Broker Check

Wouldn't You?

| July 25, 2019
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Invert, always invert.
Karl Jacobi

Mostly, our decision-making process follows a predictable arc. We decide that we would like to achieve some good end, like financial security, effective estate planning, a plan to retain key employees at our company or, perhaps, all of these things. Then we think about how we can achieve these desirable outcomes.

I now ask your kind indulgence. I want you, please, to engage in an inversion of the typical thought process. Instead of thinking about what you want, think instead, about what you do not want.

I will help by making a list of the most popular “don’t wants” from clients I have worked with, over the years. I will add in some of my “don’t wants” as well.

- We do not want massive losses in the value of our assets.

- Perhaps the only thing worse than massive losses are massive losses we believe, when looking back, that could have reasonably been avoided. We definitely do not want that.

- We do not want anything tragic to befall our families/loved ones, our friends, our coworkers, ourselves, or anyone else in general.

- Since we are adults, we realize these unhappy events are possible, despite our hopes and vigilance. Consequently, we certainly do not want to be underprepared if they do happen.

- We do not want to lose employees that are valuable to our business, especially not to our competitors.

- We do not want to be taxed more than necessary.

- We do not want to put our money in financial instruments that make it difficult or expensive to access, if we need to.

If we can avoid the above, along with a few other things and we work hard, provide value to people and save systematically, we will likely live an excellent and relatively worry-free life; at least when it comes to our money.

Estate planning, business continuity planning, retirement planning, education planning etc., is all about making our lives and businesses as efficient and secure as possible in the face of the inevitable challenges we encounter in life. It is about protecting ourselves from what we do not want, while we work toward accomplishing what we do want.

Wouldn’t you love not to be in a panic if the stock market crashes?

Wouldn’t it be great to not be stricken with anxiety when it comes to the short-term trajectory of the economy?

Wouldn’t you feel wonderful knowing that your vision and planning has solved for the greatest number of life outcomes?

If the answer is yes to any or all of these questions, then you might want to review your current plans. Evaluate them to determine if they will not only give you what you want, but that they will, most importantly, not give you what you do not want!

Wouldn’t you love a plan that will do and not do both?

If so, consider speaking with a financial professional you trust, to help you.Take responsible action. In large measure, your future is in your hands.

Scott R. McGimpsey July 25th, 2019

This material was prepared by Scott McGimpsey and does not necessarily represent the views of the presenting party, nor their affiliates. All information is believed to be from reliable sources, however, we make no representation as to its completeness or accuracy. Neither Summit Brokerage Services Inc. nor Scott McGimpsey is engaged in rendering legal, accounting, or other professionally services. If such assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any federal, state, or municipal tax penalty. Moreover, a diversified portfolio does not assure a profit or assure protection against loss in a declining market. UNIFIED PLANNING GROUP is an independent firm with securities offered through Summit Brokerage Services Inc., Member FINRA, SIPC

 

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