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Value Creation Blog

4 Reasons You Need To Do Scenario Planning

Posted by Josh Patrick

Scenario2 resized 600Many people think scenario planning is only for business or government.  There’s no doubt that both of these groups need to do it.  So do you.  Scenario planning allows you to think about changes that could upset your life. 

As a good friend of mine is fond of saying, “You’re only one phone call away from disaster.”  Wouldn’t it be a good idea that you’ve thought about what some of those “disasters” might be?

Rehearsal makes the real thing less scary.

If the phone rings your life could be turned upside down.  I bet that if you spent a little time thinking about it you could identify four or five things that would be the most likely reasons your world changes.  If you spend a little time in mental rehearsal about what you’d do if the real event happens you’ll be ahead of the game.

Change is part of your life.

I know that you don’t like change.  There aren’t very many people who do like it.  At the same time you know that change is part of your life.  Whether you want it or not, change is going to happen.

Sometimes you get to start changes and sometimes changes are forced on you.  In either case getting ready for what change might mean and how you’ll respond is all part of scenario planning.  It’s not that something is going to happen; the real question is when is it going to happen?

What if you’re not happy with your present situation?

This is my favorite type of scenario planning.  When I’m unhappy with a situation I get to think about what a different scenario might mean.  I get to write down what I need to do for change to occur.

Wouldn’t you like to have the ability to make your life better?  If you’re unhappy with where you are now, you can change it.  It’s up to you and if you do some planning the change might not feel so big.

Are changes coming to your life?

A lot of the time you know that a change is going to come, and a lot of the time we don’t do anything until the change forces us to take action.  Even then we might not take any action, we may just freeze.

Don’t be afraid of changes that could happen.  You might be sad, and that’s only natural.  We call planning for change that you know is going to happen priage.  This is where you get a chance to do some planning ahead of time. 

Priage is all about scenario planning.  You know a change is about to happen and you take charge.  You get to think about what you’re going to do. 

In the end, scenario planning is not that difficult.  Just think about what could happen and then think about three of four different things you could do.  If the event happens you’ve already had your rehearsal.  Now your ready to take action.

We have a what if workbook you might be interested in.  This workbook will help you work through different scenarios you could choose if an event happens that forces your life to change.  If you’d like to get a copy of this workbook, click on the button below.

Click Here for YourWhat if workbook

Securities and Investment Advisory Services offered through NFP Securities, Inc. (NFPSI), Member FINRA/SIPC. Stage 2 Planning Partners and NFPSI are not affiliated.

This article is published for residents of the United States only.  Registered Representatives and Investment Adviser Representatives of NFP Securities, Inc. may only conduct business with residents of the states and jurisdictions in which they are properly registered.  Therefore, a response to a request for information may be delayed.  Not all of the products and services referenced on this site are available in every state and through every representative or advisor listed.

Topics: retirement planning, personal value, scenario planning

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