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How do you make a plan?

Discussion in 'Progress/Execution Threads' started by BeingChewsie, Sep 6, 2007.

  1. BeingChewsie
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    BeingChewsie Silver Contributor Read Millionaire Fastlane Speedway Pass

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    I can set goals. I know what I want. I can't even seem to start to formulate a plan to get any of it though. My better half has a plan and works his plan. I don't seem to understand even the basics of how to make a plan. He has tried to help me but I just don't get it. I could just ride his plan, he'd let me but that doesn't feel right to me. So when you know what you want how do you make a plan?

    I look at the other post about having $3,000 and in 15 months making it a $1,000,000 and I wouldn't have a clue where to start to come up with a plan on how to make that happen.

    Can anyone help me understand how you make a plan?

    Sue
     
  2. Russ H
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    Russ H Gold Contributor Read Millionaire Fastlane Speedway Pass

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    You bet, Sue.

    I'll start a thread on this, w/one way of going about it (there are many).

    I know that PLANs are one of Diane's favorite things (at least they were-- hard to keep up with someone who moves as fast as Diane!). So you may get some cool input from her, too. :)

    And I know that a number of RD'er have developed plans, like andviv and around the world-- so it should be a fun thread.

    I'm writing it right now-- look for it later today.

    -Russ H.
     
  3. BeingChewsie
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    BeingChewsie Silver Contributor Read Millionaire Fastlane Speedway Pass

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    Thank you so very much!

    Sue
     
  4. yveskleinsky
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    yveskleinsky Bronze Contributor Speedway Pass

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    What are your goals? What do you want?

    Have you thought about a time frame for your goals and wants?

    Great post- I'm curious to what others have to say, and of course, what their process is!
     
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  5. andviv
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    yveskleinsky, you just said what I was about to post.

    My process goes like this:

    Example:
    Goal: To spend 6 months in Italy as a tourist, starting in April 2009.

    So, let's assume that is one of my life's goals. The next step is to estimate the amount of money and any other thing that I need to have in place in order to make it happen.
    I estimate that this goal will require $50,000 for the trip and expenses, plus some other expenses that I'd have to take care here while I am gone, for example: Mortgage, Property managers for the rental properties, health insurance costs, car payments, somebody to watch my house while I'm gone, etc ,etc. Let's assume that will cost me $5K per month. So now I need in total the $50K for my trip plus $30K for my other expenses.

    I just got to a magic number that I should reach in order to meet my goal. I now just need $80K to pay for it.

    Now I go to the starting point. Where I am now? How much time I have to meet my goal?
    Notice that now my goal changed from going on a trip to raising the money needed to meet it.

    So, let's assume I have $10K to start with, and now only have 18 months to make it happen. This is when I start thinking on what I am going to do to take my $10K and have $80K. Of course, I will focus on things I am good at, have probably worked in the past, and have the best chance of succeed with.

    In the next steps of the planning process I really focus on my areas of expertise and how to accomplish it. Many times I discover that either the initial investment or the time I have is not enough so I have to either move the time frame to meet my goal, get more money to start with, or rework the details of the plan.

    This is just an example of how I do it and this goal is not part of my original plan --but now that I wrote about it I started thinking it may be a nice addition to it :D.

    I hope this helps others. Any feedback, comment is welcomed.
     
  6. BeingChewsie
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    BeingChewsie Silver Contributor Read Millionaire Fastlane Speedway Pass

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    Hi,

    I want to live in this little cove in Corona Del Mar, CA. This location is just perfect to me and feels like home. Right on the water and private.

    I'd like to be able to do that while working for myself at home. Doing something different from what I do now. 5 years ago I went back to school to get my nursing degree so I could provide for my son. For the last 3 years I have been working as a registered nurse. I work per diem 24 hours a week. I sell stuff on e-bay too.

    I want health insurance without having to go back to a staff position to get it. I have been without insurance for myself and my son since I went per diem. I pay out of pocket for everything. My son is special needs and his meds alone are a killer.

    I want a dog for my son. My son wants a dog so bad. He has Aspergers and I'd love to get him a dog trained to help kids with aspergers.

    I want the time to be an advocate for kids with Aspergers in the school systems. I want to be able to educate parents on how to get their kids the things they need and deserve in schools and from therapists.

    I have no time frame. I don't know how to determine a time frame when I have no plan to get from A to B.

    Thanks for asking the questions!

    Sue
     
  7. BeingChewsie
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    BeingChewsie Silver Contributor Read Millionaire Fastlane Speedway Pass

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    Thank you very much. I know how much I need to make a month to rent a place where I want to live and pay all my other monthly expenses. I'll try and work on a time frame, the next steps are where it really goes off track for me..the how to accomplish it..I just draw a blank.

    Thank you for your advice!

    Sue
     
  8. andviv
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    One concern I have is that your goal of renting a place there is really limiting. Why? Cause you will be only focusing on getting just enough to rent the place. Why don't you allow yourself to aim for a better goal, like OWNING the place? I know, it is a higher goal thus it will be harder to reach, but also will force you to think of more/better ways to reach that goal. Why not having both? for example, a goal could be I will be renting a 2br/2ba in Corona del Mar by May 2008 and then have other one that is I will buy a 3/2 in Corona del Mar by January 2010, and work on the plans to reach both.

