Why are today’s Americans in a delicate position financially? What can you do to protect yourself?
Missed Fortune notes that the United States is experiencing a period of unpredictability that may lead to long-term damage.
From the perspective of the financial experts at Missed Fortune, our country has truly dug itself into a deep hole with our spiraling national debt. For many legislators, raising taxes is seen as the best solution for this problem, shares Missed Fortune. But with market instability already taking a toll, higher taxes are only taking another bite out of the IRAs and 401(k)s of millions of employees nationwide.
Are you choosing financial instruments that work for you now … or those that will bring about the best results when you need them most, during retirement?
Financial strategies should be chosen based on when they will do the most good, says Missed Fortune. But if you’re like most Americans, you may be subscribing to the theory that there is only one way to save for retirement correctly. There is a better way.
Where you put your retirement money is significant, as you need to protect yourself from market volatility, taxes, and inflation.
When working with current and potential clients, Missed Fortune points out that the right type of attitude is necessary to make major adjustments that could affect overall financial outlooks.
Q: In meeting with clients about their financial status, what’s the first thing that you typically impress upon them?
Missed Fortune: Taxes, taxes, taxes. So many heading towards retirement don’t realize the impact taxes can have on their future nest egg. With the government’s spiraling deficit, taxes are positioned to rise higher than ever before. In order to protect retirement savings from this onslaught of higher taxes, people must consider different strategies in order to potentially maximize efforts. Being positive and proactive about taking these measures can make a big difference. But this may be understandably difficult. Unfortunately, America continues to see a high unemployment rate, and we believe that means trouble for the economy. Our clients are encouraged to be alert about any changes that may affect their savings and be prepared to take nimble action.
Every day, the team at Missed Fortune instructs Americans on how to manage equity in intelligent ways that maximize financial results.
Q: In terms of examining my financial status, what are the key tasks I should be concerned about?
Missed Fortune: Just like GPS locates your exact starting point before it gives you a route to your destination, start by identifying where you are right now, and where you want to be. Then establish your path with a clear set of goals and get on the road to attaining them by implementing the strategies you need to get there.
Q: How can I recognize when I’m being resistant to new and innovative ideas?
Missed Fortune: In order to see this resistance, we have to be completely aware of our distinct patterns. It’s impossible to achieve dramatically different results while following the same old patterns. What gets most people stuck in a rut is their inability to step outside the box and push forward to a new level of success. True growth occurs when we seize overlooked opportunities and stretch our boundaries.
The time is right for Americans to make tremendous strides toward a brighter financial future, and asset optimization specialist Douglas Andrew of Missed Fortune is asking, “What are you waiting for?” For far too long millions of people have followed the crowd, mimicking what “everyone else is doing” when it comes to retirement planning. If you’re one of them, you may be giving up critical opportunities to enjoy a more abundant life, now and in retirement. Andrew has traveled the country as a public speaker and financial strategist, sharing insight at Missed Fortune seminars so people can run, rather than jog, walk or crawl toward retirement. His book, Missed Fortune 101, steers readers towards financial responsibility and independence.
Achieving growth doesn’t happen overnight, advises Douglas Andrew. And Authentic Wealth isn’t for “financial jellyfish,” either. You’ll need to be willing to learn more, to commit to self-discipline, dedication and evaluation. As part of that introspection and growth, Douglas Andrew teaches the DOS exercise for Missed Fortune clients in both their professional and personal lives. The DOS Exercise was first created by Dan Sullivan, entrepreneurial coach, mentor and personal friend of Douglas Andrew. Dan Sullivan founded the organization Strategic Coach in 1988, with clients who come from a dozen countries and more than 60 industries.
Q: Where have you drawn inspiration for your own personal and professional goals?
Douglas Andrew: I’m a believer that achieving growth requires serious planning and evaluation. We can’t accidentally find the best path, or mysteriously fall into better habits that can transform our lives. Dan Sullivan, a highly acclaimed entrepreneurial coach and my personal friend, teaches a 10-step method called the DOS Exercise. It requires evaluating 10 areas of your life and then continually charting progress until you accomplish your goals. The exercise focuses primarily on relationships, but it can be applied to other areas of our lives, and it works for any person at any age or stage of life.
Q: What is the SMART Method?
Douglas Andrew: SMART is an acronym I use that relates to goals that are Specific, Measurable, Attainable, Relevant and, finally, established in a certain Time-frame. I have worked with thousands of clients throughout my than 40 years as a financial strategist and Abundant Living Coach, and I can say that the SMART Method has proven to be a powerful tool for helping individuals to determine the best possible goals. As you look at improving your relationships, I recommend that you start with (in this order):
Q: What does “above the line” mean?
Missed Fortune: Remaining “above the line” means acting with responsibility and accountability. When people respond in this manner, there tends to be significant progress. Meanwhile, staying “below the line” is to operate within the dangerous zones of shame, blame and justification.
Q: Where do people generally falter in their efforts?
Missed Fortune: Everyone encounters failure on occasion, but it’s a person’s reactions to failure that truly matter in the end. The important thing is not to justify mistakes or blame others, but to take responsibility and learn from these errors.
Q: What’s the number one reason people make poor choices regarding retirement income?
Missed Fortune: Many people won’t make the effort to get educated. This is a recipe for financial misery and the root of careless errors. Plus, most insurance agents don’t handle enough max-funded, tax-advantaged insurance contracts to be an expert on the subject. These policies consist of several moving parts, and structuring them correctly requires education and in-depth study.
Missed Fortune offers an effective strategy that helps consumers build wealth and ensure long-term financial security. Through his Missed Fortune books and website, Douglas Andrew imparts what he’s learned to savvy investors throughout the country.
While gaining wealth is an important goal for many Americans, the Missed Fortune strategy recognizes that true wealth is about much more than money. Douglas Andrew states that by optimizing all the assets on the family balance sheet, true, authentic wealth can be achieved.
According to Missed Fortune founder Douglas Andrew, life insurance–specifically indexed universal life–can be used in retirement as a tax-free vehicle to generate income tax free under certain sections of the tax code. It can be very safe, protected, and with real low cost over the life of the policy, says the founder of Missed Fortune.
First of all, says Missed Fortune, it is important to understand that in the early 1980s insurance companies created policies where cash value could be accumulated safely, earning a good rate of return. Under Section 72(e) of the tax code, cash value inside of life insurance grows tax deferred. Under Section 7702, individuals can access those gains tax free via tax-free policy loans–zero cost loans [Andrew speaks about this in another Missed Fortune YouTube video]. And under Section 101(a) the death benefit transfers tax-free. Back then, says Andrew, people were buying a $50,000 policy to put in a half million dollars. They were getting tax advantages by having a small policy, according to Missed Fortune ’s Andrew.