When it comes to your financial planning, doing it right is very important.
After 40+ years in the business of helping people protect what they love…families, their businesses, important charities, etc., what I see is people not planning properly. The results often include: family infighting, businesses being shut down or sold for less than true value or taxes being paid unnecessarily. None of this has to take place if only people cared enough to do things the right way.
When you own a home, you insure it for replacement cost. Car insurance is required by law to protect strangers. When I bought my last cell phone the insurance cost almost as much as the phone. Ask yourselves what you insure.
Unfortunately, the things that people underinsure most frequently are their most valuable assets. For your spouse and children, it is you. For your business, it is your key personnel. If you support your college, your church, or another important charity your donations disappear with your death.
If you take this seriously, you will often discover that evaluating your budget, your deductibles and your improperly designed retirement accounts can free up the funds needed to do your financial planning the “right” way.