Ask yourself three questions: Where are you now in life? Are you where you planned you’d be? Where do you want to be?
In Wealth Can’t Wait, David Osborn and I discuss the 10 Life Audit tools you can use to help you analyze the answers to these questions. Knowing where you are will help you get you to where you want to go much easier.
Life Audit Tool 1: Life Happiness Index
Categorize your life into roles or sectors: Career, Relationships, Family, Spirituality, etc.. Analyze which categories are working out and where you need to focus more energy.
Life Audit Tool 2: The Financial Statement
Think of yourself as a corporation. Create a balance sheet of your wins and losses so that you can see where you’re spending, where you’re gaining, where you can save better, and where you can invest more.
Life Audit Tool 3: Horizontal Income Statement
Whether it’s from a 401(k), savings, retirement plans, or a stock portfolio, measure you’re horizontal streams of income to assess how you can create even more.
Life Audit Tool 4: Budget and Income
Having a budget is the best way to see where you’re money is going every month. Instead of having a “net” column, use it as a “left over to invest” column. Now you’re creating more horizontal streams of income — and that’s the cornerstone of building wealth.
Life Audit Tool 5: More of / Less of
You’re likely to make more money doing what you’re good at and what you love to do. So ask yourself these questions: What would you like more of/less of at home? In your physical health? In your personal life? In other categories of your life?
Life Audit Tool 6: The Five-Year Vision
Write a summary of the next 5 years of your life as if they have already occurred. This will help you visualize and achieve.
Life Audit Tool 7: Someday Goals
Now look beyond 5 years… look to someday. What is the ultimate goal down the line, visualize your it as if it’s already happened, then create an action plan to get yourself there.
Life Audit Tool 8: One-Year Goals
You’d be surprised by what you can accomplish in a year. Think of goals for a year from now in each category of your life and for each business venture. The results will be empowering.
Life Audit Tool 9: Power Questions
Read examples of power questions here to help stimulate your mind and spirit.
Life Audit Tool 10: Dream Boards
Create a dream board made up of pictures related to your goals. It will help you focus on your goals and maintain visualization of future achievements.