Congratulations, you have a life plan! What’s next? Once you have a plan in place, it can be tempting to simply forget about it. In fact, with today’s busy schedules, there is a growing mantra of “Set it and forget it”. However, there is a problem with doing that. If we don’t review our plan, we may find out too late that it no longer works for us.  

Imagine purchasing a vehicle – you don’t just fill it with gas and windshield wiper fluid every so often; you also need to get regular maintenance checks. At the very least, you need an oil change every few months to half a year. And while you hopefully never have to worry about your engine, heeding that ‘check engine’ light instead of ignoring it is definitely the way to go.  

As with cars, life plans must be reviewed regularly in order to determine whether anything has changed. Have your goals altered since the last review? Has your personal situation been transformed? Have your financial resources and responsibilities shifted?  

I’ve often heard that a plane’s flight path is a good metaphor for how important it is to re-evaluate your life plans. Apparently, planes are off-course most of the time they are in the air. Even during a fairly smooth flight, changes in wind direction and velocity, and other weather related events, not to mention the odd flock of winged wildlife, can steer an airplane into a slightly different direction. The pilot, or in some cases, autopilot will continually re-adjust the plane’s course to ensure that the intended destination is reached. Otherwise, a plane could end up in the wrong town!  

How often should a life plan be reviewed and recalibrated? It will depend on several factors. Regular checks should be performed once a year, because sometimes our lives change in subtle ways that we don’t expect will affect our future. As in the case of our friend William getting married, having kids, or buying a home, major life events are also important times to review your life plan.

By Gino Scialdone

gino@blacksprucefinancial.com

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