Step 3: Develop a Plan

Having a Purpose and a Plan


The purpose should be the engine driving you toward the goals and desired outcome.


  • I would like to have financial security for my family. 
  • I would like to have more time to volunteer at my favorite charity.


The detailed plan is the blueprint that defines the pathway to achieving the goals and desired outcome.  And even though the plan is defined it must come with constant correction as life puts up roadblocks or obstacles in the way.


  • I need to put xx amount of my income aside for xx years and pay off all of my debt in order to have financial security.  Then lay out time frames to get it done.
  • I plan to work till age xx, then reduce hours to xx a week in order to volunteer at my favorite charity in xx years from today.


Questions to ask when thinking of your Purpose and Plan

What does retirement look like to you?

  • Where are you living? State? Country?
  • How old are you?
  • Any dependents in retirement?

Do you want to travel?

  • Personal, for fun?
  • Family travel for visiting disbursed families?
  • Domestic or international?

Spend time with family? Volunteer?

  • How long are you staying with family if out of town?
  • Cost of entertaining family? Gifts?
  • How many places are you volunteering? Time? Money? Local? International?

How much income do you need?

  • Types of income sources?
  • Withdrawal rates by percent?
  • How dependable is the income? Does it fluctuate? Is it conservative?
  • What is the mix or income sources: pension, social security, mutual funds, rental, business income, part-time work, etc.?

How much do you need to invest now to get to your desired income?

  • What is your current income?
  • Percentage of income able to save?
  • Company benefits?

What is the time frame?

  • Different goals have different time frames?
  • 3 months, 6 months, 12 months, 3 years, 5 years, or 10 years?
  • How flexible are you on your time frames?

What are your assumptions for inflation and return?

  • How much do you believe inflation is yearly for your assumption?
  • What returns are the assumption for your investment choices?

These questions will help you answer and develop a clear plan of action. Once these questions are answered, we are here to help you stay accountable to your own goals and encourage you to stick to your plan.