Most prevalent in this phase of the plan is having a research back, principle-based, and time tested investment process; not an investment solution, an investment process. We need to implement the plan. Take the proven concepts of asset allocation, diversification, re-balancing, and monthly automated savings and powerfully combine them.
The best plans, the ones we need, do this. They start with goals, define the present, and establish an ongoing process as we move from resources to goals and continue revisiting that process. All along, we’re taking into account what could and will impact the plan. We consult the plan. A proper financial plan is a friend, a guide, a lighthouse in our stormy seas.
We need to simplify the planning process in our minds. Too many of us are not making plans. How then will we create the life we want? Significant achievement always starts with a plan. Get the first draft of your plan built. Fight the desire to get everything perfect, which inevitably leads to procrastination.
The principles of having an integrated financial goal plan are universal. Do you have a plan in place? If you don’t, how much higher would your odds of success be if you did?
