Ready to take control of your future? Here’s how I help my clients pursue their financial goals and create a better future for their families.
Step 1: Set very specific financial goals.
Money can’t buy everything. But most of the big things in life require some financial planning — whether it’s retiring early, paying for college, or making work optional.
In this first step, we’ll sit down and talk about your goals. What are the big life events and milestones you need to plan for? How much will those cost? How much time do you have to achieve those goals?
The key is to attach dollar figures and timelines to each and every goal.
It’s not enough to say, “I want to retire”. You need to say, “I need to save $4 million in 10 years to retire without changing our lifestyle.”
Step 2: Build a plan to pursue those goals.
Next we’ll build a custom portfolio of investments to pursue your goals. This is nothing like the portfolios you’ll get at the big investment firms. It’s not based on some crazy market outlook or what some economist is predicting will happen to interest rates.
It’s simply a portfolio of reliable and diversified investments to protect and grow your capital for the long term. We’re not trying to take huge risks. But we’re not falling behind either.
Step 3: Invest for the long haul.
It’s important to pick the right investments. But the hard part is sticking with those investments for the long haul.
Amateurs react emotionally to market conditions. They buy and sell based on financial headlines and economic predictions. When the markets are in a tailspin, they rush to sell. And when the markets are rallying, they rush to buy.
Successful investors don’t play that game. They hire a financial coach to help them make smart financial decisions and avoid big expensive mistakes.
Step 4: Look beyond the investments.
Once your plan is in motion, we’ll take a step back to identify opportunities and risks to your plan. Your investment portfolio is only part of the equation. There are other factors that can either accelerate or sabotage your progress.
In this step, we’ll look at the bigger picture to identify the risks facing you, your business and your family. Not every risk can be eliminated, but most can be minimized.
Some of the risks we’ll look at include:
- What would happen to your family if you didn’t wake up tomorrow?
- What would happen to your business if you didn’t wake up tomorrow?
- How can you make sure half your estate doesn’t go to the government?
- Do you have an exit strategy if one of your partners wants to leave the business?
- How can you make sure your assets are protected from creditors?
- What would happen if you or a loved one needed long term care?
- If something happened to you, would your spouse know who to call to access your accounts and insurance?
Step 5: Stick with the plan.
Once your plan is in motion, we’ll meet in person once a year for a formal review of your progress. But we’ll talk much more often than that. Anytime you need some advice — like how to structure your mortgage, deal with lumpy cash flow, or structure a large charitable gift — help is a phone call away.
Every now and then, there will be things to review (like your estate plan, tax structure, life insurance, etc). I’ll bring these to your attention as required to make sure all those risks stay under control. If your life circumstances, goals or risks ever change — we’ll revisit your plan and adjust as required.
Apart from that, the key is to continue to make good decisions and avoid bad ones. There will be times when that’s easier said than done. But that’s why I’m here.
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