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Successful people need financial and career plans just like successful firms need business plans.

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  1. 1. Your Personal Business Plan Stewart S. Koesten, CEO KHC Wealth Management Services Joni Lindquist, President KHC Executive Coaching 10000 College Blvd., Ste. 260 Overland Park, KS 913.345.1881
  2. 2. <ul><li>A business cannot thrive without a business plan! </li></ul><ul><li>Neither can you! </li></ul>
  3. 3. <ul><li>YOU = A BUSINESS </li></ul>
  4. 4. Just like a business, you need a plan to achieve your goals! <ul><li>Step 1 : Where are you now? </li></ul><ul><li>Step 2 : What do you want to achieve? (And when.) </li></ul><ul><li>Step 3 : How do you get there from here? </li></ul><ul><li>Step 4 : How do you get it done? </li></ul><ul><li>Step 5: How well are you doing? </li></ul>
  5. 5. Where are you now? <ul><li>Compile Data About Your Current Assets </li></ul><ul><li>Human Capital </li></ul><ul><li>Financial Capital </li></ul><ul><li>Emotional Capital </li></ul>
  6. 6. Human Capital: Education + Experience + Skills <ul><li>Are you……….. </li></ul><ul><li>On the right career ladder? </li></ul><ul><li>Where you’d thought you’d be by now? </li></ul><ul><li>Passionate about your chosen career? </li></ul><ul><li>Take the Career Satisfaction Index TM </li></ul>
  7. 7. Financial Capital: Age + Net Income + Net Worth <ul><li>Do you know………. </li></ul><ul><li>What you earn vs. what you keep ? </li></ul><ul><li>What you own vs. what you owe ? </li></ul><ul><li>Why you own what you own? </li></ul><ul><li>Take Your Investable Net Worth Test </li></ul>
  8. 8. Emotional Capital: Attitude + Network + Communication <ul><li>Do you know………. </li></ul><ul><li>Your level of resiliency and optimism? </li></ul><ul><li>Who shares and supports your interests and passions? </li></ul><ul><li>How to communicate them to others? </li></ul>
  9. 9. Where are you now? <ul><li>Complete a Personal SWOT for each ASSET </li></ul>Financial Capital Strengths Financial Capital Weaknesses Financial Capital Opportunities Financial Capital Threats Human Capital Strengths Human Capital Weaknesses Human Capital Opportunities Human Capital Threats Emotional Capital Strengths Emotional Capital Weaknesses Emotional Capital Opportunities Emotional Capital Threats
  10. 10. Case Study: Bob & Sue’s SWOT <ul><li>Couple in their 30’s </li></ul><ul><li>Both with high powered jobs </li></ul><ul><li>Two young children under the age of 5 </li></ul>What did their SWOT analysis tell them? FC Strengths Substantial income FC Weaknesses High expenses FC Opportunities Rising incomes FC Threats Loss of job HC Strengths Successful careers HC Weaknesses Unfulfilling job HC Opportunities Skills to leverage HC Threats Narrow experience EC Strengths Strong support network EC Weaknesses Feeling burned out EC Opportunities Awareness of problems EC Threats Relational strain
  11. 11. Where are you? <ul><li>What would your SWOT analysis tell you? </li></ul>
  12. 12. Step 2: Now, what do you want to achieve? <ul><li>Dare to Dream!! </li></ul><ul><li>Life Goals </li></ul><ul><li>Career Goals </li></ul><ul><li>Forget about others’ expectations – what does your ideal life look like? </li></ul>
  13. 13. Case Study – Bob & Sue’s goals <ul><li>Envisioned a different life style with more family time </li></ul><ul><li>Both spouses still wanted careers </li></ul><ul><ul><li>But Sue saw that her “accidental” career wasn’t fulfilling </li></ul></ul><ul><ul><li>Dreamed of being a college professor </li></ul></ul><ul><li>Ready, willing to make changes now and had support of others </li></ul>
  14. 14. Step 3:How do you get there from here? <ul><li>Analyze the gaps between where you are and where you want to be…… </li></ul><ul><ul><li>On your career path (Human Capital) </li></ul></ul><ul><ul><li>On your wealth management path (Financial Capital) </li></ul></ul><ul><ul><li>And, with the necessary social support to pursue your passion and dreams (Emotional Capital) </li></ul></ul>
  15. 15. Resources for planning <ul><li>Human Capital - Career Path Plan TM personal development plan </li></ul><ul><li>What skills/education/experience do you need? </li></ul><ul><li>Financial Capital - Comprehensive Financial Plan </li></ul><ul><li>What is important to you about your money? </li></ul><ul><li>Emotional Capital – Life planning – Making Life Count! </li></ul><ul><li>Develop targets, timelines, budgets, investment goals, and ensure asset protection </li></ul>
  16. 16. Case Study – Bob & Sue’s Plan <ul><li>Sue was not qualified for her desired profession </li></ul><ul><ul><li>Identified additional education required </li></ul></ul><ul><li>Completed financial scenarios with anticipated changes in income and spending </li></ul>
  17. 17. Step 4: How Do You Get it Done? <ul><li>Begin Implementation </li></ul><ul><ul><li>Do It Yourself? </li></ul></ul><ul><ul><li>Hire Professionals? </li></ul></ul><ul><ul><li>Consider time, expertise, knowledge </li></ul></ul>
  18. 18. Case Study – Bob & Sue’s Implementation <ul><li>Sue quit job; began education track </li></ul><ul><ul><li>More family time, less stress </li></ul></ul><ul><li>Implemented reduced spending plan </li></ul><ul><li>Relocated to support Sue’s education </li></ul><ul><li>Implemented investment plan with portfolio of moderate growth </li></ul>
  19. 19. Step 5: How well are you doing? <ul><li>Need periodic reviews and adjustments: </li></ul><ul><li>Are you: </li></ul><ul><li>* hitting milestones? </li></ul><ul><li>* making adjustments as you hit barriers? </li></ul><ul><li>* making adjustments as the world changes or you change? </li></ul><ul><li>* implementing on a timely basis? </li></ul>
  20. 20. Case Study – How are Bob & Sue Doing? <ul><li>Reviewing and updating their situation quarterly </li></ul><ul><li>Generally hitting key milestones </li></ul><ul><li>Faced hurdles – housing, Bob’s work situation </li></ul><ul><li>Re-adjusted action plans </li></ul><ul><li>Spouses happier, less stressed; children healthy & happy </li></ul>
  21. 21. Operate as if You are a Business Build & Execute Your Personal Business Plan <ul><li>Evaluate your personal situation </li></ul><ul><li>Set goals for your life </li></ul><ul><li>Analyze options and design a plan </li></ul><ul><li>Implement the plan </li></ul><ul><li>Monitor and make changes as needed </li></ul><ul><li>Do this annually !! </li></ul>
  22. 22. Our philosophy….. <ul><li>‘ Making Life Count!’ </li></ul><ul><li>pursuing your dreams, living your passions and </li></ul><ul><li>achieving your goals throughout your lifetime. </li></ul><ul><li>Are you Making Life Count! ? </li></ul>