Money Matters: Definition of Financial Success

  • August 2, 2018
Chuck Dudley

Chuck Dudley

BY: CHUCK DUDLEY
Vice President
(501) 318-0010  cdudley@argentfinancial.com

FIRST, HOPE IS NOT A VALID STRATEGY

Financial planning is sometimes based on Hope. What are the Hopes in a financial plan? I hope I live long enough, don’t become disabled, get the right interest rate, right tax rate, right rate of return and I hope I don’t run out of money……..

So, what if you don’t want ‘Hope’ as your strategy?

WHAT IS FINANCIAL SUCCESS?

When you don’t know where you are going, sound bite financial planning works. Or listening to co-workers or relatives. Pick whatever you want……..

Here is my definition of success….see if you like it….

  1. BUILD MAXIMUM WEALTH

Look at the results of a $100,000 investment at rates of 3% and 5% for 30 years. Over the years, this is how we have been taught to make financial decisions. Whomever has the guts to show you the higher rater of return is usually the one who gets the business. But that does not make it right……Is there any reason you and your family do not deserve the maximum?

How does that sound to you?

  1. YOU HAVE THE RIGHT TO SPEND AND ENJOY THE MAXIMUM WITHOUT FEAR OF RUNNING OUT OF MONEY

How does that sound to you?

  1. IF WE CAN ENJOY THE MAXIMUM, THEN WE WANT TO PASS IT ON TO:

Where might it be passed on……..

  1. Government
  2. Financial institutions
  3. Other wealthy people
  4. Corporations (health care institutions)
  5. Charities
  6. Your family…

Out of those six places, where would you want to see your wealth go?

  1. MY PLAN WOULD WORK UNDER ALL CIRCUMSTANCES

If the cost was the same, would you listen to all options?

Do these look like worthy objectives to shoot for?

HOW DO I ENJOY THE MAXIMUM?

That’s the question of the day, isn’t it?

Before you can enjoy it, you have to build it.

The familiar ideas come to mind……..savings, investments, spending control……..

But it’s most important to have a hedge against the fluctuations that we know will happen in markets, interest rates, politics and life in general. Your health for one……..and the unexpected death.

Life Insurance (there, I’ve said it!!) is another asset (yes, an asset….) that can provide protection and security to your wealth building efforts.

It helps you build a backup plan when things don’t turn out like you planned.

Imagine this……..37,000,000 people are without life insurance of some kind. And the trend is going downward, which means less and less people are covered. That means that future generations may not be able to build maximum wealth.

There are lots of benefits to having whole life insurance as an asset.

What is your definition of Financial Success, and what are you doing about it?

ACTION PLAN

If you really want to learn how to focus on any of the topics mentioned today, we will listen. We’ve been able to help families and businesses learn to use money wisely, and we’d like to help you too.   We would be honored to visit with you about how to help you and your business. My number is 501-318-0010, or you can send me an email at cdudley@argentfinancial.com.

An hour of your time spent analyzing your situation might make a lifetime of difference

Arkansas Insurance Producer # 1005698