1. Five Myths That Could
Cripple Your Financial Planning.
Life is a series of choices. Independent decisions in different areas of your financial life can
appear to make good sense. But when viewed as part of a whole, the incongruities become
apparent. Making isolated financial choices can lead to contradictions that keep you from
achieving maximum financial results. Avoid the following five myths to keep your financial
planning on track:
Myth #1: Retirement wealth is simply a function of
how well the stock market does.
There is a persistent belief that equates financial planning with the stock market, as if
the market were the only option. The turmoil and scandals of Wall Street during the past
several years have been jarring, but unfortunately many still think that bobbing along at the
whim of stock prices is their only option. The reality is that there are other ways to build
and protect serious wealth. These alternatives have historically rivaled stock market returns
but without the volatility.
Myth # 2: Wealth = Money Deposited x Rate of Return
x Time
Now it is certainly true that the amount of money you save, the rate of return you receive, and
how early you begin retirement planning are all very important factors in wealth building.
But where many financial plans fall down is failing to account for wealth-eroding factors.
Unfortunately, even many professional financial planners fall into this trap. To give one
example, does your current plan take into account current and future tax implications? Does
it consider the ramifications of putting the majority of your financial eggs in a government
tax-qualified and controlled plan (like 401(k)s) where the future taxability of the account is
completely out of our hands?
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2. A strong financial plan cannot be achieved using a linear mathematic equation. Wealth is
not just about how much you save and earn. It is also about how much you can keep and
protect.
Myth #3: That building serious wealth requires great
sacrifice
Here is a secret that wealthy people know: to build wealth, act like those who have built it.
Sad to say what keeps some from reaching their financial goals is that they tell themselves
they don’t have any extra money for investment. There is a method to find money in your
current budget you didn’t know you had. This “extra money” can be discovered through
forensic accounting. Practiced effectively, this can allow for financial planning without
cutting into your current lifestyle.
Myth #4: I don’t have a financial plan
Everyone has a financial plan. Life is all about decisions. It can be tough to acknowledge
sometimes, but not to make a choice is actually a choice. The same principle applies to
planning your financial future. To avoid making a plan is a plan, just not a very good
one. To have an employment-related plan here, some insurance there, and some randomly
accumulated assets elsewhere is a type of plan. It’s just a plan that might be costing you
money. There is a “macro” approach that makes a lot more sense. A true plan that is organized
and integrated.
Myth #5: All financial planning is pretty much the
same.
Everyone has access to the same investments, so just pick someone who has a nose for good
stocks, right? No, there is another, more sensible approach.
The method is the Lifetime Economic Acceleration Process (LEAP®). We use the Protection,
Savings & Growth Model (PS&G) to accomplish this comprehensive financial planning
with coordination, integration, and control.
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3. The PS&G model breaks down your financial plan into 3 distinct phases: Accumulation,
Distribution, and Conservation. Each phase has its own pottential and risks:
• Accumulation: important factors include market risk, inflation, and diversification.
• Distribution: focus on tax implications (how much of that money is really yours?). Also,
explore using assets that traditionally have not generated income.
• Conservation: Estate planning is key. Many find out that Uncle Sam is their biggest heir.
Look for ways to make sure your money goes where you intend it to go.
I understand the “how” and “why” most people make their financial decisions. My mission
is to educate and coach clients on how economics can affect and confirm financial decisions.
Our process empowers our clients to make verifiable, well coordinated, and educated
decisions in all areas of their financial life in order to provide for the maximum wealth
accumulation and protection.
My name is Anthony Petruccelli and I’m a Financial Practitioner with Rockwell Associates.
If some of the ideas and myth-busting in this report has resonated with you, I’d like to invite
you to further your financial education. I offer the “PS&G Financial Education Session”. As
with all my services, this 45 minutes consultation packed with financial advice is free. This
session is your opportunity to discover the comprehensive principles behind the Protection,
Savings & Growth model that will help you visualize what is possible with a rock-solid
financial plan.
Contact me by phone at 302.655.7151 or email me at apetruccelli@htk.com to schedule your
education session.
The preceding is for educational purposes only and should not be considered as specific investment or planning advice. Depending on individual
circumstances, the strategies discussed in this presentation may not be appropriate for your situation. Please consult a qualified advisor regarding
your individual circumstances. All investments involve the risk of potential investment losses as well as the potential for investment gains. HTK does
not provide tax or legal advice.
This report is property of Anthony Petruccelli. Report may be re-printed without alteration of text or authorship.
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