The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

HOT TOPIC How to develop your PLAN

Remove ads while supporting the Unscripted philosophy...become an INSIDER.

Russ H

Gold Contributor
Read Millionaire Fastlane
Speedway Pass
Jul 25, 2007
6,556
1,295
381
58
Napa Valley, CA
Note: There are many ways of developing your PLAN.
This is just one approach.
I will edit this first post over the next few days, adding more steps. (it's taking longer to write than I figured)
There are many ways of developing-- and implementing-- a PLAN.

Here's the approach we have used:

Step I: Core Values and Character

A. Who are you, really?

Too many people try to set their goals based on how they see themselves through the eyes of others (or the media), not how they really are.

Example: You are out of shape. So you join a gym, but never go.

The result (not going to the gym) makes you feel as though you've failed at achieving your goals.

But that might not be the case.

The real reason may be you hate working out inside a gym. Or that it's too far away.

If you tap into who you are, deep down, as a person, you can often set better goals.

Examples of CORE traits:

-You love spontaneity.
-You really love the outdoors.
-You value being fit.


Goal: Walk/Run/Bike/Hike 3x this week. Next week: 3 or 4x. Next week: 4 or 5x

This combines something you vallue (being outdoors) with something you want (getting fit). And it takes advantage of your spontaneous nature, since you can walk/run/hike virtually anywhere.

* * * * *

So first, find out who you are. Your deepest values and morals.

And remember that discovering who you are is a journey-- you're never done. So always be ready to add things on to this category, and revisit the subsequent steps.

Work on this list for a good 30 minutes before you go to the next step.


B. Sometimes Wanting is better than Having

Most of us have something in our closets or garages that we really, really wanted but, after getting it, didn't use.

Why?

Oftentimes, it's because what we've chosen does not line up with who we are, deep down.

Think about the things you wanted-- lusted after-- but once you had them, the thrill was gone.

Make a list of those things.

Now, see if the things on that list line up with your core values.

If they do, ask yourself, "Why do I not like this _______?"

Your answers will help guide you in further defining your core values.

They may also help you see how much time/money is wasted when we pursue things that don't really fit who we are.

* * * * * * * * * *

C. What do I really want?

Now that you've identified some of your deepest traits, what are the things you like to do, that are in line with these traits?

This is by far the most difficult part of the exercise. Because it's easy to tell yourself you really want something-- but it's hard to know if doing that thing will be fulfilling.

So start with the CORE stuff you worked out (examples):

-Family
-Health
-Happiness
-Being outdoors
-Being around other motivated and passionate people


(These are some of ours; yours may be very different)

Next, dream a little. What are things that you like to do, that fit in with the list you made?

For instance: Taking a walk with the family feeds two of my core needs. And if we are all motivated and pasionate during the walk-- and happy-- then WOW!

Walking outdoors with a happy family becomes a very fulfilling activity (for me).

But it's not something I would have picked as a high priority activity, before I identified my core traits.

Work on your things-- but don't limit yourself to your original list.

If you find something that you love to do (like sex), but it's not on your original CORE list, put it on the list.

It's not unusual for you to come up with *more* CORE items during this part than the previous two.

***** ******

D. Fun Stuff

This is one of the easy parts.

As fast as you can, write down at least 20 things that you LOVE to do.

You may not have done them for a while.

Don't take more than 10-15 minutes for this-- this is not something to "think deeply" about-- this is light-hearted reminiscing-- Thinking about stuff you've done in the past, and enjoy doing.

When you have at least 20 things (30 or 40 is OK, too), get 2 different colored highlighters.

Mark one set of things that you currently do every day or every week (like, go to Starbucks, or listen to your favorite radio show/station)

Use a different color for stuff you haven't done in a long time, or at all.

Get your list of core traits/values/characteristics.

If you want, you can give each Core trait an abreviation (e.g., F= Family, :) = Happy, H= Health, etc).

Now, look at your "Fun Stuff" list you just made, and next to each item, list any core traits it ties in with (if any).

**************

EXAMPLE:

Walking Outdoors w/family (Ex, Out, F, :), H, P)

Ex = Exercise/fitness
Out = Being Outdoors
F = Family
:) = happiness
H = Health
P = Spending time w/passionate and motivated people


***************

Go down through the entire list, and see what happens. You may have some activities with LOTs of CORE items. And you may have some with none at all!

This doesn't mean that the non-CORE activities aren't important. On the contrary- it could mean that these activities feed some part of you that you have not yet identified as a CORE part of who you are.

So go through the "non" CORE labeled things, and think about them. What do they do for you? What part of your soul do they satisfy?

