The Secret to Doing More That Matters

By: Hammond Iles on January 25th, 2017

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The Secret to Doing More That Matters

financial planning  |  legacy planning  |  Estate Planning  |  Legacy Planning  |  Wealth Management  |  wealth management

Your Financial Wellbeing

Many people take more time and care planning their vacations than their financial and estate plan. They leaf through travel guides and find the best rates online, all in anticipation of a week or two in their future. Because we’re human, planning for short-term fun often trumps long-term gain. We’re not certain about our future—a retirement that we may not have saved enough for, taxes, and risks. Combined, all of this causes us to lose enthusiasm and the courage to devote commitment, energy, and urgency to our planning.

If You Don't Know Where You’re Going, any Road Will Get You There

To plot a course for a significant legacy, you have to plan for yourself. Once you’ve done that, you’ll have the confidence and clarity to plan for others.

One of People’s Biggest Fears is That They’ll Run Out of Money in Retirement

They wonder if they’ll end up as somebody else’s charity case.  That fear may be justified, completely unfounded, or based only on gut instinct. But you won’t know unless you have a complete view of your financial picture to resolve your doubts. You may be surprised to find that you can do far more than you think once you complete a financial assessment.

In our book You Can Do More That Matters, we talk to the founder and principal of an executive coaching firm-

He had a net worth of approximately $10 million, owned valuable property with no mortgage, had a solid income, and sizable investment portfolio. Finally, he was a board member of a Fortune 100 company and expected to be paid a seven-figure executive compensation benefit at the end of his term as a director.

He and his wife were intrigued with the idea of building a living legacy. We estimated for them that they could leave a philanthropic legacy of seven figures plus. But here’s the dilemma. His existing investment advisory firm had left the couple thinking that they would be lucky if their children inherited a few hundred thousand dollars – and that they faced a real risk of not having enough retirement income for the remainder of their lives. It turned out that his well-respected investment advisory had left the couple feeling fearful about their retirement, and they hadn’t even begun to consider family legacy or philanthropy in any meaningful way.

How did this happen? The firm had disregarded the value of the couple’s two properties, the value of his coaching business, and the value of the executive compensation plan.  Of his $10 million net worth, $7 million (which was not liquid at the time of the retirement analysis) had been ignored in the illustration that the firm created. Unfortunately, such an experience isn’t uncommon. Such incomplete planning holds back many people from doing more.

―Based on chapter 4

Financial Wellbeing-You Can Do More That MattersDownload a chapter of the book at domorethatmatters.com

 At Hammond Iles, getting you to your goals is what matters most. Our process helps you take control of your finances with a powerful, disciplined and diversified approach to investing, education, and objective advice.

Attend a Mind Over Money event to learn more about investing and get a clearer picture of how you’re doing. Contact us at (800) 416-1655 or clientcare@hammondiles.com. You can see a calendar of educational events at http://www.hammondiles.com.