Exit-Life Plan

I have discussed about ‘Exit-Plan‘ in my last blog. Let me now take you through a simplified plan that will reflect an Exit-Life Plan. It is an overview, so that you will have an idea of what you need to do for yourself.

When you draft of your Exit-Life Plan, you begin from the date and end with a date too. For example, if you are 18 years of age, plan to start on 01-June-2021 and decide to retire in 20 years or when you gained your target reserves after all expenses, let’s say USD1 million. The following example refers.

Exit-Life Plan Time-Table

Plans	Timeline	Goals
Tertiary Studies	01-Aug-2021 to 01-Aug-2024	Education
Employment	01-Aug-2024 to 31-Dec-2033	Employment
Business	01-Jan-2034 to 31-Dec-2044	Business
Family	01-Jan-2029 to 31-Dec-2049	Family
Self	01-Aug-2021 to 31-Dec-2049	Personal
Exit-Life Living	01-Jan-2050 onwards	What’s Next Plan

You do not bundle all goals in one big plan. Instead, you create an Exit-Life Plan that comes in sub-plans. From each plan, you will be creating your related goal, tasks and action plans. When you do this right, all the other plans will interrelate and you can see the bigger picture. Once you have progressed well, at Exit-Life Living timeline, you will chart a new course plan thereafter. You will determine, based on your status at that time, state of mind, body and life experiences.

The time-table shown, is an example. It may vary if you decide to skip Tertiary Studies and Employment, instead go straight to your Business. Different people have different objectives and none are wrong. It is duly important that you have a clear focus of what your intentions are. The rest will chart its path, as you are able to put in place the necessary plans thereafter.

You would have read about people who started their enterprising ventures are very early age and made their first million by the age of 21. However, the question is, can they sustain the initial surplus gained? If it was just a one-off hit, then the cash reserves will deplete soon enough. Sustenance of oneself and their family will create consistent challenges, if you are not careful in your Exit-Life Plan.

Here are some related examples for your Life-Exit plan, that you may take into consideration.

Safety Hatch
You goal to be free from primary debt, perhaps having your first house paid-up within the shortest time. You will also plan for cash reserves to manage your monthly commitments and business operations up to 18 months at least.

Focused Path
Whichever direction you take, you need to keep your focus without fail. Your determination to keep your momentum continuous and progressive, at all levels of challenges, allows you to stay mentally and emotionally strong.

Reward Factor
People like to be rewarded, especially if they have attained something. At determined timeline, rewards yourself, but don’t go overboard. For example, if you are managing a business, your annual taxation plan may show the possibility of you purchasing a BMW, Volvo or Mercedes-Benz, whichever you favor. Do not purchase it outright, lease the car instead.

Here is where the reasonable action comes in place. Do not forget to budget the required fund to distribute reward factor for your employees. Your business strength is made by tangible components within your organization. A leader sets an exemplary commitment, so that the organization will also follow through the path you had envisioned.

Family Hatch
If you plan to get married and decide to have children, their period of growth until 18 and up to 24 years old, becomes your responsibility, like it or not. Generally, you will have education cost planned out for each child. The progressive savings will be in the form of insurance, direct savings and investments, so that it will provide coverage for their educational expenses at tertiary level. Some parents plan to provide private school education for their children.

If the child did not further their studies, the educational money is reserved for them. If can you decide to lend a hand to launch their future, as they deem fit. As a parent, you can only provide guidance, and the rest is up to the child to pursue their own life direction. Do not force your extreme expectations for the child to accomplish. Your life is yours and what you failed to accomplish, is not your child’s burden. Be of help when needed, do not over pamper or provide all the luxuries for your children. They will need to understand the values of life by themselves too. Be reasonable and be wise.

Compromise, not Sacrifice
Let me remind you, no Bollywood or sentimental dramas please. You may need to give up on something more than you know, throughout the progressions in your Life-Exit Plan. Most of the time, you may end up saying you had to make sacrifices. In reality, you made compromises. I will not be quoting anything here, but in your later journey, you will understand what I mean here today. Stay firm to your grit and stay strong. Enjoy the experience, elevate any fears, move forward and smile.