The Deferred Life Plan
The Deferred Life Plan
Many of us have a personal vision of what we’d like our lives to look like. The question is, why aren’t we living that life right now?
Silicon Valley entrepreneur and investor Randy Komisar noticed that a lot of startups who pitched him were run by individuals with a “Deferred Life Plan.”
Their goal was to first get rich, and then work on the thing they were truly passionate about later. They were deferring their passions to a later date.
The first problem is, well, that day may never come. You may get stuck working on something you don’t like indefinitely. Or maybe you get hit by a bus. The second problem is that success is never guaranteed, in any industry — including your so-called strategic detour. Why not at least focus on something you care about?
“I believe it’s a deferred life plan to go off and sell a product you don’t believe in, or to study an area that’s not really of interest but you think will give you some opportunity…In the Deferred Life Plan there will always be another prize to covet, another distraction, a new hunger to sate. You will forever come up short.”
— Randy Komisar
You’re going to have to work just as hard, whether you’re selling Marlboro cigarettes or pursuing your passion career as a freelance graphic designer.
That doesn’t mean you won’t make sacrifices or work hard when pursuing your passion. Everything you do still takes time and energy. You can work hard at something you care about, and you can pay your dues, so to speak, by making your way up a business where you agree with the principles or product.
The only exception that I can think of is the effective altruism movement where investment bankers (or anyone who makes a decent salary) purposefully remain in a high paying job and funnel a big chunk of their salaries into non-profits.
Otherwise, it’s pretty common to live a deferred life plan. You can recognize this pesky way of thinking by its tendency to have a vague, non-specific timeline. This is our brain's way of procrastinating indefinitely.
Examples of, “And some day, X will happen and THEN I’ll get to do Y.”
I’ll take a year off to travel when the timing is good for me to leave my job. (There is no such thing as perfect timing)
I’ll have a kid once I feel ready. (When would that be exactly, hmm?)
I’ll launch my startup once I have a bit more work experience (Why not launch it as a side project while you’re still employed and reduce some of the inherent risk?)
I will write a book once I get some inspiration. (Never going to happen. You just have to sit down with a blank piece of paper)
I’ll start a podcast once I can afford to buy expensive equipment. (Putting more barriers to starting something is a recipe for eternal procrastination).
I will get to work on my true passion after I make a bunch of money. (Why not just do it now?)
I hate this job but it’s a stepping stone. (Danger: Stepping stones have a way of derailing us.)
Inevitably, these thoughts will creep into everyone’s life. It’s useful to take stock at least once a year, or simply anytime you notice yourself making excuses.
There’s a powerful question you can ask yourself in these situations: “What would it take for me to enjoy working on this/doing this for the rest of my life?”
The question really isn’t asking what you want to do for the rest of your life, but is a way to reframe your thinking to “Would I be happy if I died today, doing what I am doing? If not, how can I make this fun? Is there a way for me to make it so it doesn’t seem like work?”
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