If you come up with new CORE items, great. If you don't, that's fine, too.

But whatever you do, DO NOT take any items off your "fun stuff" list if you have no CORE attributes next to it.

Unconsciously, we do things that feed our soul. And if you find any "fun things" that don't make any sense when compared with your CORE traits, perhaps you are feeding a very important part of yourself-- but have not yet identified this as a CORE part of you.

Remember, CORE traits are yours, and yours alone. They don't have to be admirable qualities. They just ARE. YOU.

(EDIT: Made a few changes, to tighten things up)

* * * *

Next step: Taking Action (I'll post this soon)
 

Don't like ads? Remove them while supporting the forum. Subscribe.

Last edited:

BeingChewsie

Silver Contributor
Read Millionaire Fastlane
Speedway Pass
Aug 27, 2007
442
527
236
Phoenix, AZ
Thank you Russ. This has helped me so much already!

Sue
 

Sid23

Bronze Contributor
Aug 9, 2007
683
107
71
Great post Russ! This is a great starting point for many (including myself!)

Rep speed +++
 

Sid23

Bronze Contributor
Aug 9, 2007
683
107
71
Looking forward to part II - Taking Action!
 

Poudda

New Contributor
Sep 7, 2007
118
12
22
Calgary, Alberta
I too am looking forward to part II. My wife and I are going on a road trip this weekend and I believe that we will we're going to do this exercise. I'm printing it now. Cheers!

Dave
 
OP
OP
Russ H

Russ H

Gold Contributor
Read Millionaire Fastlane
Speedway Pass
Jul 25, 2007
6,556
1,295
381
58
Napa Valley, CA
Here's a sample of what someone could get for working on Part I:

CORE VALUES (what is important to me)

-Health
-Fitness
-Happiness
-Spirituality
-Integrity/Honesty
-Family
-Growth
-Music
-Reading
-Learning something new every day
-Helping Others


Things I like to be around

-Being outdoors
-Sunshine
-Nature
-Music
-Conversation
-Driving
-Helping Others/Teaching
-Growth/New things
-Family and friends
-Passionate and motivated people
-Food preparation and serving


Things I like to do (activities):

-Walking/Hiking
-Travel
-Being with family and friends
-Conversation
-Reading (lots of varied topics, favorites are science fiction and self-actualization)
-Driving (esp top down w/sunshine)
-Almost anything outdoors
-Listening to music
-Eat great food
-Cooking
-Watching movies
-Restore things (tied to growth-- rejuvenation)
(lots of other activities)

.
 
  • Like
Reactions: Roz
OP
OP
Russ H

Russ H

Gold Contributor
Read Millionaire Fastlane
Speedway Pass
Jul 25, 2007
6,556
1,295
381
58
Napa Valley, CA
Before we start, a working definition:

Financial Freedom means never having to work again. Ever. You have enough money to live the life you've chosen, without having to go to work, or do any kind of regular employment or self-employed activity. For the rest of your life.

This does not mean you *can't* work. Simply that you don't have to, if you choose not to.

Part II: Taking Action

You are already taking action.

But are they the *right* actions for financial freedom?


*****************************


It costs money to live. Food, shelter, clothing-- everyone needs the bare necessities.

Problem is, too often we get caught into consuming *more* than we really need.

A Cell Phone, Cable TV, New cars, new clothes, and new home decor items to match what we see on TV and at our friends houses.

And let's not forget all of the other great toys we love: Boats (incl personal watercraft), Going out to movies or dinner (or for a drink), getting a great cup of coffee (Decaf Latte, Grande, skim milk, please). Or how about that great bottle of wine . . .

Fact is, all of these things are fun-- but few are essential.

The first part of TAKING ACTION is figuring out your bare essentials.

What are the things you must have to live?

Examples:

1. A house. Do you need a house, or will an apt do? And if you own a home, does it have to be a 2400 square foot beauty in a great neighborhood, or would that 1200 square foot row house 8 blocks away (and in the same school district) work just as well?

2. A car. Do you need a newer car? Do you tell yourself that the reason you buy a new car is that you can't afford the time lost for the problems with an older car?

Do you actually believe that? :nono:

Imagine yourself driving yourself and the family around in a 6 year old mini van. Or a 10 year old Toyota with 80,000 miles on it.

Are you wincing?

If you have already achieved financial freedom, and don't have to work for a living, you can drive whatever your plan allows. It might even be a spiffy new car. Or perhaps even your dream car. ;)

Are you in the SLOW LANE?

