One of the coolest cars I’ve seen that still sits in the Guinness Book of Records is the Duke University student built car called Maxwell. This 44 pound, three-wheeled car is short, aerodynamic and runs using a hydrogen fuel cell. It gets the equivalent of 14,573 miles per gallon.
This is not the car for a family on a vacation! It is small and sleek. There is no room for the kids, let alone your spouse.
Adding Efficiency to Your Retirement Plan
Now, imagine the power of financial efficiency in your retirement plan. Like the Duke University team of engineers, we look for ways to reserve energy (capital). Your vehicle must be efficient enough to run for the duration of the trip (your life expectancy).
This starts with reducing the drag on speed. For example, investments should be tailored to the right speed, without too much exposure to risk and at the same time, with enough exposure to give the potential for grow. Maxwell, the car, won the world record and only went 15 miles per hour. It didn’t have to go fast: it just had to go steady.
Direction is so much more important than speed. Many are going nowhere fast!– Richard L. Evans
A winning design seeks to mitigate risk. Transferring away the risks is a key strategy in financial planning. Insurance solutions, for example, such as life insurance. Insurance can provide for your family financial security if a sudden stress hits your plan.
Every retiree wants enough fuel (savings and income) to fund their retirement plan for their lifetime. The university students focus was on the whole car to achieve maximum fuel efficiency. Maxwell is “…capable of driving to any point on the globe using the energy in one gallon of gas,” per Patrick Grady, electrical engineering graduate. That’s the power of integrated planning, and the same approach works well for a financial plan.
Putting Knowledge into Action
We at Legacy are dedicated to helping our clients develop financial efficiency. Like the Duke team, we are putting knowledge into action, so that our clients can live their dreams with maximum financial efficiency!
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For more information about any of the products and services listed here, schedule a meeting today or register to attend a seminar.
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