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Objectives Share an approach, guidelines, and references Imprint/Reinforce that Financial Planning is the base of the pyramid Emphasize that Planning.

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Presentation on theme: "Objectives Share an approach, guidelines, and references Imprint/Reinforce that Financial Planning is the base of the pyramid Emphasize that Planning."— Presentation transcript:


2 Objectives Share an approach, guidelines, and references Imprint/Reinforce that Financial Planning is the base of the pyramid Emphasize that Planning and Daily Practice/ Discipline is essential to controlling your time and getting what you want

3 Overview Approach to Financial Planning Overview of “Personal Mastery” Finding a Tool for Planning

4 Paralysis by Analysis

5 Accepting Uncertainty and Change The Way that is the Way is the Ever Changing Way. The Dao that can be named is not the true Dao. The Caveat: things change over time, but don’t let that stop you from planning accordingly.

6 Abraham Maslow Psychologist who was studied healthy people, not the ill “A Theory of Human Motivation” Based Hierarchy on study of healthy people he knew who clearly met the standard of “self-actualization”. – these all had similar personality traits. “ Reality-Centered”: able to differentiate what was fraudulent from what was genuine “Problem-Centered”: they treated life’s difficulties as problems that demanded solutions Were comfortable being alone and had healthy personal relationships, with only a few close friends and family rather than a large number of shallow relationships

7 Maslow's Hierarchy of Needs

8 Financial Planning = Building the Base of your Pyramid

9 Timelines and Uncertainty Income variability Time Uncertainty 10 5 20 30 Most People CC

10 Financial Planning: CC Benefits Significant Security/Certainty: You know what you are going to make and when you will make it. Security in the long term – pay and pension Insurance: SGLI, Disability, Life You are not in it for the money.

11 Financial Planning – Step 1 “ You have to start before you can finish” Know what you make Know what you spend Identify what your “essentials” are If “cost of essentials” > “what you make” – need to look at those “essentials” again

12 Step 2 – Make a Savings Plan Set Goals Retirement Major Purchases (Car, Home, Education, Family) Rainy Day Fun Flex fund (Vacations, Donations, Events, Gifts) Set up accounts for each TSP/Roth Money Market, 529, Savings Checking

13 Step 3 – Educate Yourself Vocabulary Liquidity, Present Value, Dollar Cost Averaging Retirement Funds – TSP, Roth, Expense Ratios Insurance – Disability, Life, Term Life, Disaster Tax Planning Deductibles, Employee Business Expenses Get Help! USAA, Credit Union, AMEX, Your Bank

14 Step 4 - Practice Be Disciplined – pay yourself first in order Retirement – Purchases – Rainy Day - Flex Record it– Start daily/weekly tracking your spending habits Decrease as you get better,/more aware, of your habits Figure out improvements Skipping Starbucks, saving on car usage (gas), bringing lunch Check In/Reassess Annually with accounts Major Life changes or expected changes Spouses, parenting, caregiving, health, “acts of God” Be Careful about commitments

15 Have to take care of your base before you can get to what you want

16 “Time is Money, Efficiency is Life”

17 Steven Covey Sold more than 15 million copies Extended series of “7 Habits” Established Covey Leadership Center, merged with Franklin Quest in 1997 to form FranklinCovey Mission Statement: “We enable greatness in people and organizations everywhere.”

18 Steven Covey’s Seven Habits Be Proactive Begin with the End in Mind Put First Things First Think Win-Win Seek First to Understand, then to be Understood Synergize Sharpen the Saw Physical, Mental, Spiritual and Emotional Wellness

19 Hyrum W. Smith Founded Franklin Quest in 1981, merged with Covey in 1997 “When your daily activities are in concert with your highest priorities, you have a credible claim to inner peace.”

