Don’t Make This Mistake With Your Retirement! by Chris Koopman

Don’t Make This Mistake With Your Retirement – Protection First

Christopher Koopman    Contributor: PowerPassionProsperity

When engineering a sustainable wealth building financial strategy, there are many factors that one must consider, but for simplicity let’s break it down into two areas I identify as “Phase 1” and “Phase 2”. In Phase 1, the focus should be on building solid Protection, building liquidity, becoming a world class saver, and reducing debt. Notice the order…Protection first! That’s right, I said it, PROTECTION FIRST! In Phase 2, we focus on Exit Strategy. Let’s save Exit Strategy for another article. For now, let us zoom in on how to build an efficient Phase 1.

You can focus all you want on reducing debt, building wealth, investing in the stock market, buying houses, etc. However, if you have not given attention to maximizing your protection component first, it’s like driving a car without a seat-belt. Everyone wants to get to the destination of “retirement”, however the most common mistake I see in Phase 1 of anyone’s so called financial plan, is lack of proper protection.
In my strategy meetings with clients,