Financial Independence is a Two-Part Test

(edited transcript) … Clearly, independence is something that people in my line of work talk about all the time– financial independence. I’ve just had a litany of meetings here of late with new clients that have come on board, all people with a lot of money. Very few of whom had the clarity that they needed to really feel independent. So, I think when you talk about financial independence, it’s a two-part test. We meet a lot of people who are confident, they know they have money, but they don’t have the second piece of what it takes to achieve true financial independence, from our perspective, which is clarity. How exactly are you going to, perhaps, move from an accumulation phase to a distribution phase? What does all that entail, from asset location to where you take distributions from, to how you generate free cash flow. But even beyond that, what are we really trying to achieve? Where are we trying to get to? Speeding off in the wrong direction doesn’t get us any closer to achieving our goal than never having left the dock in the first place. And so, really walking through with clients, we’re going to build you plans and portfolios that address your goals. But we need to start with what is that goal? What is that destination that’s going to help you feel independent, and do you have, not only the confidence, but the clarity of the path, to really help achieve that?

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Financial Independence is a Two-Part Test

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