If you still get all or part of your income from being an Employee, or you own your own business (Self Employed) but have lots of loans and car payments, then guess what?

You are taking the SLOW LANE to wealth.

Why do you have that new car? That 3 bedroom house? Why did you put all that stuff on your credit card last year?

As long as you care more about what other people think of you than what you think of yourself, you are going to spend a LOT more time in the slow lane, slogging it out day after day at the J.O.B. (or your own self employed business), trying to get ahead but never really making that huge BREAK from SLOW LANE THINKING.

Why? Because as long as what you drive, where you live, and what you wear are more important to you than being financially free, you will be loading your life up with all kinds of useless junk that you feel pressured to own.

Imagine if you got rid of EVERYTHING in the next 6 months. Sold it all on Ebay and Craig's list. Sold the car, sold the house, sold the clothes.

Started over.

What could you survive on?

I'm not suggesting you do this. But you need to get your mind in this place-- to really seriously consider what it takes you to survive.

If your life's dream was to get a college degree, and you had to work nights to attend classes during the day, you could live pretty frugally, right? Live in a small studio, walk to work and class, and live on cheap food. IF THAT WAS YOUR DREAM, you could do this, right? Many people have.

Becoming financially free is no different. If you truly dedicate yourself to the task, you will change your priorities. Buying that new car is now less important if it's going to add 5 more years on to your "have to work" time.

An example:

If you had to drive around an old Toyota pickup truck for only 1 year, knowing that at the end of ONE YEAR, you'd no longer have to work again for another day in your life, would you do it?

Let's say it would take 3 years to retire if you drove the truck, vs 8 years if you got to drive around in a new Honda. Is driving around that truck still worth it?

Each and every decision you make adds years to when you will retire.

The car you drive, the clothes you wear, and the house you live in-- EVERY LITTLE THING ADDS UP ($$) AND MAKES IT HARDER TO GET OUT OF THE SLOW LANE.

Load yourself up with lots of stuff, and it will take a looooooooong time to be financially free.

Think of yourself as a huge semi, full of stuff you don't use, trying to make it up a long, steep hill.

How much faster could you scale that hill in a small car with little or no stuff inside?

Prepare to Enter the Fastlane

Get some basic reliable wheels, a small, modest place to live, and wear basic clothes, and you will be able to stop working for a living years-- or even DECADES-- earlier.

That's really all it is. Each thing we buy sucks away at our freedom. The more stuff we get, the longer it takes to be free.

So the first question of TAKING ACTION is: How little can I live on?

What do I need to survive?

And once you know the bare minimum it will take . . . how much does that survival existance cost, per month?

***********

Coming Soon:
-Survival vs Happiness
-Do I *have* to live like this?
-The logic for living on less
-How long wil it take?
-My Dream Life
 

wildambitions

Bronze Contributor
Read Millionaire Fastlane
Aug 29, 2007
813
118
80
Southern NM
Wow, this hit home.

My husband and I were put into the position of having to start over. I would not suggest it to anyone but, it did take us to our core values and needs.

Here's what we learned and some techniques to make it through these times if you are there.

It very quickly became evident of what was really needed and what things were purely wants. We had to plan on each meal of each day not exceeding $1.84 per person. We found ways to save on one meal in order to "splurge" on others. We were no longer able to go "out" for dinner so we planned our own "out" meals at home involving the family as waiters and servers. We made a tough situation a fun and learning experience.

We also learned how to aquire some of the wants that had. Our entire family had been active in hockey (not a cheap sport to be active in). We volunteered a lot of time and traded for that time for fees dues. We provided child care in trade for vegetables from friends gardens.

All of these things were done to teach ourselves how to live for under the $20,000 which was an amount of passive income that we had from a retirement. Neither of us were working.

Ironically, most of our aquaintences had no idea we were living on such a low income. Most actually thought that we were part of the witness protection program, lol.

After understanding what we could do we slowly moved forward in the plan by getting jobs that we loved to do, or jobs that gave us knowledge in an area for future use (construction, auto mechanics) and educated ourselves with personal development and business. We knew that real estate was the business area we were interested in.

Our journey is FAR from over but we are on our way. And even though those "starting over" days were difficult, the education was priceless and we would do it all over again to prevent ourselves from over spending and falling deep back into the rat race.
 
