There comes a point in time when you choose to both slow down and create more free time for yourself or you develop an exit strategy to shift from having a position of earning money to having your money produce your income to maintain your lifestyle. 

An adequate understanding of risk return relationships, distribution consequences and tax consequences are imperative to be implemented.  This is an ongoing monitoring process within the corridor of safety to maintain an inflation adjusted income string and not depleting your wealth and assets over time.  That is unless you’re consciously aware that you’re doing that and that is your thinking.

We live in a litigious society and since you’ve made a major investment in professional skills, society has put a bull’s-eye on your back from a litigation standpoint.  In order to defray any attacks that are in place, there are multiple protection techniques: such as strategies in reviewing how assets are owned, titled and accumulated, adequate third party insurance in case you have any type of suits.  It’s important to have all these techniques in place.  The major benefit of this is to cover the legal costs of any defense action.  How these overall tools are integrated and blended together totally develops the web and strength of your defenses.  Optimizing this is in you and your family’s best interest.

You have made a major investment in developing your professional skills.  If by chance, you are unable to perform all or some percentage of your professional skills, have you developed a strategy as to how you will maintain and evolve your lifestyle?  Are there adequate assets to supplement your income sources?  Are there adequate disability third party insurance policies in place with all the appropriate definitions to protect your professional skills?  In this ever changing market place, the pulse needs to be kept on this so that you are current with these types of coverages in order to protect this major asset.

There is a need to educate children, grandchildren, and family members on how to optimize income flows, asset strategies, and to be good fiduciaries and stewards.  Educating them on how to become financially independent on their own is a crucial discipline.  Time is precious, however it needs to be integrated, otherwise children can become financially dependent, never leave the nest and feel the benefits of being fruitful and beneficial on their own.