Premortem
Jay Coulter, CFP?, CIMA?
Investment Strategist & Consultant to RIAs & Financial Advisors | Podcast Host | Author
Ron Shaich is a 71 year old Billionaire and founder of?Panera Bread.
He does not do 'New Years Resolutions.'?
He takes a unique approach that he calls a 'Premortem.'
According to a recent WSJ?article (Link):
'It’s a habit that began as a response to the death of his parents in the 1990s. His mother was at peace with herself when she died, he says. But his father was “racked with regret and remorse” about decisions he made and the opportunities he missed.?
Shaich says:
"Don’t wait until the end to decide if you are proud of your life.?Do it before it’s too late.?Do it while you can still do something about it.'?
The exercise is fairly simple:?What can?you do in the next three to five years?that?you will respect looking back from your deathbed?
After my bout with cancer?(Link), I started sharing my Mike Tyson analogy about looking at the prospect of death and it goes something like this:?
Motivational legend Les Brown says that the optimal way to die, after living a long life, is to be surrounded by the ones you love before you pass.
Here is what I learned: Those ghosts don't look ole Casper The Friendly Ghost.?
They look like Mike Tyson in his prime...and you are staring at him knowing it is over and all that is left is the pain...
The 'Premortem' exercise Shaich has successfully used over the years is a unique way to slay those potential ghosts ahead of time.
Shout out to Jen F for the idea this week!
Don't forget to download your free fpPathfinder Guides for 1Q: https://www.resilientadvisor.com/fppathfinder
Head of Asset Management at Abra | Columbia Business School.
1 个月Jay, thanks for sharing!
Estate Planning is not just about your Wealth Succession strategy, it's making sure that "Sudden Wealth Syndrome" doesn't ruin the lives of those you love.