    Now, about your other goals, do you know the $$$ amount attached to them? Finding or estimating those numbers will help you a lot to define what are the next steps.
    Warning: When you put the numbers together you will probably find yourself depressed by the huge amount that you will need to have coming in every month. Do not let this destroy your dreams and forget about your goals. Just think that your life is more valuable than whatever amount you come up with and there are others, here and in your life, that can and probably will provide a hand to help you get there. You don't have to walk this path on your own.

    EDIT:
    About the "how" I can only tell you that, once you focus on your goals and think day in and day out on reaching them, you will start figuring out ways to accomplish them. It could be Real Estate, or you may come up with a great idea of creating a business that offers your services and hire more registered nurses, offer them health insurance as they are now your employees, and suddenly it is not just you making money, now you have others working for you while you offer them things they can't get by working on their own... I don't know, I am just coming up with crazy ideas, but you will come up with better ones once you focus 100% on reaching your goals.
     
    Last edited: Sep 6, 2007
  9. BeingChewsie
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    BeingChewsie Silver Contributor Read Millionaire Fastlane Speedway Pass

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    Hi,

    Thank you. I do know the money amount. I don't find it depressing as much as feel stumped and frustrated by the "how" but I'll keep working on it.

    Sue


     
  10. yveskleinsky
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    What if you were to do in-home care/ assisted living for 1 or more people with disabilities. ...Opening your home up would give you about $60k a year or more.

    What if you rented to own? I would think that with the market in CA, lots of owners would be willing to do this.

    Keep us posted!
     
  11. NerdSmasher
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    NerdSmasher New Contributor Read Millionaire Fastlane

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    Well, in any plan, it seems the first step is always to learn. Read books, forums (like here!), search google, etc. etc. Until you get enough knowledge about whatever you're thinking of going into. Or, to help you decide what to go into.

    It also seems that there are generally 3 good ways to get into the fastlane - Business, Real Estate, and the stock market. If you have more interest in one than another, look into it, and see what you find. Maybe you have a knack for the stock market, or you have great experience in an area that you could build a business around (you'd be surprised). Or, of course, you could use all three, but it's probably best to start with one.

    From there, you can develop a plan, once you know what it is you're doing. If it's real estate, you can say: I want to own 3 rental homes by the end of the year, with positive cashflow. From there, you can always build, and build, and build.

    That's all a plan is, a step by step process. I think you're probably just looking at it as something that is complicated, but really it's not. Just look at what steps you can take, and which one you should take first, then next, etc. As you take the steps, you'll see how far away your goals are, but you'll also realize that they are achievable, and you can gauge how long it will take you to get there.

    And, of course, this forum is a great place to learn, grow, and take steps in whatever direction you choose. You just have to start walking ;)
     
  12. BeingChewsie
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    BeingChewsie Silver Contributor Read Millionaire Fastlane Speedway Pass

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    Hi,

    I have been considering in home care/assisted living but more along the lines of opening an agency to do that. I'm trying to move away from direct care into more of paperwork position. When I was in nursing school I knew direct care/floor nursing was not my calling, I'm a good charge nurse, my nickname at work is "Miss Efficient" . I'm good at delegating tasks to keep the unit flowing smooth and I'm the person people want when the things are nuts because I'm always calm and never appear frazzled but the actual hands on care just not my cup of tea.

    I used to be a school teacher. I wish I could combine my love of teaching and nursing into something online, that I could do from home but have not been able to come up with any ideas.

    I'm also focusing on learning about stocks and stock options that seems to play to all my strengths. I have dabbled in FOREX for a number of years too but am getting more serious. I love technical analysis, actually analysis and research of any type is a passion of mine.

    I have been dating someone for a few years who is into real estate and he has been encouraging me to partner with him in RE, I have always felt bad because I have no money to offer up but I am a heck of a good bird dog and the work of research and analysis are like a walk in the park for me. It is something I'm giving more serious thought too. He'd back me in anything else I wanted to do too.

    I wouldn't rule out an eventual rent to own in the area I want to live when I get to a point that living there is an option.

    Thanks for the feedback!

    Sue
     
  13. BeingChewsie
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    BeingChewsie Silver Contributor Read Millionaire Fastlane Speedway Pass

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    Thank you :) I'm leaning towards the stock market(which I have been studying) and partnering in RE with my bf, he'd like me to to be his birddog and do the research and analysis for him. Those are really my strengths. I just draw blanks on business ideas so that probably won't be the area for me. I'm reading several books on stock options and technical analysis right now, I plan by next spring/summer to know enough to get into the stock market.

    Sue
     
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  14. NerdSmasher
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    NerdSmasher New Contributor Read Millionaire Fastlane

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    I know what ya mean with the drawing blanks on business ideas...
    But I do enjoy the stock market myself. I'm working on getting back into it, and fiddling around with options :)

    Ironically, I love the whole research aspect of things as well; that's why I prefer the stock market to RE, RE can have a lot of work after you do the research. With stocks, all you do is research, then click buy, sell, or whatever you want to do with your knowledge.

    If you ever want someone to chat about stocks with, feel free to PM me, or I imagine I'll see you on the Stocks/Options board :)

    Best of luck to you, Sue!
     
  15. Legacy Dad
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    Legacy Dad New Contributor

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  16. BeingChewsie
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    BeingChewsie Silver Contributor Read Millionaire Fastlane Speedway Pass

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    Thank you Lance, I found those very helpful and informative!

    Sue
     

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