Your Financial Plan is missing These 3 Things. Fix your plan now.

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Chapters: 00:00 Is Your Plan Broken 01:25 Frankenstein Finances Cost 02:14 Michael’s Wake Up Call 03:05 Why Plans Fail 03:53 Gap One Clarity 04:50 Gap Two Execution 05:29 Gap Three Adaptation 06:06 Fix The Three Gaps 08:10 Weekly Action Plan 09:04 Keep Your Plan Alive

#financialplan #financialplanning #retirementplanning #financialfreedomjourney

Takeaways:

1. Many individuals erroneously believe they possess a coherent financial plan when, in reality, they merely have a disorganized assortment of financial decisions devoid of strategic alignment.
2. A flawed financial plan is not only ineffective but incurs significant costs over time, underscoring the necessity for a comprehensive review of one's financial strategies.
3. The primary impediments to successful financial planning are the clarity gap, execution gap, and adaptation gap, which necessitate systematic identification and rectification to foster financial success.
4. To ensure a robust financial plan, it is imperative to establish precise financial targets, implement regular reviews, and adapt the plan as life circumstances evolve.
5. A financial plan must not be static; it should be a dynamic entity that adapts to one’s life changes to remain effective and relevant to current circumstances.
6. Establishing trigger events for financial plan reviews can significantly enhance the plan's responsiveness to life changes, thereby ensuring that financial strategies remain aligned with personal goals.

-Brian D Muller(AAMS©), Founder, Wealth Advisor

Podcast Disclaimer The Wealth Decisions Podcast is provided solely for general information purposes and should not be construed as accounting, legal, tax, or any other professional advice. Visitors are advised not to act upon the information or content found here without first seeking appropriate guidance from a qualified accountant, financial planner, lawyer, or other relevant professional. Any hypothetical performance is just that, and there is no guarantee that you will receive a specific average rate of return in any examples in this podcast. THE BASICS OF RETIREMENT PLANNING Retirement planning has several steps, with the end goal of having enough money to quit working and live your version of a richer life. My goal is to help people make better wealth decisions along their financial journey so they can retire and stay comfortably retired

Is your financial plan actually working for you, or are you just hoping it'll all work out?

In this episode, I'm showing you exactly how to identify if your financial plan is broken and fix it before it costs you your ability to retire on your terms with confidence.

Most people think they have a plan.

They typically don't.

They have a collection of random financial decisions with no real direction.

And that mistake compounds everything every single year.

You wait.

Here's the truth.

A bad financial plan isn't just ineffective, it's expensive.

In the next eight minutes, you're going to discover the three critical gaps that destroy most financial plans and the exact steps to repair yours.

Starting today.

This is Brian.

I've been a financial Advisor for over 25 years.

I'm also an author and certified life and health coach.

And my goal is to help you save smarter, invest better, and keep more.

Here's.

Here's what nobody tells you about financial planning.

The biggest threat isn't market crashes or bad investments.

It's the invisible assumptions you're making right now that seem perfectly reasonable but are quietly sabotaging your ability to retire on your terms and stay comfortably retired.

Today, I'm going to show you exactly what those are.

In this episode, you're going to learn three wealth decision principles to remember to become smarter with money and an action plan to help you make better, better wealth decisions starting today.

So when was the last time you actually looked at your financial plan?

Not just check your investments or your account balance.

I mean, really examine whether your strategy still makes sense today and whether it'll allow you to retire on your terms one day.

Most people I meet with have what I call Frankenstein finances.

A 401k from an old job here, some savings accounts, maybe an investment account they opened up two years ago, a life insurance policy they bought because someone told them to buy it.

None of it connects.

None of it has purpose beyond this.

Seemed smart at the time, but here's the part that's crucial.

The cost of a mediocre financial plan doesn't show up immediately.

It shows up 10 years from now when you realize you're further behind than you should be.

So let me tell you about Michael.

Successful guy, makes good money and has been investing for 15 years.

He came to me because he felt he's done everything right.

According to conventional wisdom, he maxed out his 401k, bought a house, had an emergency fund and some investment accounts.

But when he actually mapped out his plan, he was paying 1.2% in hidden investment fees.

His insurance coverage hadn't been updated since his kids were born.

His tax strategy was pretty much non existent.

He wasn't maxing out all of his tax advantage accounts, even though he thought he was he and he was leaving a ton of tax free growth on the table.

And it wasn't because he was lazy.

He thought he was doing everything right.

When it really came down to it, his financial plan kind of sucked.

He never took the time to complete a true financial plan.

Here's what makes a financial plan ineffective.

It's not aggressive enough to matter, but not conservative enough to protect you.

It exists in this weird middle zone where you feel like you're doing something, but you're not actually making the progress.

In just a minute, I'm going to show you the three specific warning signs that your plan has this exact problem.

But first, you need to understand why most financial plans fail.

Have you ever felt like you're doing all the right things with money but still not getting ahead?

Let me know in the comments before we dive into some of these gaps.

