Wheel of Life – why you can not do every thing?
The concept of the Wheel of Life serves as a powerful tool for personal development and self-assessment. Originating from various coaching methodologies, this framework provides individuals with a visual representation of the different areas in their lives that require attention to achieve a balanced and fulfilling existence.
In addition, let’s dive deeper into this concept, its components, and how you can utilise it for personal growth.
Understanding the Wheel of Life…
The Wheel of Life is divided into various sections, each representing a different facet of life that contributes to overall happiness and fulfilment. Typically, these sections include:
- **Health and Fitness**
- **Career and Vocational Life**
- **Family and Relationships**
- **Finance and Wealth**
- **Social Life and Recreation**
- **Personal Growth and Education**
- **Spirituality**
- **Physical Environment**
By assessing each area on a scale from 1 to 10, individuals can identify which aspects of their lives are thriving and which require more focus. This self-reflection is pivotal in prioritising where to channel your energies for improvement.
The importance of balance…
Achieving balance across all areas is crucial. As we dissect a balanced daily routine, we can estimate the time allocated to various activities that foster this balance:
- **Sleep (8 hours)**: Adequate rest is fundamental for cognitive function and emotional well-being.
- **Work (8 hours)**: Whether managing a job or running a business, time spent on professional tasks is essential for career progression.
- **Travelling (2 hours)**: Daily commuting can consume significant time. Optimisation strategies, like remote work or flexible hours, can help manage this better.
- **Physical Activity (1 hour): Regular exercise boosts not only physical health but also mental clarity and mood.
- **Spiritual Activity (1 hour)**: Engaging in practices such as meditation, prayer, or mindfulness can provide peace and focus.
- **Entertainment (1 hour)**: Leisure activities contribute significantly to happiness and relaxation.
- **Family Time**: It is vital to devote remaining hours to nurture relationships with your spouse and children, fostering a supportive family environment.
This balanced approach helps individuals maintain harmony, leading to greater productivity and satisfaction across all areas of life.
Utilising the Wheel of Life for Self-Improvement…
To leverage the Wheel of Life effectively, consider the following steps:
- **Assessment**: Rate your satisfaction in each section from 1 (not satisfied) to 10 (completely satisfied). This assessment gives you insight into which areas need improvement.
- **Setting Goals**: Based on your assessment, set SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals for areas that need attention.
- **Action Planning**: Create an actionable plan to achieve your goals. For example:
– If health is rated low, incorporate meal prep and regular workout sessions.
– If family time is lacking, schedule weekly outings or game nights.
- **Review and Adjust**: Regularly revisit your Wheel of Life to evaluate progress and make necessary adjustments. Life is dynamic, and flexibility will help you stay aligned with your goals.
Common Challenges in Maintaining Balance…
While aiming for balance, you may encounter various obstacles:
**Time Constraints**: Modern life often presents compressed schedules.
And use time management techniques to make room for all activities.
**Neglecting Personal Needs**: In the pursuit of professional success or family commitments, personal health and well-being may be sidelined. Prioritise self-care as a non-negotiable aspect of your routine.
Overcommitment**: Be cautious of taking on too many responsibilities that might overwhelm you. Learning to say no can create the space needed for critical activities.
Financial advisor vs. Do it Yourself investment? …
I have seen people spending time on do-it-yourself investments.
And you have to cut down on any one of the activities in the wheel of life for the sake of “Do it Yourself” activity, right?
In addition, they spend nearly 1 hour daily on YouTube and blogs to learn about personal finance and investments.
But the fact is, in doing so, they will cut down the time they are spending for other needs in their wheel life, as shown in the 2nd image.
In fact, no one can learn everything.
And the cost of making mistakes in your :Do it yourself” is higher than having a financial advisor.
Moreover, such mistakes and their effect will affect your other routine life also in a big way.
And many people think health insurance is also unnecessary. Read this article about a health insurance loss calculator.
What is the solution?…
If you are a high-income earner, say you are earning 60 lakh per year, then your per-day income will be Rs. 16,438.
And if you are paying your financial advisor a yearly 1 lakh fee, that is also fine.
That means you are sacrifying 6 days of income for financial advisor services.
If you are doing it on your own by spending daily one hour on learning to do it yourself, you are spending 365 hours in total in a year.
In spite of that, there is a chance that you are still under stress, whether you doing well with your investments
Morover, 365 HOurs/8 = 45 days salary. = 45*16000 = Rs.7,49,983, you chould have earned, if you spent the same in your profession.
Or You can pay up to 1 lakh to 2 lakh to the financial advisor.
In addition, you can this daily 1 hour for your physical activity or for personal space which also very important for health and peace of mind.
As a high-income earner, you have some comforts, right?
Like having a car, A.C, and maid, etc.
Which a low-income earner also cannot afford.
Similarly, if you would like to feel comfortable and be confident with your investments, then paying a fee for a financial advisor is good for you.
Finally, if you feel to have a financial advisor for investment advice, legally only a Sebi Registered Investment Advisor like me can give investment advice.
And benefits of having a financial advisor are professional advice, no need to alter time for other things in the wheel of life and peace of mind.
Again, success in investments demands a different behaviour.
You know that a businessman cannot do a job under a businessman, and a jobholder cannot do a business that easily.
Because both of them need a different skill set and different behaviours.
Finally, it is not wise to waste productiviy of 365 hours for learning investments on your own which is costing you 7.9 lakh while financial advisor cost is around 2 lakh a year only.
Conclusion…
The Wheel of Life is a practical and insightful tool that helps individuals achieve a comprehensive overview of their personal fulfilment.
By systematically evaluating each area, setting actionable goals, and striving for balance, you can enhance your overall quality of life.
Ultimately, the journey towards a well-rounded existence requires a commitment to regular reflection, self-assessment, and adjustment of priorities.
In addition, embrace the Wheel of Life as a compass guiding you towards holistic success and a fulfilling life.
Read about How to achieve financial goals easily?…
Also read why you should not take one crore term insurance?…
And read about different types of loans in India…
Also read about: How much life insurance do you require under a need-based analysis? …
And read about asset allocation and its importance…
Also read this article about why you should not mix life insurance and savings?…
