Today, we tackle head on the myth that financial plans should be the same for all people. They simply shouldn’t. But we’ve probably all swallowed that line to some degree or another.
I was inspired by Friday’s show at how many unique variables and plans could be developed. So I sat down and made a list of 18 very important personal attributes that should dramatically affect a personal financial plan.
- Phase of life
- Risk tolerance
- Assets and liabilities
- Necessary return
- Perspective/outlook on the future
- Your health/expected lifespan
- Opportunities available to you
- What you enjoy
- Time perspective
- Political convictions/persuasion/ideology
- Religious convictions/persuasion/ideology
- Your economic forecast
- Family attributes
- Your alternative use of the dollar
We could create hundreds and hundreds of unique financial plans among these various attributes…and all would use a unique approach and unique financial product sets.
This is the kind of creative thinking we need to cultivate and encourage!