20 Hyrum Smith’s Ten “Natural” Laws Managing Your Time Managing Your Life Law 1: You control your life by controlling your time Law 2: your governing values are the foundation of personal fulfillment. Law 3: When your daily activities reflect your governing values, you experience inner peace. Law 4: To reach any significant goal, you must leave your comfort zone. Law 5: Daily planning leverages time through increased focus. Law 6: Your behavior is a reflection of what you truly believe. Law 7: You satisfy needs when your beliefs are in line with reality. Law 8: Negative behaviors are overcome by changing incorrect beliefs. Law 9: Your self-esteem must ultimately come from within. Law 10: Give more and you’ll have more.

21 W. Edwards Deming Statistician Best known for his work in Japan Recognized as a hero in Japan for his impact on Japanese manufacturing and business during reconstruction from WWII “Statistical Process Control” emphasis “System of Profound Knowledge” “The first step is transformation of the individual. The individual, transformed, will perceive new meaning to his life, to events, to numbers, to interactions between people.”

22 Deming’s 14 Points 1."Create constancy of purpose towards improvement". 2."Adopt the new philosophy.” 3."Cease dependence on inspection.” 4."Move towards a single supplier for any one item." 5."Improve constantly and forever". 6."Institute training on the job". 7."Institute leadership". 8."Drive out fear". 9."Break down barriers between departments". 10."Eliminate slogans". 11."Eliminate management by objectives". 12."Remove barriers to pride of workmanship". 13."Institute education and self- improvement". 14."The transformation is everyone's job".

23 Peter Senge Aerospace Engineer Director of MIT Center for Organizational Learning “Learning Organizations are those where people continually expand their capacity to create the results they truly desire, where new and expansive patterns of thinking are nurtured, where collective aspiration is set free, and where people are continually learning to see the whole together.”

24 Peter Senge’s Fifth Discipline “The Art and Practice of Learning Organizations” Five Elements Personal Mastery Shared Vision Team Learning Mental Models Systems Thinking

25 Peter Senge’s Fifth Discipline “The Art and Practice of Learning Organizations” Personal Mastery – three steps: Articulate a personal vision It’s not what the vision is, it’s what the vision does. See current reality clearly Choose: make a commitment to creating the results you want. This takes courage. Takes a commitment of time and process.

26 The RunAround Dilemma Because we don’t know what is really important to us, everything seems important. Because everything seems important, we have to do everything. Other people, unfortunately, see us as doing everything, so they expect us to do everything. Doing everything keeps us so busy, we don’t have time to think about what is really important to us.

27 Planning Road Map The Time Matrix – Prioritizing and Performing The Productivity Pyramid Having a Planning System

28 Important and Urgent Important adj: of much import, carrying with it serious consequences; weighty, momentous, grave, and significant Urgent adj: presisng, compelling; calling for or demanding immediate action; anything characterized by urgency Oxford English Dictionary

29 The Time Matrix Crises Pressing Problems Deadline-driven projects, meetings, reports Preparation Prevention Planning Relationship building Re-creation Values clarification Needless interruptions Unnecessary reports Unimportant meetings, phone calls, mail, email Other people’s minor issues Trivia, busywork Irrelevant phone calls, mail, e-mail Time-wasters “Escape” activities Excessive TV, Internet, relaxation UrgentNot Urgent Important Not Important III I II IV

30 The Time Matrix UrgentNot Urgent Important Not Important Deception NecessityProductivity and Balance Waste and Excess

31 Live North of The Line UrgentNot Urgent Important Not Important Deception NecessityProductivity and Balance Waste and Excess The Line

32 To Get What you Want……. ….you have to Know What you Want. (What determines what is Urgent and Important to YOU?)

33 The Productivity Pyramid Plan Daily Plan Weekly Set Goals Identify Values

34 The Productivity Pyramid – Identify Values Governing Values are: Standards, Ideals, Highest Priorities Sample Values: AdventureFreedomLoyaltyBalance GenerosityPatienceBeautyGratitude CompassionHealthQualityCourage HonestyRespectCreativityHumor ResponsibilityFaithIntegrityTeamwork ProfessionalismFitnessLeadershipWisdom “Have you ever considered the strength of your relationships as a measure of your success?”

