Posts Tagged ‘finances’

As I write my first blogpost today, I thought it apt to share with you a powerful concept I learnt recently.

As I sat there in the community gathering of financial planners from across the globe, at the Financial Planning Association Experience at San Diego, I was very impressed with the simplicity of this concept.
It’s a concept called the Wheel of Life.

How it works?

Take a circle and divide it into 8 equal parts. Each part is representative of an important part in your life such as Family& Friends, Significant Other, Personal Growth & advancement, Fun &Recreation, Home & Physical Environment, Career, and Money & Finances. (You could write in your own 8 important areas).

The center of the wheel is 1 and the outer edge is 10. The concept then needs you to rank your life area on a scale of 1-10, 1 being least satisfied, and 10 being most satisfied. This done, the wheel that you get when you join the dots, is your own wheel of life.

Like most of us, you will find that your wheel is not as round or rather it’s not round at all. The whole concept is to get it bigger and rounder as is possible. The rounder the wheel the more balanced your life is.

On delving further, you will find that in order to make your wheel bigger and rounder, you have to make time for improving the ranks of the important areas. To make time, you would need to delegate some of the areas on your wheel. This will allow you to concentrate on the more important parts of your wheel.

You will find on self examination that the only one area that can be delegated would be “Money &Finances”. Almost no other area on the wheel can be delegated.
You may say that’s so simple and obvious. My question to you, is that how many of us have really done so. We still continue to grapple with managing our money matters and spend invaluable time and energy doing so. I rest my case, with an ending remark “Maybe it’s delegation time, and time to think of what must you do to make each area a 10”.

Author – Shalini Dhawan

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