Financial Independence is a dream that many long to achieve. Most would likely agree that dwelling on the past seldom leads to reaching one’s goals and dreams. As only a comedian can do, this clip from Conan O’Brien dramatically shows how perceived misses do not lead to meeting your goals and dreams.
It is not hard to imagine that one would wish for an “easy button” that magically provides the perfect plan, and better yet, no changes needed to be made in the plan. People serious about their financial future recognize that the likelihood of that happening is very small. In a previous article “Evidence for a Successful Retirement”, six areas to be explored included: sufficiency of cash reserves, assessing the potential exposure of loss of assets and/or liability, evaluation of the resources needed for financial independence from employment, a solid investment strategy that is consistent with goals and other considerations in the plan, the accomplishment of the transfer of wealth to the right people/ entitles and the necessary funding of any special needs.
A good plan focuses on the future and engages high probability strategies and tactics to meet long-term goals and objectives. The past may be instructive, but for most people developing a solid plan and sticking with it will do much more to meet the goals and achieve financial independence.