The golden rule of financial planning: if you can plan it, you can achieve it
Self-sufficiency isn’t guaranteed, but every one of us has the opportunity to achieve it. Check out these four steps to achieve financial independence:
Make sure to plan ahead. During your saving and investing years, you must spend less than you make, no matter how high your income. It is vital that you invest prudently, without letting your emotions get in the way.
If you can plan it, you can achieve it. The day you retire or stop investing money for your retirement is a very important day. It’s a big leap of faith that your money can outlive you. Don’t go at it alone: You must strategize and plan your retirement day, so you know what you’re getting into.
You should understand what income your portfolio can afford to pay you in up markets and down, because that will be your annual income now. You should also be absolutely comfortable with your retirement income, so try to overestimate your needs when you plan.
Protect it with your life. Many people don’t realize that growing wealth requires very different skills than preserving it. They assume that preservation just means you should just buy more bonds.
Yet once you stop working, your ability to earn wealth back after a financial mistake typically declines. It’s hard to get re-hired into your old job, especially if your health deteriorates or you have to care for an aging loved one. Many very smart and educated people grow their wealth and lose it multiple times during their lifetime because they don’t know how to hold on to it.
Preservation of wealth requires patience and discipline. Chances are that a professional advisor is better at it.
Enjoy what you’ve earned responsibly. While the world was battling COVID, were your portfolios built to withstand the tremendous declines we saw in the global stock markets?
Were you able to continue to take retirement income from your portfolios at the same level as previous years during the COVID-recession? If so, it was likely only possible because you planned ahead, expecting the unexpected.
You cannot afford to let short-term market events cause you to abandon what should have been a long-term plan.
Once you build your wealth and achieve financial independence, trust in the strategy you used to create the plan. If you can do that, you achieve peace of mind.
Don’t have a plan in place? Or need a second opinion of your current plan? That’s where the Wealth Guardians can help. We offer a no-cost, no-obligation second opinion meeting where we’ll sit down and discuss your current plan and goals, identify risk tolerance, analyze rise, fees, and tax inefficiencies of your current portfolio, as well as Social Security optimization strategies.
By the end of our meeting process, we’ll present you with your very own Custom Retirement Paycheck Plan.
This custom plan shows how to protect your retirement from the risks of unexpected market swings, tax changes, and health care expenses using a mathematically tested strategy to create lifetime income allowing you to stop worrying about outliving your money and get on with enjoying the rest of your life.
Let us show you in black and white a custom retirement income plan that is comprehensive, individualized and based on strategies that balance growth with downside protection. Get your Custom Retirement Paycheck Plan now!
Give us a call at our Charlotte office at (704) 248-8549, or our Clemmons office at (336) 391-3409. Or, click here to request a no-cost, no-obligation meeting.
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