Know what you want to accomplish and develop a long-term strategy. Just as you’ll want your tax and estate planning and gifts to others on paper, you’ll also want to plan—with your advisor—your asset allocation and investment strategy. In the absence of a plan, you and your heirs are susceptible to facing important decisions in the middle of a crisis. That can lead to choices you later regret, often followed by more compromised thinking and other poor choices. Regardless of what events or crises lie ahead for you, you’ll still need a detailed financial plan that takes inflation into account. Use the nine steps from Chapter 12, “Expect to Pay a Price—Either Now or Later—for the Choices You Make About Handling Your Money,” to mathematically ...

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