Quick reminder to subscribe to my channel.

By the end of this video, you're going to have a step by step action plan that's going to eliminate some of the guesswork from your financial future and give you clarity on exactly what to do next.

So gap number one is the clarity gap.

You don't actually know what you're optimizing for.

I ask clients this question all the time.

What is your money supposed to do for you?

Most people give me vague answers.

Retire comfortably.

Be secure, not worry.

Those aren't goals.

Those are feelings.

Your financial plan is incomplete if you can't articulate a specific target.

Not retire comfortably, but generate $8,500 per month in passive income by age 62.

That's the difference.

Vague goals create vague strategies.

Vague strategies produce vague results.

So this leads me to wealth Decision principle number one.

Precision creates performance.

Vagueness creates volatility.

When you get precise about where you're building toward, every financial decision becomes clearer.

You stop wondering if you should invest or pay off debt.

You stop second guessing your savings rate.

You have a target and you engineer a plan to hit it.

Gap number two is the execution gap.

You have ideas, but no system.

Here's what this looks like.

You know you should rebalance your portfolio.

You know you should review your beneficiaries.

You know you should increase your retirement contributions when you get a raise.

But you don't because there's no system forcing you to do it.

It's like saying you want to lose weight, but you never schedule your workouts.

Good intentions don't compound, systems do.

Your financial plan is incomplete if it lives in your head instead of your calendar.

If it's not automated, integrated and reviewed on a schedule, it's not a plan, it's a wish list.

Gap number three.

The adaption gap.

Your life changes, but your plan doesn't.

You got married, had kids, changed jobs, started a business, your income doubled, your parents got older and your financial plan still optimized for the version of you from five years ago.

So this leads me to wealth decision principle number two.

Static plans lose to dynamic lives.

Your plan must evolve as fast as your life does.

If you're not reviewing and adjusting your strategy at least annually, you're using an outdated map.

And outdated maps lead you to the wrong direction.

Now that you know the three gaps, I'm going to show you exactly how to fix them.

Stay with me because this next part is where most people get it wrong.

First, fix the clarity gap.

Sit down this week and answer three questions.

Number one, what do I want my money to do for me in the next five years?

Number two, what do I want my money to do for me in the next 10 to 15 years?

And number three, what legacy do I want my money to create?

Write specific numbers, specific ages, specific outcomes.

This is not a fantasy exercise.

This is reverse engineering your future.

Once you know the target, you can build a plan that actually hits it.

Number two, fix the execution gap.

Build your financial calendar in January.

Review and rebalance your investment portfolio in April.

Review your tax strategy with a professional in July.

Update your insurance coverage and beneficiaries in October.

Assess your savings rate and adjust for the new year.

So here's your five minute challenge right after this video.

Open your calendar app and schedule those four reviews.

Block an hour for each.

Treat them like you would a doctor's appointment.

They're non negotiable.

And third, fix the adaptation gap.

Create trigger events.

A trigger event is a life change that automatically forces a plan review.

Get a raise trigger Had a baby trigger Bought a house trigger.

Parents get sick trigger.

Every major life event gets a financial plan review within 30 days.

No exceptions.

So this leads me to wealth decision principle number three.

Plans that bend, don't break.

Flexibility isn't weakness in financial planning.

It's intelligence.

The people who win long term aren't the ones with the perfect plan.

They're the ones who adjust fastest when reality changes.

Quick question I want you to answer in the comments.

Which gap do you struggle with the most?

Clarity, execution or adaptation?

I'VE pinned a comment below.

Reply there so we can have a discussion.

So let me give you your action plan to implement this week.

Step 1 Define your three financial targets using the questions I gave you.

Get specific, write them down.

Step 2 Schedule 4 Annual Financial Reviews in your calendar.

Do it today.

Step 3 Identify your personal trigger events.

Write a list of life changes that will require a plan update.

And Step four if you haven't reviewed your plan in over a year, schedule a two hour block this month to do a full assessment.

Look at your investments, your insurance, your tax strategy, your estate plan, everything.

And one of the things I'm going to do in this episode is give you access to my financial planning software so you can start creating a financial plan.

If you'd like to go deeper, I'd be happy to walk you through the process and see if you're a good fit for me to take on as a client.

A financial plan is not a one time event.

You don't set it and forget it like a crock pot.

It's constantly being updated and reviewed.

Your financial plan doesn't have to be perfect.

It has to be alive.

It has to breathe.

Your life.

It has to change.

When you change.

A plan that's incomplete is static.

You need to have a plan that evolves with your life and constantly gets updated to make sure that you reach your most important financial goals.

Your financial future is too important to leave on autopilot.

You wouldn't drive across the country without looking at the road.

Don't build your wealth without looking at your plan.

If this video helped you see where your plan needs work, do me a favor like this video.

Subscribe to the channel and share this with Someone needs to hear it.

One person.

That's all I ask.

And once again, this is Brian the Wealth Decisions guy.

Thanks for listening and I hope to see you next week.