Maps, GPS, and Planning

"The Journey is the Reward."

Think back 20 or 30 years. If you were to travel somewhere new and you didn't know how to get there, what was your process?

Perhaps you bought a map, you had a map in a drawer - tattered and likely a few years old (not up to date), or you hauled out multiple maps because it didn't all fit on one page. You laid the map(s) out on a table and looked at how best to get from where you were to where you needed to go. Taking note of the streets to take, the right turns, the left turns, one-way streets, highways, on-ramps and off-ramps. There was a lot to consider and figure out before leaving the house, or you brought the map with you and figured it out as you went. A navigator in the passenger seat.

Now picture 15 or so years ago. You went onto MapQuest or whichever website there was. You plugged in your destination and started getting suggested directions. You could then print those off or write them down and take off for your destination. The map was a little more up to date: new roads, road closures, construction, and multiple options. It wasn't up to the minute; it had no idea if there was traffic or not and often didn't know if a road was under construction or not.

Today, what's your process? Maybe you pick up your phone and type in the address while you are getting into the car, or you punch it in the vehicles GPS as you begin to venture off. It gives you the perceived best route, tells you where to turn, updates you on construction, steers you away from traffic or accidents that could derail your journey.

A Financial Plan is exactly the same as this.

Knowledge, advice, solutions, and planning software have become so much more complex than a flip chart plan, an excel document (many still use for budgeting and cashflow), or a basic one and done plan that is different the instant it is printed off.

Planning should be a journey. Looking at every factor, but also evolving as the world iterates. As markets do their thing, as inflation is high or low, as your goals and plans change your plan should be living and changing with it. Your planner or banker or advisor or consultant should be updating it and you along the way too, you are paying them for that so they should be providing that service.

You wouldn't want to plan for Retirement and constantly be stopping, as markets change or plans change or inflation changes, to ask for a new plan. It should be an on-going plan so you can enjoy retirement without having to worry about how you will pay your bills.

Relate it to getting in your car now, with all the technology we have at our fingertips, and having to stop at gas stations along the way to ask for directions... this isn't the Amazing Race, nor should your Goals (Retirement, etc) be treated that way.

Do yourself a favor and use the most up to date methods of planning, your life will be much less stressful and easier for doing so.