  • Like
Reactions: Roz

yveskleinsky

Bronze Contributor
Speedway Pass
Jul 26, 2007
2,233
498
192
42
I want:
- To see my ideas comes to life
- To be able to support myself financially through my ideas
- To be organized
- To always be learning
- To hang out with successful, positive and motivating people
- To be a successful RE investor in multi-families, and eventually apartments
- To be a successful business owner
- To travel
- To own my time
- To be financially free
- To have the first financial goal of $1000/month passive obtained within 6months (by Dec.31st 2007)
- To have the second financial goal of $2,000/month passive obtained by 7/31/08
- To have the third financial goal of $5,000/month passive obtained by Dec.31, 2008.
- To own a variety of businesses and apartments
- To be good a good wife, lover, partner and friend to my husband
What do I really want?
I want to be and feel productive. I want to have balance in my life. I believe that if I am working for someone else, that means that I am not working for my own goals. I want to work toward my own goals; I want to figure out how to create value from RE and business on a massive level. I want the value to be recognized by, and a benefit to others.
What do I want out of RE and business? What charges me up?

I LOVE to create. I LOVE to see my ideas in motion and to see that they work. I LOVE the idea of increasing value not through standard appreciation, but through forced equity in commercial. I want to go back to owning my own business. I want to develop apartment buildings. Just the thought of these two areas make me really happy. I want to create successful apartment buildings (8+ units).

Is this focused enough? If no, what would you suggest?
 
OP
OP
Russ H

Russ H

Gold Contributor
Read Millionaire Fastlane
Speedway Pass
Jul 25, 2007
6,556
1,295
381
58
Napa Valley, CA
Step I: Core Values and Character

A. Who are you, really?
B. Sometimes Wanting is better than Having
C. What do you REALLY want?
yveskleinsky-

Most goal books have you list your goals, or wants. And then you figure out how to get them.

This process is backwards.

Because we make a list, do all the work, and then . . . when we accomplish the goals, we feel . . .

NOTHING!

Or worse, we feel bummed out, b/c all of the excitement and fun of pursuing the goal is now gone.

And what we are left with-- what we told ourselves we really, really wanted--

Is not something we really needed.

Before I started using this process, I found time and again that when I WANTED something in the worst way, I could almost taste it!

But then when I finally got it, I never used it. Or I just didn't feel the same way about it that I did before I had it.

The thrill was gone. :(

Wanting was better than having.

If this happens, there is a disconnect with what you think you want, and who you really are.

(classic example: Girl or guy who is always complaining that they're "attracted to the wrong guy/girl".)

Their "wants" (sexy bod, great car, what their friends think) does not line up with their "needs" (comfort, wit, security, being at ease).

So the first thing we do is try to get your WANTS in line with who you are-- your CORE values/traits.


* * * * * * * *

Start here: Define your CORE values.

The qualities or things that make you who you are.

These are the ones I see from you so far:

I LOVE to create.
I LOVE to see my ideas in motion and to see that they work.
Here's an example of someone else's CORE values/traits:

http://www.thefastlanetomillions.com/showpost.php?p=4911&postcount=6

Have fun! :banana:

-Russ H.
 

Don't like ads? Remove them while supporting the forum. Subscribe.

  • Like
Reactions: Roz

yveskleinsky

Bronze Contributor
Speedway Pass
Jul 26, 2007
2,233
498
192
42
Okay,

My core values are:
- honesty
- accountability
- learning something new everyday
- cultivating awesome friendships with awesome people
- loyalty
- stability
- happiness and laughing...a lot
- helping others who want to help themselves
- stability (organization in every aspect)
- personal development
- being a good friend
- trying new things- pushing my comfort zone
- squeezing every drop out of life (trying new things)

Things I like to be around:
- campfires
- pine trees
- good friends
- alcohol :smxB:
- my dogs
- people who laugh a lot
- good conversation
- passionate and motivated people...people that are achieving their dreams
- anything creative...rehabbing a house, painting a picture, writing, etc.

Things I like to do:
- dinner parties with good friends
- jog
- walk my dogs
- rollerskating/ ice skating
- teach...I love that "a-ha" moment with kids or teens
- laugh
- creative conversation
- visit this site :)
- flirt with my husband
- organize something (very OCD habit of mine :blush:)
- meet new people
- try new things
- eat sushi and drink saki in large quantities
- dream big
- break my big dreams down to little dreams to see how it could be done
- push myself
- watch an episode of Law and Order after work with a glass of wine
- work on my house
 

Sid23

Bronze Contributor
Aug 9, 2007
683
107
71
Russ - thank you for all the work you've put into this thread.

I think I just discovered what it feels like to understand the difference between WANTING and your true VALUES.

