Goal Setting 101: Do You Have a Plan? What’s Your Exit Strategy?

Here’s something to think about: What’s your exit strategy? What’s your plan?

What I mean is as your reach certain points or milestones in life, what will you do at that point? A lot of us are just living day to day, but there’s so much more to life than this. It’s critical we plan ahead and give ourselves something to look forward to.

Exit Strategy Examples

There are many ways to use exit strategies. For example,

Investing. Both the stock market and bitcoin are moving higher. If you are investing in either, what will you do if the reaches a certain price? Will you sell? If so, what will you buy? Will you purchase another investment? Buy yourself a new car? Having a plan in place before the event happens is key.

One option is to take those proceeds and purchase a different type of investment. For example, if bitcoin goes up to $146,000 per bitcoin like many believe, an option is to take those proceeds and purchase rental property or a profitable franchise. In other words, you don’t want to watch it go up, then crash back down to below $10,000.

Retirement. Do you plan on retiring? If so, what will you do with all your extra time? Staying active is essential for good health. A person should have something to do, not just retire and watch the world go by.

Business ownership. Many people start a business, but few create an exit strategy. Do you plan on retiring? If so, what will you do with the business? Do you have a successor in place? If you are incapacitated and unable to work, what would happen to your business?

Other. Exit strategies can be used in all aspects of life:

  • If you lose your job, what would you do? (Some exit strategies are involuntary)
  • When your kids move out of the house, what will you do with the extra time (or money)?
  • If the world moves to a digital currency, how do you think it will affect you? What will you do?

Thinking ahead and having a plan of action is key.

Person Playing Chess

Staying Prepared

A popular phrase is “if you stay ready, you won’t have to get ready.” This means you are always looking ahead and thinking of different possible outcomes, you can make sure you have a plan of action for any situation. An example of this is the massive power outages that happened in Texas. For more than a week, the majority of the state lost power. What made it especially dangerous is many of those days were at or below freezing. As you think about this scenario, what would you do in if that were you?

Personally, that has prompted me to purchase a home generator. If that can happen to them, it can happen to me in Florida due to hurricanes.

Another example is stimulus check and government assistance. What would you do if you got laid off and couldn’t receive monetary aid for an extended period of time? What if you are retired and run out of retirement savings? How would you survive?

What if you refuse to get the vaccine and you lose your job? These are uncomfortable conversations you must have with yourself.

Another important component of exit strategies is to give yourself something to look forward to. Instead of watching the world go by, we must be active participants in it.

Become a Forward Thinker

One of the best things we can do in life is become a forward thinker. Most people are just going through the motions, but the key to success is to plan and prepare. This is especially important for events that may be unexpected. This can require a change in mindset where 3 key areas of forward thinking can be valuable:

  • Physical heath
  • Financial stability
  • Self confidence and goal setting

Each of these can be critical to our lives in the future, but aren’t readily discussed. Are you a forward thinker? Do you have exit strategies in place? This type of thinking isn’t discussed on the news or in mainstream media, but that doesn’t mean it’s not important. Pick up a copy of my books in the Success Series:

Each of these can be an excellent tool to prepare you for critical phases in your life. Order your copies today from Amazon!

Start preparing an exit strategy today. Your future self will thank you.

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