Spin #2 Re Prioritizing #1 by Payoff (What Is Gained By Achievement of Each Goal)
When the payoff (what was to be gained by each goal) was ranked instead of the name of the goal the priority changed - the results:
Independent of Work (Retirement) 5
More time for self (Slow Down Income) 4
Kids on own –independent (Education) 3
Spouse independent of work 2
(Income Adequacy Spouse Upon Passing)
Legacy (Asset Disposition by Desire) 1
Don’t Depend on Kids 0
(Income Replacement Upon Disability)
(Your rankings of positive payoffs?)
Spin #3 Re Prioritizing #2 by Payoff (What Is Lost If Each Goal Is Not Achieved)
FU ability not Beholden, Dependent
(Income Replacement Disability) 5
(Retirement Income) 4
(Income Adequacy Spouse) 3
Not Take as Much S**t 2
(Slow Down Income Prior to Retirement
Relief – End The Dole 1
(Education Kids)
Remembrance (they’ll waste it anyway) 0
(Asset Disposition According to Desires
(Your rankings of negative payoffs?)
Rabbi Hillel when asked to tell all of Judaism while standing on one foot said to paraphrase, “don’t do unto others what is unpleasant to you.” Real prioritizing of those unspoken values underneath the goals name (sort of like saying steak instead of Elsie The Cow) is unpleasant but real.
Now go rank (literally and figuratively) and prioritize.
Personal Financial Life Planner’s Cut
Talmudic story.
Two boys go to the movies.
Spotting an open door that would allow them to get in free to their show, one of the boys snuck in.
The other boy paid his way.
After the movie, the two got together. The sneak made fun of the his friend who paid for his ticket saying, “I looked left and right – east, west, north and south – and there was nobody to catch us. So why didn’t you sneak in with me.”
“You forgot to look up,” replied the boy who ‘paid.’
We all pay – it’s just a question of when. So platitude and motherhood goal statements are typically laziness, delusion or lies to others (worse to oneself), and failing to look up.
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