Essential #4 - The 7 Glorious Outcomes

 

I believe that no matter what station in life we are at, we are all ultimately striving for the same basic things. So whether we have $3,000,000 in the bank or $300, what we all want can and should be quantified. After all, no financial plan is worth the paper it’s printed on, if it doesn’t strive to help you achieve as many of the seven glorious outcomes that apply to you and your family.

Before I discovered these outcomes, written down and explained in plain language myself, it was incredibly difficult to design a truly useful plan.

Always remember, “A portfolio is NOT a plan.”

You can have the aforementioned $3,000,000, but if your spouse or kids have no idea what to do with it after you’re gone, you have failed to plan. And we all know the old adage about, “Failing to plan, is planning to fail.”

Money buys a lot of wonderful luxuries in life. But before we splurge on that new fancy car or trip around the world, let’s make sure our money is helping to buy the peace of mind our loved ones deserve first.

Outcome #1 - If the head of the household died prematurely, the family's lifestyle will not be fatally compromised, it will stay in their home, education plans will remain financially on track, the family's business if it owns one, will not have to be sold at fire sale prices. 

Outcome #2 - Similar outcomes will prevail if they are disabled.

Outcome #3 - The children and grandchildren of the family will be able to afford the very best education for which they can qualify, without still being saddled with student loans when they themselves have children.

Outcome #4 - The current generation of the family will be able to retire on its own time and on its own terms, with a high degree of confidence that it will never outlive its income. Dignity and independence will not be undermined by up to three decades of rising living costs.

Outcome #5 - The current generation will, if necessary, be able to contribute meaningfully to the support of its parents. Moreover, this generation will never become a financial burden to its children, even if extended nursing homes days are required.

Outcome #6 - Even as retirement income rises to offset inflating living costs, this generations capital will continue to grow over time, and endow meaningful legacies to the succeeding generations.

Outcome # 7 - Estate taxation won't force the sale of the family’s important assets such as their homes and businesses. This liability will be funded out of the residual capital, and/or it will be insured.

It is my sincere hope that by seeing these written down, as I once did, you can quickly identify where your current planning may need some more attention. You will not have failed to notice that these seven glorious outcomes are firmly rooted in providing not only for ourselves but for our families

Throughout the course of the year, it is my personal goal to make sure I am meeting with each and every one of you and discussing these topics. For if I don’t do it, who on Earth will?

The seven glorious outcomes have been assembled from the collective writings of one of my favorite financial authors, Nick Murray. 

 
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Essential #2 - The Age of Insights

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Essential #3 - Coaches Push You to the Top