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The Educated Heir:  It's July 14, 2025

The Educated Heir: It's July 14, 2025

| July 14, 2022

Roll the calendar forward 3 years.  Today is July 14, 2025...1095 days from now.  What do you want your life to look like then?  Where will you be living?  What will you be doing?  Working or work-optional?  On a beach with your laptop?  On a golf course with the best handicap of your life?  Will you have been instrumental in making a positive difference in the lives of others?  Will you have made substantial progress toward your health and fitness goals? Have you successfully launched or sold your business?  Maybe both?

Sometimes, it's hard to see 3 hours ahead much less three years.  I know that it is for me.  But if you can get as clear as possible on exactly what you want your days to look like then, it is much easier to create a plan.  And when you have a plan and are intentionally working toward your perfect vision of the future, you are much more likely to get there.

Because many of our goals require money, it is important to understand cash flow.  How much will you need?  Will your income be earned or come from dividends and social security?  Will you be taking distributions from retirement accounts?  If you have a windfall, such as from the sale of a business, will this pool of money create cash flow for you that will sustain you for the rest of your life?  What will the impact be on your family/future generations?

Three years is the perfect time horizon to work with because you have time to plan and it isn't too far into the future to seem like forever.  If you are hoping to sell your business, you need this time to get organized - from shoring up financial and legal records to obtaining valuations and finding buyers.  All of these things may be more efficiently achieved if you surround yourself with a talented team of professionals.

So, get creative.  Take time from your busy life to get very specific about the next three years.  July 14, 2025 will be here sooner than you may want it to be whether you do this or not.  Be ready. #familybusinessisateamsport #cashflow #educatedheir #createyourfuture #thinkahead #beready