Throughout the process of creating my plan, I know I've WANTED to have my work outlive me in the form of creating buildings. But I realized something very important about my VALUES today.

i'm at work today, working on creating buildings and trying my best to acquire the knowledge to become excellent at it. My best childhood friend is in town for 24 hours. Right now he is taking a tour of San Francisco, walking around, seeing the sites, having a beer out by the Bay, etc.

As I was walking back to my office after lunch, it hit me. I realized I didn't want to go back to my office. I wanted to be with my friend. I wanted to catch up, laugh about old stories and have a beer with the guy who was my best friend for 17 of my 29 years.

No building in the world could ever mean more to me than spending the day with my friend. Not Trump Tower, not anything.

WANTING and VALUES. There really is a difference. WOW.

I am on the verge of tears as I am writing this. I think that means I'm on the right path. :smxB:
 

Poudda

New Contributor
Sep 7, 2007
118
12
22
Calgary, Alberta
Me too.

Thanks Russ. I really needed to read that today. I won't do any "woe is me's" but I really really needed to read that just now. It put some personal stuff in perspective.
 

yveskleinsky

Bronze Contributor
Speedway Pass
Jul 26, 2007
2,233
498
192
42
I was thinking today about focus, and had to laugh because I feel for the first time in my life I do have focus! (Even though according to everyone else I don't.):) I suppose my core values boil down to wanting to own my time. I don't want a business that consumes 40 hours a week- on a consistent basis. When I had the restaurant I was there all the time because I loved it. I love the service industry, as long as it is 9-5. I don't like property mgmt so much as I dread it when my phone rings. ...not good.

I like to get plates spinning and then passed off to other people.

...I just got back from dinner with WildAmbitions, and I realized that my focus needs to be on apartment buildings. I love everything about them. My concerns (excuses?) are that I don't know enough about how to create value, how to get a good purchase price, how much money I would need to have in reserves, etc. Then I was thinking that maybe I should start smaller (4+ units) to get my feet wet. Is this thinking on track or should I focus on jumping into an apartment deal?
 
Last edited:

Micklee

New Contributor
Sep 4, 2007
20
2
9
NJ
Yves, I think I'm your twin. :smxG: Go girl! I had an idea of my core values but it wasn't organized. Thanks for putting words to a mumble jumble of ideas I had in my head.

You're the only other person besides myself I've heard say they actually like to organize. It can be therapy for me! I have a small business and used to be small minded by trying to do everything myself. Recently I hired a couple of p/t people to take it to the next level and it's going great! Win-win.

They say everything we do and want achieve breaks down to how we want to feel. It's not so much about the "thing". We want to feel loved, we want to feel significant, we want to feel needed, etc. I think that's what Russ H is getting at, or at least how I'm interpretting it.

I guess when you look at it that way and understand what's at the 'core' (the feeling you want) you minimize being dissapointed by the object of desire (Lambo!).

I never "got it" on this level before. Thanks Russ for starting the topic! :smx9:
 
OP
OP
Russ H

Russ H

Gold Contributor
Read Millionaire Fastlane
Speedway Pass
Jul 25, 2007
6,556
1,295
381
58
Napa Valley, CA
To all who have posted today, Thank you.

Nurturing growth is a passion of mine (and a CORE value).

So I truly love what is happening here.

Is this thinking on track or should I focus on jumping into an apartment deal?
Yveskleinsky-

You have made a *fantastic* start:

My core values are:
- honesty
- accountability
- learning something new everyday
- cultivating awesome friendships with awesome people
- loyalty
- stability
- happiness and laughing...a lot
- helping others who want to help themselves
- stability (organization in every aspect)
- personal development
- being a good friend
- trying new things- pushing my comfort zone
- squeezing every drop out of life (trying new things)

Things I like to be around:
- campfires
- pine trees
- good friends
- alcohol
- my dogs
- people who laugh a lot
- good conversation
- passionate and motivated people...people that are achieving their dreams
- anything creative...rehabbing a house, painting a picture, writing, etc.

Things I like to do:
- dinner parties with good friends
- jog
- walk my dogs
- rollerskating/ ice skating
- teach...I love that "a-ha" moment with kids or teens
- laugh
- creative conversation
- visit this site
- flirt with my husband
- organize something (very OCD habit of mine )
- meet new people
- try new things
- eat sushi and drink saki in large quantities
- dream big
- break my big dreams down to little dreams to see how it could be done
- push myself
- watch an episode of Law and Order after work with a glass of wine
- work on my house
Now it's time to go to Step 2: Taking Action

(hint: we're a few days away from discussing multis or other investments)

1. Figuring out your bare essentials

This part takes some work, unless you already have a budget that you stick to and have everything entered into a program like quickbooks (most folks don't).