35 Relationships are the base for success

36 Productivity Pyramid – Sample Roles AdministratorCoachGrandparentSister ArchitectCompanionInventorSon ArtistConsultantManagerSpouse BrotherCounselorMusicianCEO SupervisorCaregiverDaughterEditor NeighborTeacherParentDesigner CFODirectorPartnerTrainer ChallengerPeacemakerVolunteerWriter CitizenFriendSalespersonReporter

37 The Productivity Pyramid – Identify Values Select Values, then right Clarifying Statement of what those values mean to you Example: Value: Teamwork Clarifying Statement: I work collaboratively with others and positively contribute in a way that will help my team move forward. Value:Creativity Clarifying Statement: I reflect my unique capabilities while being inventive and independent in the things I choose to do.

38 Once you Know What you Want…… ….. You have to have a plan to get there.

39 The Productivity Pyramid Plan Daily Plan Weekly Set Goals Identify Values

40 The Productivity Pyramid – Set Goals SMART(ER) Goals Specific, Measurable, Attainable, Relevant, Timely (Exciting, Recorded) Other adjectives: Stimulating, Appropriate, Realistic, Motivating Types of Goals Align with your Values/Mission/Roles Goal-Setting Tips Write it down. Give it a deadline. Break it down into doable chunks. Commit.

41 Once you have a plan….. ….. You have to work the plan.

42 The Productivity Pyramid Plan Daily Plan Weekly Set Goals Identify Values

43 The Productivity Pyramid – Plan Weekly Three Steps to Weekly Planning: Review roles. Think of your goals in terms of your roles. Choose “Big Rocks.” Come from: Conscience. Values. Goals. Key Projects. Can be:Tasks. Appointments. Areas of Focus. Schedule the Week. Block Appts for time required. Assign To-do’s to specific days. Tips When?Before the week begins. Where?Someplace quiet. How Long?20-30 minutes

44 The Productivity Pyramid Plan Daily Plan Weekly Set Goals Identify Values

45 The Productivity Pyramid – Plan Daily Three Steps to Daily Planning. Check Today’s Appointments. Make a REALISTIC list. Every day my goal is to complete everything on my to –do list for this day. Prioritize (ABC,123) A: Must be done, vital, life or relationship sustaining. B: Normal, Routine C: Low, optional, trivial. Tips When? Morning or evening of previous day. Where? Someplace quiet. How Long? 5-10 minutes.

46 My Planning System Write out your Values, prioritize them, establish goals to achieve them, then establish your roles and the tasks/to- do’s to accomplish those goals. Using Outlook Tasks vs. To Do Create Folder for “Goals” – break down into doable steps, set time targets Daily To-Do Appointments Commitments of time where you Physically have to be somewhere Assign times to do Daily To-do’s during your “Windows of Opportunity” Notes Start each Note with the date – will automatically title it

47 Using Outlook: Set Goals in Tasks Task Title = Goal Set out Plan to meet Goal – steps Set Dates for completing steps Can use “No Date” for Big Rocks Review Task List each week to identify priorities and planning the week/days Put “Weekly Planning” and “Daily Planning” as recurring task accordingly Use “Daily Planning” to enter daily task (“To-Do”) items Use “Categories” to color prioritize

48 Using Outlook: Using Appointments to Control your Time Set Appts where you Physically have to be somewhere Use “Windows of Opportunity” to do Daily “To-Do’s” Can move Task into Calendar To-Do’s that aren’t done will move to the next day automatically (should only be low priority items)

49 Using Outlook: Use Notes to keep record of appts and action items Title system: year-mo-date, i.e. 130429 for date Chronologic listing List action items and dates from your meetings Take time to enter action items into your To-Do list

50 Summary of Steps 1. Take Care of your health. 2. Practice financial planning to take care of the base of your pyramid. 3. Figure out what you want. Set goals and timelines. 4. Identify your planning method and tools. 5. Practice diligently. 6. Accept the unexpected.

51 The hard part about Getting What You Want is……. …. Knowing what you want.

52 Questions/Insights?

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