Here are the 5 strategies that are found in every successful financial plan.
Strategy #1 are your values and your goals. If you don’t know what drives you and you don’t know where you’re going, you may never get there
Strategy #2 is your tax strategy. Without a good tax strategy to address both short-term and long-term taxes you stand to lose tens of thousands of dollars or more of the assets you worked so hard to accumulate.
Strategy #3 is your legal and estate strategy.You need a clear plan to protect you and your family in sickness and in health while you’re alive, as well as what happens when you’re gone.
Strategy #4 is investment strategy. Your investment strategy should provide the income and the growth that you need now as well throughout your lifetime, unique to your values and your goals.
Strategy #5 is risk reduction. You should have a written plan to reduce the risks you’ll face, focusing on your health, ability to provide income, ability to provide care as you age, and protect your assets.
Focusing on these five strategies will help ensure your financial health and success of your plan.