That's OK. You don't need to go that far-- yet. But having a bookeeper and keeping track of all personal expenses can be a critical part of exponential growth. Why? Because there are thousands of micro-expenses each month (Starbucks, bottled water, $1+ sodas) that literally can keep us in the slow lane for DECADES.

You don't realize this until you start adding it up.

Exercise:

For the weekend, get a small spiral pad, and pen.

Your first entry: How much you spent on the pad (and pen).

Next, put the pad/pen in your pocket, and go about your regular day.

Each and every time you spend ANY money-- paying bills, buying gum or a drink, lunch, any credit card purchases, etc-- record them in the pad:

.79 small pad
.29 pen
1.19 Diet Coke
5.95 Magazine
4.69 Fast food
129.30 New clothes
54.22 Gas for car
88.50 Electric/Gas bill

and so on . . .

Here's the key: Two mistakes that *everyone* makes are:

1. They forget to write down things (both large and small)
2. Once they start writing things down, their behavior changes.

Try to not let either of these things happen.

Do this for 2 days ONLY (sat and sun).

Then report back.

Please note that you won't be doing this all the time-- this is an exercise to develop financial consciousness.

If you are motivated, try to write down what you think your current expenses are (rent or mortgage, prop tax, insurance, car expenses, etc) each month. For expenses that occur only once a year (like dental appts or vehicle registration), divide by 12.

You're on your way to determining your "bare essentials"! :)

-Russ H.
 
  • Like
Reactions: Roz

Bilgefisher

Bronze Contributor
Read Millionaire Fastlane
Aug 29, 2007
1,849
288
73
Aurora, Co
Russ,
Very interesting you posted this today. Ive been following this thread and doing whats asked. Today I figured out my monthly expenses again. Yikes. I thought I was on top of things, but it appears not.

A suggestion for people that forget to write things down. If you have a debit check card, purchase everything with this, no matter how small. Make sure its a check card, because some institutions charge you for debit purchases and not credit purchases. (Which is odd since it all comes from the same place). Yes it may seem weird purchasing your starbucks with your check card, but it works. Then pull up your account online and it will list everything you purchased. At the end of the month tally everything up by category and total expenses. Everything else, you can track either through your checkbook or writing it down.
 
OP
OP
Russ H

Russ H

Gold Contributor
Read Millionaire Fastlane
Speedway Pass
Jul 25, 2007
6,556
1,295
381
58
Napa Valley, CA
Bilgefisher-

Excellent advice! Make sure you don't carry around any cash (or get any cash back from your ATM card).

This is superb thinking-- ATM cards and online access to accounts were not commonplace when I started doing this exercise years ago.

Thinking how to do this smarter-- not harder.

I like it!

Rep points to you for making this process easier.

-Russ H.
 

BeingChewsie

Silver Contributor
Read Millionaire Fastlane
Speedway Pass
Aug 27, 2007
442
527
236
Phoenix, AZ
I have been working on this and have the first and second part done:

Core values: What is important to me

*privacy
*family
*reading
*health
*Acceptance
*love
*teaching
*being helpful
*a "society of two"
*being in control over time alone and time with other people
*no drama
*no unorganzied chaos
*quiet
*animals
*traditions
*traditional things/lifestyles
*consistent routines
*being home

What I like to be around:

*oceans
*sunsets
*dogs
*my sig other/my son
*christmas lights
*kitchens

Things I like to do:

*Read
*Make sandcastles/walk on the beach
*Fall asleep listening to waves at the beach
*cooking
*drinking white wine
*sex
*spending time alone
*spending time with my sig other and my son
*word search puzzles
*afternoon naps
*teach
*Forgot to add watch Law and Order SVU

I know my bare essentials, I drummed my life down over a year ago so I could work less and spend time with my son. I only use a debit/check card, never have cash. I got a paypal debit card attached it my bank account, so I can track every dime I spend(minus my rent) just by logging into paypal and I get cash back on every purchase because I use my paypal card. I cut my expenses down to bare bones and there are "no little extras" that creep in anymore. I have to be disciplined.

Little extras we do get like vacations, my kiddo doing extra stuff like golf/karate, seminars, or anything like that comes from RE Taipan, he is above and beyond in the good to us department. Those things are total freebies/bonus points for me and my son.

I have really been enjoying this. It is a great exercise. There were no real surprises in my core values, a pretty consistent theme about privacy and being alone with just my sig other and son runs through those and my choice of activities.

