If you’re a drag racer, you are probably meticulous about your car.
Are you equally careful with your financial planning?
You may be surprised at the similarities between how fast your car or bike travels the quarter mile and the state of your finances. There are many parallels to how we as racers approach the building, tuning and maintenance of our cars. The fact is, we should be just as careful and vigilant about our retirement, savings, estate and risk management as we are about the vehicle that helps us enjoy our chosen sport.
There are five different areas of financial planning:
- Risk Management
- Investment Strategies
- Tax Mitigation
- Retirement Planning
- Estate Planning
All parts must act in harmony just like the parts of your racecar. How would your car run if the suspension couldn’t put all the horsepower you had to the ground? What if your brakes or trans brake didn’t hold you on the line? All these things can ruin a good run. Missing any of the financial planning parts can be equally disastrous to your financial health.
Vigilance takes some wisdom and a lot of common sense. But sometimes you need more than that – sometimes you need the help of an experienced professional.