Downton Abbey: Poor Retirement Planning

Downton AbbeyLast night, my wife and I watched Episode 1, Season 1 of Downton Abbey. This is a show set in 1912 about the wealthy aristocracy and their staff. In the first episode, the heir apparent to the Earl of Grantham dies in the sinking of the Titanic and leaves the family’s wealth at risk.

Risk is difficult to manage, especially for business owners creating their financial plan for retirement. So I could relate to the inheritance problem in Downton Abbey.

As the fourth season on Downton Abbey begins, I ponder if there is not a better way then having an entail.

The last four weeks I have worked with several people to organize an event in Denver, Colorado, helping entrepreneurs from all over the world grow their businesses.  The model was built around six key steps.

  1. Vision
  2. People
  3. Data
  4. Issues
  5. Process
  6. Traction

At the end of the day, each of the 18 entrepreneurs came away pumped to begin implementing a piece of the growth strategy.

What energized me was that these six key steps to growing a business could be applied by business owners to fulfill their personal financial goals.  The benefit of having these six keys in place allow you to identify (1) where you want to be, (2) how you are going to get there, (3) what steps to take, and (4) what resources and people you need.  This reduces stress and allows you to spend more time on the things you want to do.

Each financial plan is different: you have a different vision of where you want to be than your neighbor; you have resources that your friends don’t have, etc. Consequently, I urge business owners to look at the six keys you personally have, begin enjoying what you have created, and start your retirement road map today.

To learn more about James and the six steps in developing your financial plan, view his Paladin Registry profile.

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