Looking forward to the next part!
 

wildambitions

Bronze Contributor
Read Millionaire Fastlane
Aug 29, 2007
813
118
80
Southern NM
I DO THIS EVERY DAY! For real! I guess I must be a lot more OCD than I thought (that has been becoming more and more clear to me lately). In any case, in addition to spending and keeping the record of the transaction, at least once every two days (usually daily; more OCD???) I enter it into my Quicken checking account. Sometimes more often if there seems to be a lot of activity, ie. receipts stacking thicker behind where I keep my debit card.

My husband and used to HAVE to use cash to do this exercise. But back then, ALL expenses were planned to the penny. We were living the "bare essential" senario. It was NOT fun and VERY difficult, however, we learned tons!
 

Don't like ads? Remove them while supporting the forum. Subscribe.

OP
OP
Russ H

Russ H

Gold Contributor
Read Millionaire Fastlane
Speedway Pass
Jul 25, 2007
6,556
1,295
381
58
Napa Valley, CA
WildAmbitions-

Have you been through the first 3 exercises?

If you're willing to share your CORE values/characteristics, all can learn as we go through the process. :)

-Russ H.
 

Runum

Platinum Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Aug 8, 2007
6,010
4,558
1,919
DFW
I too have been recording all my expenses for years on Quicken. It was part of my "work hard and save strategy" to attaining wealth.

I also recognize how this activity parallels recording the living expenses on the cashflow card in the Cashflow 101 game. I extended by making my own computerized spreadsheet for my real life, personal cashflow. Now I can enter prospective numbers on my own interactive Cashflow spreadsheet and see how any purchase will affect my monthly cashflow.

I am still working on the first three steps though. Deep introspection and self analysis is not my strong suit. Thanks for the strategies Russ. :cheers:

Greg
 
OP
OP
Russ H

Russ H

Gold Contributor
Read Millionaire Fastlane
Speedway Pass
Jul 25, 2007
6,556
1,295
381
58
Napa Valley, CA
You're welcome!

My brother (a biker) is also someone who is not into self analysis.

But he does seem do it.

I asked him how he gets into the right mindset.

His answer:

"Either a fifth of Jack Black, or, more often, after everyone's in bed and I can't sleep, I'll sit out on the porch, smoke a cigarette, and count my blessings.

"Each blessing I think of tells me what's important: Everything from seeing Emma or John (his kids) smile, to having cold beer in the 'frig."

Made sense to me. :)

-Russ H.
 
  • Like
Reactions: Roz

wildambitions

Bronze Contributor
Read Millionaire Fastlane
Aug 29, 2007
813
118
80
Southern NM
Russ,
Yes I have, my husband has, and then we combined a list (2000). I think that was how we came to the decisions that we had to make the drastic changes that placed us into the bare essential living era. From there we set up a five year plan to get us restablished financially (2005). We sat stagnant for about a year, not sure of what we wanted to do next and then last year again to where we are now.

Ironically, I coppied your post to complete again last week and happened to do it at the same time (different location) as Yves (I keep telling her great minds think alike :smxB:).

Something that we also did was to list our core values with which were most important to us. (If we had 5 values, we numbered them in order 1 having the highest value). When we compared our lists they were not the same. To survive as partners (I would think that this might also work with business partners) we needed a complete list that took into account each others values.

I read in the book series "Light Her Life & Light His Life" to always remember that one persons core values and morals are just as important to them, as yours are to you. This was particularily deep for me.

Anyway, I was approaching the exercise for my personal life because I knew that my husband and I needed to start setting up our next five year plan. Our next plan should get us to the "comfortable" stage financially (RK stages: secure, comfortable, excessive cash) and if desired will be able to continue toward the excessive cash stage.

For my own sanity I have to have all areas of my life in order before taking on a new area - especially one like a new business (ad)venture. Now that I know where I am personally I will be able to duplicate the process and develop my business plan(s). This part is challenging for me because my husband loves the concept but is not as willing to make many sacrifices to gain big rewards. Financial security is very high on his list of core values. I am the opposite, but my family core value has priority over everything except God (personal choice). At this point, it becomes a balancing act. Once I knew that from the exercise (yours or any one of many others that I try to do often) it became much easier to develop a plan that will work for us.
 

yveskleinsky

Bronze Contributor
Speedway Pass
Jul 26, 2007
2,233
498
192
42
Upon further reflection, I have decided that what would satisfy all my core values would be to provide a resort type atmosphere for families or active couples. I would ideally like to:
Run a resort located on a lake and one in the mountains and be there just from time-to-time. I would like each resort area to be family friendly with a 50’s sense of community (a la Dirty Dancing resort area) but with a somewhat modern twist…flat fee for outdoor equipment rentals, low key movie area, internet café and game room.

