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What is a Distinct Prosperity Target?
Approach for individuals or families to identify and quantify a specific goal.
Then build a strategy for achieving it.
Step : Identify – understand the qualitative before trying to quantify
Prosperity or success usually measured in T.A.I.L.S.
- What do I need?
- What do I want?
- What keeps me up at night?
Step : Quantify – anticipate the future values for each goal
Facts and Assumptions
- When is our goal going to occur?
- What’s the current cost of our goal?
- How much is the cost going to be? (inflation rates)
Tip of the day!
It is prudent to over-estimate the cost of your goals. Especially, if it’s a goal based on “needs.”
Where are you now?
Step : Build the strategy
- Understand your financial position (net worth and cash flow)
- Assets vs. Liabilities
- Income vs. Expenses
Finding the most effective way to achieve your Distinct Prosperity Targets
- Surplus cash flow
- Selling assets
- Increasing debt levels
- Other market conditions and personal factors that can affect the plan