Originally published April 11, 2017 | Last updated 2026
A life plan is a simple summary of where you are today, where you want to be, and the steps that will get you there, across every area of life that matters to you. It is not a fifty-page document. It is a short, honest picture of the life you want and a rough map for building it. For a business owner, a life plan is the missing link between the company you run and the life you actually want that company to make possible.
We have always believed that your business is primarily a tool to help you live the life you dream about. So it makes sense that life planning keeps coming up among the members of our Roundtables Peer Groups. When you get clear on the life you want, your business finally has something to serve.
Why do people make a life plan? I asked a few of our members.
David Girard, principal of PeakVentures in Whistler, British Columbia, said, “The life plan we created was born out of a necessity to link our business activities and our business plan to our personal life. It helped us gain an understanding of what we wanted out of running this crazy business, what motivates us to get up every day and do what we do. Creating a life plan forced us to develop personal goals for areas of our lives that, in some cases, did not have any goals before.”
Ken Kirsch, owner of MAK Design+Build in Davis, California, added, “I compare it to working with a client. The first thing we ask them to do is sit down together and write down their goals for the project. The simple act of writing goals is the first step in taking vague, unspoken ideas and bringing them into the real world. The same is true of a life plan.”
Do you have a life plan?
Do not worry, it is nothing like a fifty-page business plan full of charts and checklists. A life plan is a general summary of where you are now in the areas that matter to you, where you want to improve, and what you would like your life to look like down the road.
It does not have to be difficult or take hours. But it is worth some real thought, because the alternative is chasing the wrong things, working yourself ragged, and realizing years later that you were climbing the wrong ladder the whole time.
How to make a life plan in 5 steps
Here is a simple process you can work through in an afternoon.
1. Reflect on how you want to be remembered
Picture your own funeral. Imagine listening as your spouse, your children, your colleagues, and your friends share what you meant to them. What do you want them to say? This is a powerful way to surface what actually matters to you, and it is a healthy reminder that life is short.
2. Rate your life honestly
Ask yourself how satisfied you are with your life right now. Very satisfied? Somewhat? Not at all? Be honest, because you do not have to show this to anyone. A clear-eyed starting point is what makes the rest of the plan useful.
3. Set your priorities across the areas that matter
Most people build a life plan around the areas of life that matter most to them. A common set of categories:
- Spouse or partner
- Family
- Children
- Friends
- Career
- Finances
- Spiritual life
- Personal health
- Personal happiness
- Dreams
4. Define where you are and where you want to be
For each area, write down where you are today and where you would like to be. Take your time and describe the ideal, specifically. As we know from business, it is far easier to reach something when you have a clear target to aim at. A simple table keeps it manageable:
Area | Where I am now | Where I want to be | One step to get there |
|---|---|---|---|
Personal health | Working 60-hour weeks, no exercise, low energy | Fit and energetic, exercising three times a week | Block three morning workouts on the calendar and protect them |
Finances | Profitable business, but no personal savings plan | Six months of reserves and steady retirement saving | Set up an automatic monthly transfer to savings |
Family | Home late most nights, missing dinners | Home for dinner four nights a week | Stop scheduling client meetings after 5 p.m. |
The first row is an example of one category worked all the way through. Do the same for each area that matters to you.
5. Map the steps and review regularly
Once you know your targets, think about what needs to happen to close the gap. It does not have to be a detailed action plan yet, just some general goals and ideas. Consider the habits you would like to build, the ways you might shift your attitude or environment, and the resources you will need. Then revisit the plan on a regular basis, because it is meant to change as you do.
Girard put it well: “Working on this plan together forced my spouse and me to talk about things we had not discussed much before. It drove us to formalize what we wanted in life, instead of plodding along without a real target.” Kirsch added, “Maintaining focus on the end goal gives purpose to daily decision-making within the business.” That is the payoff. Once your targets are clear, the choices you make in the business every day start to point in the same direction, the same way steady goal setting at the start of a year gives the whole company a direction to pull toward.
Keep your life plan alive
A life plan is a living document. As Roundtables member Abe Degnan, president of Degnan Design Builders, told me: “I keep it updated on a routine basis. It is not going to be a static plan throughout our lifetime, since we are young. Our goals will change, and the plan will change with them.”
Working through your life this way can feel uncomfortable at first. But if a life plan helps you live more fully in every area that matters, and often helps you get past the self-imposed limits that quietly hold you back, is it not worth the effort?
Use the worksheet
To make this easy, we put the whole process into a one-page life plan worksheet. Print it, fill in each area with where you are and where you want to be, and jot one step for each. Keep it somewhere you will see it, and update it as your goals shift.
Frequently asked questions
What is a life plan?
A life plan is a short, personal summary of where you are today, where you want to be, and the steps to get there, across the areas of life that matter most to you, such as family, health, finances, and career. It is not a formal business document. It is a clear picture of the life you want, written down so you can actually work toward it.
How do you make a life plan?
Work through five steps: reflect on how you want to be remembered, rate how satisfied you are with your life today, choose the categories that matter most to you, write down where you are and where you want to be in each one, and map a few steps to close the gap. Then review and update it regularly, because a life plan is meant to evolve as your goals change.
What should a life plan include?
At a minimum, include the areas of life you care about most, an honest note on where each one stands today, a description of where you want it to be, and one or two steps to move toward that. Common categories are spouse or partner, family, children, friends, career, finances, spiritual life, personal health, personal happiness, and your dreams.
What about you?
Do you have a life plan? What made you decide it was worth doing, and how has your life changed because of it? Share your experience in the comments below.
