save, and invest for the future.
• In the book mentioned above, the authors recommend that any job you hold should give you two opportunities- the opportunity to learn and earn. It is obvious that even as we work, we cannot afford to ignore the financial component of our jobs. Be mindful of this and do that which you need to do to optimise the same.
Plan B: The Pivot Plan
• Plan B comes into play when your career circumstances or life goals shift. And don’ t we all know that shifts do happen.
• These shifts could be due to various factors- changes in the industry or a desire for more alignment of your occupation with your interests
• Plan B is a pivot plan and usually leads you to the next thing. In most instances, Plan Bs are preceded by acquiring new skills, moving into a different industry or starting a side business.
• Once you have transitioned into your Plan B, it becomes your new Plan A.
( This planning framework is iterative by nature).
Plan Z: The Fall-Back Plan
• Plan Z represents your safety net. It is the thing you go back to when your Plan A and B have failed.
• This for me is where this planning framework becomes really handy because it acknowledges that sometimes things just do not work out- another worldwide pandemic may happen leading to mass lay-offs, a company restructuring could lead to job loss or a side business might just not break even.
• This framework encourages us to plan ahead and have an idea of what it is we would do, should we find ourselves in tight spots work wise. This is when to go back to skills that we have and that we can quickly leverage on to begin building again.
• It is also at this point that you begin to draw from your emergency fund or from other passive income streams you have built over time.
• Basically, Plan Z enables you to start building again.
Planning for Retirement Should Start Early
Retirement is not a one-time event; it’ s a process that requires deliberate action over many years. The earlier you start planning for your future, the more control you will have over the way your retirement unfolds. Through strategic career and financial planning, you ensure that you can live your retirement years with dignity, security and a sense of fulfilment.
By implementing the ABZ planning framework, you not only create a safety net for your financial future but also ensure that you are prepared for the unpredictability of life. Career changes, economic shifts and personal growth are all unavoidable, but with a comprehensive plan in place, you can navigate these challenges while staying on track for a successful and fulfilling retirement.
Priscah Motogwa is a Social Protection Advocate and a Certified Coach. You can commune with her via mail at: Priscahmotogwa @ gmail. com.