Foundational. Perspective
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- Dwain Warren Chambers
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2 Foundational A Better Financial Plan was founded on the realization that there are favorable alternatives to the status quo financial strategies of today. Methods, that if properly implemented provide better investment return, greater liquidity, less risk, and more family financial protection. Methods that are not necessarily new, but unfortunately are not frequently shared or adequately communicated. It is for this reason that A Better Financial Plan was founded with a mission of getting out the word on simple steps that even the most financially timid can use to their benefit, and gain for themselves a more secure financial future. To adequately communicate these strategies, and to begin to educate those that A Better Financial Plan would eventually help, it was critical to build a foundation for the tenants of the method. The result was the 1346 savings plan. This paper offers up the concept behind 1346, insight into each key element, and how to identify whether or not investment choices adhere to the plan. The results for many clients of A Better Financial Plan have been strong financial peace of mind, as well as a more secure financial future. Perspective 1346 is not just a method, but a personal finance ideology, a matter of perspective, a very specific way to look at saving and investing. This cannot be understated, 1346 is an instructive plan on exactly how one should consider all investment options in a way that will clearly frame all and any consideration over any type of investment decision with which one is faced. As an example consider this commonly shared visual trick / optical illusion to the right. When one sees it for the first time they immediately make a determination about what they are looking at, an old woman or a young girl. However, if before they viewed the image they were told they were about to see an image of a young girl it would be difficult for them to see anything but that. The perspective is set, and even after being told what they are looking upon they will see the image first and foremost from their perspective. This is exactly what the 1346 plan offers, a clear perspective.
3 For years in the United States wealth accumulation has been considered in one specific way is a different way of looking at the same problem. So just like a person will see only the young girl if they were told that is what the image represented, 1346 provides a different key to decipher one s financial picture. The result allows for greater control over financial decision making in such a way that any individual will have the ability to become better at accumulating wealth and financially protecting family. The secret behind 1346 is not necessarily a secret at all, in fact it is born out of the classic personal finance story, George S. Clason s The Richest Man in Babylon The Richest Man in Babylon was published in 1926, is one of the greatest selling personal finance books in history, and remains popular today, selling thousands of copies each year. Its popularity is based on the fact that it offers simple common sense advice on the best way to achieve financial peace of mind. The book is in a story format and follows the exchange between the so called Richest Man in Babylon and a number of his lifelong friends who yearn to unlock the secret of wealth accumulation. The richest man offers a parable, 7 cures to a lean purse. The 7 cures are basically 7 rules by which to govern one s personal finances, and the richest man tells his friends that if followed the 7 cures will indeed fatten their purses. The Seven Cures to a Lean Purse (paraphrased) 1. Pay Yourself First: The simple notion of placing aside at least 10% of gross income for the sole purpose of long term savings. 2. Control Expenses: Discipline is the crux of the second cure. Mastering the detailed management of one s cash flow coupled with continuous small sacrifices over that which is a want (and not a need) provides a greater amount of wealth accumulation. 3. Earn a Fair Rate of Return: This cure to a lean purse offers a pragmatic look at what investment return expectations should be. While not calling out a specific percentage the message is clear, settle for a fair rate of return. Nothing more. Nothing less. An investment return too small does not adequately build wealth, and greedily chasing investment returns too high carries an undue level of risk. 4. Don t Lose Money: This critical element to the seven cures underscores the importance of guarding wages earned and invested at all costs, and to never enter into an investment that can easily lose value.
