Yep, I can still remember the HUGE events these major Windows releases were back in the day…
And if we wanted to update our OS, we would do it with physical media - at the time it was typically a collection of disks 💿 that we’d plug into our HUGE computers and wait for what could take hours for things to update to the latest and greatest that Microsoft had to offer.
And for you Mac-only folks out there, their updates were delivered the same way at the time.
Compare this with today when our mobile phone OS is updated “over the air” and our computers are updated much the same way. 🖥️
In addition, rather than a BIG, once-every-few-years event to update your computer, now things happen more often and more incrementally.
Figured out where I’m going with this yet?
You guessed it… your financial OS (or financial plan) should have evolved in a similar fashion since the mid-90s.
Traditionally, financial planning was a once-every-few-years undertaking that was often both time-consuming and burdensome to you due to ALL the data you had to assemble and organize.
And if you did survive this not-so-friendly process, your financial plan was out of date as soon as the ink was dry on the 80-200 page document. 📘
This was a time when financial plans were usually little more than an elaborate proposal on why you needed more whole-life insurance, an annuity, or a portfolio overhaul.
Today, I’m happy to let you know there’s a better way.
Much like the apps on your mobile phone which regularly receive incremental updates and improvements in an ongoing fashion, so too should your financial planning.
Just like the authors of the latest mobile app, who need to adapt and respond to a changing landscape of software, users, mobile OS, and more, you and your financial plan should also be setup in such a way that you can rather easily make incremental updates and improvements in an ongoing fashion to adjust and adapt to the changing landscape of your life, the markets, world events, legislation, and all that is our lives these days.
At least that’s how I believe things should be done to give you the most comfort and confidence that you’re on the right track.
And by the way, you’re the one that has to define your very own “right track”.
That’s not something I or anyone else should do for you.
But remember, your plan is only based on what we know right now.
This very moment.
And tomorrow, everything can change.
Global pandemic anyone?
So you need a flexible, adaptable financial planning approach that can be nimble and easily accommodate new information as you get it.
If your financial plan is still “running on Windows 95” you’re probably long overdue for an update.
Don’t ya’ think?