1. No Planning
Doing no planning can result in devastating results. We don’t plan at all, we live day-by-day and we may lose control over our financial lives. We become vulnerable to the events and circumstances that surrounds us. In the world we live in, doing no planning, will lead us to have less of a change for financial security and the peace of mind that comes with it.
2. Occasional Planning
This type of planning is how many of us make our money decisions. With this kind of planning we are one step behind where we should or could be. We have the mindset that we can ‘do-it-our self’ and we don’t understand the importance of having professional assistance. In the end, we tend not to reach our full financial potential.
3. Needs Planning
Our planning is focused on meeting needs such as saving for a home, university/college tuition costs, retirement, providing cash to pay for estate taxes, etc. This planning only takes place when the need is top-of-mind or very obvious.
4. Financial Planning
Our planning focuses on meeting predetermined needs and goals. The methodology used is to crunch numbers and monitor mathematical variables and using these numbers, we convince ourselves that we can determine how much additional money is required to obtain this predetermined fixed need or goal. Variables that financial planning proponents want to predict/forecast are typically the following: future interest rates, future rates of return, future inflation rate, future income tax rates and future income needs.
5. Using the Lifetime Economic Acceleration Process™
Using LEAP™, our focus is on the efficient and effective building of wealth. It seeks to protect this wealth from being eroded by taxes, inflation, market fluctuation, claims from creditors, and other costs. LEAP™ has its main objective to build wealth to the maximum without limitations of predetermined needs and goals, many times without any additional out-of-pocket outlay.
Which way do you plan? Interested to start using the LEAP process?