I like the idea of going commercial, as I think I can increase value similiar to that of an apartment complex, but I would have all the benefit of vacation rentals.

 
OP
OP
Russ H

Russ H

Gold Contributor
Read Millionaire Fastlane
Speedway Pass
Jul 25, 2007
6,556
1,295
381
58
Napa Valley, CA
yveskliensky-

It's clear you continue to dream and plan about investing.

Back to the PLAN . . .

How is Step 2 coming along? :)

wildambitions

Something that we also did was to list our core values with which were most important to us. (If we had 5 values, we numbered them in order 1 having the highest value). When we compared our lists they were not the same. To survive as partners (I would think that this might also work with business partners) we needed a complete list that took into account each others values.
Wow-- EXCELLENT insight. Rep points for you. :)

Sharon and I were fortunate in that our top CORE values are the same (she does love her kitty more than me*, but that's a ways down on the list ;)

-Russ H.

* I joke about this, but it should be mentioned: While we have virtually the same CORE values/beliefs, and likes/dislikes, the specific things we like are different.

For instance:

-We both love being fit. Sharon is a gym rat, and doesn't like the outdoors much. I hate gyms, and prefer anything outside.
-We both love listening to music-- but different kinds!!! :rolleyes:
-We're both home bodies (love to spend time at home). But the things we like about "home" are different.
etc etc.
 

yveskleinsky

Bronze Contributor
Speedway Pass
Jul 26, 2007
2,233
498
192
42
Hi Russ- Part 2 is pretty uneventful for me! So far this weekend I have spent $24.79 on dog food, and meds for my dog.

If you are motivated, try to write down what you think your current expenses are (rent or mortgage, prop tax, insurance, car expenses, etc) each month. For expenses that occur only once a year (like dental appts or vehicle registration), divide by 12.

My current monthly expenses are:

Total: $3103/month. Expenses that aren't covered by rental income: $1023/month.
 

wildambitions

Bronze Contributor
Read Millionaire Fastlane
Aug 29, 2007
813
118
80
Southern NM
A couple of quick corrections:
Light Her Fire / Light Her Fire by Ellen Kreidman.

The ranking insight from above was also learned from a book. Maybe Suzi Orman??? I can't remember. I recall the book also taught us how to organize our finances so that we would always "know" what we had. (This works great but does not prevent you from continuing to make mistakes -as any human will).

OK, my list.
Core Values(whats important, in order for me)
Relationship with God
Spousal relationship
Relationships with my children
Family(immediate) time
Family(immediate) health
Family and Friends
Financial stability/security
Personal Health

Things I like to be around-not in any order
Nature
Sunshine
Mountains
Running Water
Family(immediate)
Friends
Relatives
Hockey rinks
Sports arenas
New things
Inspirational and motivated people
Books, give me a Barnes and Noble
Money

Things I like to doactivities- not in any order
Relaxing w/coffee on my porch watching the sunrise over the mountains.
Getting together with family/friends for a BBQ/fire in my back yard, beverages incl.
Going to the theater for new movie releases
Watching movies at home.
Watching movies in bed (limited company).
Traveling anywhere.
Quiet time just for me.
Reading
Drawing layout or design.
wine tasting -this is currently done with friends, from a box-as often as possible.
hiking
skiing (in the past)
shooting guns
playing hockey (yes, chicks with sticks!)
playing board games
solving puzzles-suduku, mind benders, etc., not jigsaw
crafts
designing things to be built or fixed
shopping
sleeping
eating out
dancing (also a thing of the past)
camping
fishing
playing sports

WOW, that's a long list!

I think that is all there is for part 1 & 2. More later for part 3.
 
  • Like
Reactions: Roz

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.

Sponsored Offers

  • Sticky
MARKETPLACE You Are One Call Away From Living Your Dream Life - LightHouse’s Accountability Program ⚡
Here is the talk I gave at the 2020 Fastlane Summit on Mastering your Mind In this video you...
  • Sticky
MARKETPLACE Lex DeVille's - Advanced Freelance Udemy Courses!
LATE BIRTHDAY! I'm behind on everything this month, including getting promos out. Sorry, my bad...


Don't like ads? Remove them while supporting the forum. Subscribe to become an INSIDER.

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom
AdBlock Detected - Please Disable

Yes, ads can be annoying. But please...

...to support the Unscripted/Fastlane mission (and to respect the immense amount of time needed to manage this forum) please DISABLE your ad-block. Thank you.

I've Disabled AdBlock