Since 2007 when I started learning about the different financial products that ultimately lead to the Perpetual Wealth Strategy, I was so excited about how it all worked because it applied so much to me. I love what we were doing because it legitimately made a difference in my life. It made we want to continue to learn about it, and share it with everyone I know. But as you meet with clients, as you see what they’re doing, sometimes it applies and sometimes it doesn’t. Everybody has different circumstances and different needs.
Really what we do, and I think the luxury that we have, is that we have the capability to do web meetings and video conference meetings. This allows us to have the capacity to do a lot of one-on-one meetings, which means we can really get into the questions that people have, and get to the bottom of what they really need. We always want to do what’s best for them. Sometimes it’s getting out of debt, sometimes it’s having just insurance, or creating a will, or creating a trust, or just trying to save money, period.
When it comes down to it, when people learn more about us they learn that we aren’t really in the business of selling financial products, even though we do offer them. Our business is really financial education, helping people come up with the right strategy for them.
People are conditioned to thinking about life as a checklist. You go to school, you get a job and you try to work up that ladder, and you put money away, and you pay off debt, and you get a house, and so on. The general thought is that this checklist is one-size-fits all. It is the right thing for everybody. And before they know it, they get so far along and one day they think “what am I doing? Why am I doing this?”
When you look at the statistics associated with America today, the average returns that are earned in the market after fees are terrible. You look at the credit card debt people have, the student loan debt that people have, the mortgage debt that they have, and how much lower incomes are when you adjust for inflation, in comparison to what they were 40 years ago. So you look at everything that we’ve been told to do and then you look at where we’re at as a society and it’s just not working.
So as you look at how we’ve evolved as a company over time, we’ve been able to really educate ourselves on what tools and products should be applied to different situations, and how we can strategize the use of those tools to fit the needs of each individual client. That’s what we will be shifting to these three phases that make up the Perpetual Wealth Strategy: Growth, Income, and Legacy.
Growth is growing your assets and building your wealth. The Growth stage could be a 35 year old or a 45 year old that is in the middle of their business or career,and they’re still lively, and vibrant, and they’re still working and producing value. They’re not worried about taking their assets and turning them into income quite yet. They’re just growing their savings for that future time.
But a 60-year-old or 65-year-old is no longer focused on growth. He has now moved onto the second stage of the financial process: Income. He needs to worry about how he’s going to keep an income after he’s retired, and make sure he has enough for the rest of his life.
Then Legacy covers how plans for their families. What should happen to your finances when you’re gone? How should you structure your funds so that you can provide maximum value to your family or other causes?
Now, we can apply the same financial products to people in a number of ways, depending on what stage they’re at. We analyze where someone is at in the journey, and what they still need to do to have the optimal life later on, whatever they think is optimal for them. Then we can apply the tools and products in the proper ways to help them reach those goals.
And that is the heart of financial planning and financial strategy. Where do I want to go, what tools do I have at my disposal, and how can I utilize those tools to reach my goal?
To start this journey and learn more about the Perpetual Wealth Strategy with one of our agents, contact us for a free, no-string-attached consultation.
This blog was created based on our podcast The Wealth Standard. Click here to listen to it now!
