Five Year Plan, is it worth doing one and how do we do one ?

bobsa1

At the moment both DH and I just seem to be driffting along.

I don't like my job but rather than doing anything about it all I do is moan.

DH is self employed but needs more clients, again we just talk about it.

We own a few buy to let properties, but not enough to make a living from and I just feel that we are lacking direction.

I thought that if we actually put down on paper, where we want to be in five years and how we are going to get there it might help.

DH thinks this is tempting providence and we should take things day to day but I am getting quite down about the whole thing and really do need to know that we are both going in the same direction.

I feel that if we set something down on paper it might motivate us.

Has anyone any experience of a five year plan and did it work for you?

Also how do I draw one up?

Any advice appreciated.

Counting_Pennies_2

I think it sounds like a great idea.

We are looking to do a similar thing ourselves with doing up our house.

So far we have got to writing down everything that needs to be done, and then when we get more of an idea of the costs of the bigger items we will prioritise and plan everything that needs to be done in order to achieve this.

It could be as simple as writing a list of everything that you want to achieve, then under each subject working out what needs to be done, i.e. marketing campaigns for new clients, looking into local advertising companies etc. Then making an action plan of what needs to be done and get it prioritised for the months ahead.

If he is dead set against it, try doing one for yourself, when he sees the results yours is bringing, he might just be willing to join in.

Good luck

$17mma

It is definately a good idea on doing a five yr plan we started ours two yrs ago as advised by our FA, and I must say it gives you a sense of direction. We check ours every three months to make sure we are on track.

sanfrancisco

5 year plans are great. Stalin really knew what he was talking about.

roswell

Just a thought but what sort of a profit could you make by selling your BTL`s and investing the money somewhere else?

Dora_the_Explorer_5

DH thinks this is tempting providence and we should take things day to day but I am getting quite down about the whole thing and really do need to know that we are both going in the same direction.

A five year plan will give you two things: policy - where you want to be during and at the end of the five years, and strategy: what you need to do to make the policy a success.

Prudent

Its good to have vision and direction. It helps you focus on what is really important to you and allows you to pursue it. Life doesn't always fall in the way we want it to -its important to be flexible too as this will give you resillliance to the knocks.

bobsa1

Hi , thanks for all of your advice. I feel quite re assured that a five year plan is the way to go. If we sold BTL's we would make approx £400,00 but obviously this would be subject to CGT and we aren't sure that selling BTL's would be the best idea at the moment.

I think that is part of the problem we need to clarify the options,look at chances of capital gain over the next few years etc. (this part of the country is increasing at 8.9% at the moment)

Any further thoughts appreciated