4 5. Own Your Own Home: Most of us hear this early and often in our lives. Don t squander rent that is merely an expense when a mortgage payment ultimately helps build equity. 6. Protect Your Family: The richest man in Babylon is a compassionate pragmatist. His teachings to his friends call out that it is foolish to not have any sort of financial protection in place for one s family. 7. Increase Ability to Earn: Also filed in the pragmatism column, this cure insists that individuals continuously work to increase their earning potential. Whether it is through training, reading, or some other form of education the idea is to nurture skills that have greater compensation history. Each cure the Richest Man in Babylon shares is intended to help his friends discover what they must do in order to have a similar sense of financial security is built on four of these seven rules, one, three, four, six, and assumes that the others are already being put into practice , the foundation for A Better Financial Plan, places as a filter the notion of creating a habit of savings, ensuring a fair rate of return, protecting against loss at all costs and protecting the financial stability of one s family. The result is a reliable roadmap for guaranteed improvement over the practice and control of personal financial security. Again, it is important to underscore that 1346 is a perspective, a different way of considering one s financial picture, and as such only works if there is commitment to keep that that perspective in focus. More importantly, one must understand that the picture developed though the filter of 1346 is of the horizon of a financial lifetime. The approach puts into place a system that creates wealth, and solves the problem of the need for income in the years when earning an income is simply no longer practical, or living off savings from traditional investments proves to include a surprising tax burden. The perspective that 1346 offers, then, is not just a personal savings plan for the long term, but is a complete ideology that pragmatically considers an important aspect of at least one objective of a life spent at work, have enough wealth to last well beyond the working years. To be clear 1346 is not a money buys happiness scheme, after all money can absolutely not buy happiness, but money can and does provide a greater degree of freedom and peace of mind. Too many today are dependent upon a status quo of personal financial management that fails to mitigate tax burden, keeps cash tied up and inaccessible, and exposes them to a great deal of risk is the solution to these problems. It
5 offers creative alternatives to help individuals maximize their current cash flow to increase the long view of their financial health and security. The Four Keys of : Pay yourself first It is likely that most have heard this statement before. Unfortunately the axiom is too easily said and not frequently followed. Remember, 1346 is a horizon view of your financial health. So paying one s self first is payment with purpose. Payment to one s future self and the entire family s tomorrows. The first tenant in 1346 is to ensure that any investment vehicle selected helps to foster a consistent pattern and habit of savings. Upon hearing this, a typical reaction from those currently investing in their company sponsored 401K plan is that they have the step covered. And to be clear savings of any sort, especially in a vehicle like a 401K is wise decision. But remember, 1346 is about filling the gaps that status quo investments have left. Moreover it is not clear that the introduction of the 401K in the late 1970s actually did anything to adjust the average American s ability to save. Ironically, the introduction of the 401k has coincided with a systematic and dramatic decrease in the savings rate for the US population. If there are billions of dollars invested in 401Ks, but the average savings rate in America was at an all time low in 2008, then it stands to reason that there are alternatives that will help accentuate any of today s long term savings plans. In other words saving for the horizon must include more than just the automatic deposits into the company 401k. Declining US rate of savings since introduction of 401k 3: Earn a fair rate of return. This is perhaps the most difficult step in 1346 for some to accept. Why? Because what it suggests is that a solid horizon based savings plan should not be focused on gigantic returns, but rather a fair rate of return. Consistent and steady returns do not deliver the kind of dramatic gains that people like to brag about at cocktail parties, but steady fair returns absolutely will result in a rewarding wealth building strategy. What about my 401k or buying mutual funds and hanging on to them? Surely this is a safe and sound strategy right? And after all the average return on those vehicles is about 9 to 10% right? This question, the typical reaction to someone who feels the
6 need to defend the status quo, is part of the reason why this step is difficult to accept. Buy and hold strategies are sold as delivering almost guaranteed returns of at least 8% to 10% in the long run. And in many cases this is absolutely true, average returns on well performing mutual funds will deliver this sort of performance. But the average rate of return does not adequately present the actual performance of these investments. For example from 1995 to 2011, a period which included two dramatic growth periods as well as two recessionary periods, the Standard and Poor s 500 index delivered an actual return of only 2.65%. For those currently in their late 30s or early 40s this 16 year period reprents almost their entire investment life to date. This is to say nothing of the risk associated with these investments. If one were to desire to shield themselvs from the risk that comes along with buy and hold strategies the expected return would most certainly not perform any better. For instance as January 2012 the rates on 1 and 5 year CDs are 1.08% and 1.80% repsectively. The CD will not lose money, but nor does it deliver a fair rate of return. A fair rate means not too little, BUT it also means not too big. It isn t about amassing as much wealth as possible; it is about accumulating wealth to ensure one s financial future and one s family s financial security. The 1346 plan suggests that a fair rate of return should always be sought, without comprimse. A 6% to 9% range is what should be consdiered fair, and if an investment cannot deliver that sort of performance than it is likely that it would not be found in a 1346 approach. The key here is to not swing for the finanical fences, but instead, sticking with the baseball analogy, play finanical small ball. A fair rate of 6% to 9% is similar to winning a baseball game with walks, singles and stolen bases. 4: Do Not Lose Money... EVER The fourth step in 1346 is perhaps the most important, but tends to compound the obstacle that first comes up with step 3. With risk comes reward, and many have been taught and believe the only way to get that fair rate of return is to accept the risk of loss. 1346, however, rejects this premise, and is able to do so by placing a high priority on avoiding loss at all costs. An investment that never loses, and consistently earns between 6% and 9% annually is far more attractive than investments that offer sweeping highs but come with the risk of crashing lows Why? Because even a small loss requires more and better performance just to make up ground of the loss. To illustrate this consider a $50,000 investment made in the stock market in January of For the next 10 years the Dow Jones Industrial index delivered about a 0.25% return and the S&P 500 a negative 1.35% return. The original $50,000 investment would have been worth $51,533 or $43,074 (a loss of nearly $7,000) respectively.
7 More recently the recession has been a decidedly dramatic event, since the onset of the recession in 2008 the Dow Jones industrial average dropped over 6700 points (between January 2008 and March of 2009) and nearly four years later has not yet made it all the way back. These losses have virtually wiped out any gain that was accumulated prior to the recession. From this perspective, status quo investments in vehicles like the 401K have violated two tenants of 1346, earn a fair rate of return and do not lose money. 6: Protect Your Family. The status quo investments of today, the 401K, the IRA, college savings plans like the 529 offer literally no protection for your family of any sort. These plans simply just stop having dollars accumulated to them if you become disabled or suffer an untimely early death. Worse, while your beneficiaries will have access to some of the funds, they may not be adequately sheltered from tax implications of the transfer of those funds. Simply put traditional savings plans do not insure a family s financial stability. There are solutions of course that do offer some protection but they violate They are not savings, they offer no return, and as an expense, money directed towards them is money lost. Alternatives like term insurance are sold as something that will allow you to get the protection you need for your family, at inexpensive rates. But the not often talked about secret with such a plan is that it places all of your financial future on investments that have a heavy tax burden on the back end. The 1346 perspective suggests that taxes must not be accepted as inevitable, but considered for exactly what they are, lost wealth dictates that family protection receives a high priority Applying 1346 Once the 1346 perspective is understood the appropriate action to take is to evaluate every financial investment decision against the four criteria that make up the plan. Does the investment help foster a habit and discipline of saving for the horizon? Will the investment deliver a fair rate of return? Is the investment protected from loss of any sort? Does the investment offer family financial security? Ideally an investment choice will adhere to at least three of the four characteristics of Building up a long term strategy with vehicles that adhere as closely as possible to 1346 will result in greater control and more consistent gains.
8 The table below offers some of today s traditional investments evaluated against In most cases they adhere, at best, to two of the four steps. A Better Financial Plan offers at least three different investment options that not only deliver on all four or three steps, but when combined provide the peace of mind that most seek when they reach their wage earning horizon. A Better Financial Plan 1346 is more than a strategy it is a philosophy of wealth creation. The plan is not a money buys happiness get rich scheme, but a way of financial life that empowers those that choose to enact it with greater control over their financial futures does not accept that the only way to build wealth and ensure family financial security is to expose one s self to investment risk. Rather, 1346 helps individuals implement a plan that nearly eliminates risk while delivering consistent fair rates of return. It is important, once again, to make clear that 1346 is focused on the horizon of one s financial life, and only works if there is commitment to paying one s self today so that their tomorrow s are as financially secure as possible.
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