thecoach
Contributor
Being someone from the financial industry, I've seen several twists on the "3 plans" idea. If you google search "financial pyramid" you'll get the idea.
In relating most of the concepts of the financial pyramids (which generally have 3 tiers to them, sometimes 4, splitting the 'comfort plan" in short term and long term catagories), I would interpret RK's 3 plans to this:
Secure plan, is like your defensive plan often refered to as risk management, non-controlable events, protection plan, insurance planning etc. Building up a wall to protect your finances. This is mainly insurance planning (life, health, property, liability, etc). This would also include things like a will and Power of Attorney.
Comfort plan, is like your offensive plan often refered to as savings and growth, asset building, controlable priorities, investment planning, etc. Padding the stats a little to get ahead and put a coupel points on the board. This is, as mentioned, a lot of slow lane ideas like building equity in a house, retirement savings (401Ks, RRSPs, etc), mutual funds, emergency funds, short term savings (doodad fund) and childrens education funds (RESPs, etc).
Getting rich plan is like your championship, where everyone wants to be, and you need to balance offense and defense to get here (What most FP's say, fastlane would say otherwise). Often refered to as Wealth accumulation, speculation, etc. This is fastlane stuff...real estate investment, business investment, substantial passive income, Lambo investment , etc
Think of it like building a house....Rich plan = Van Gough painting or 10 foot flatscreen TV on the wall. Can't hang it up without the walls (comfort plan) and in order to make sure your walls don't come crashing in, you need a solid foundation (secure plan). Before you do any of it you need a blueprint (your goals and details of your 3 plans).
In relating most of the concepts of the financial pyramids (which generally have 3 tiers to them, sometimes 4, splitting the 'comfort plan" in short term and long term catagories), I would interpret RK's 3 plans to this:
Secure plan, is like your defensive plan often refered to as risk management, non-controlable events, protection plan, insurance planning etc. Building up a wall to protect your finances. This is mainly insurance planning (life, health, property, liability, etc). This would also include things like a will and Power of Attorney.
Comfort plan, is like your offensive plan often refered to as savings and growth, asset building, controlable priorities, investment planning, etc. Padding the stats a little to get ahead and put a coupel points on the board. This is, as mentioned, a lot of slow lane ideas like building equity in a house, retirement savings (401Ks, RRSPs, etc), mutual funds, emergency funds, short term savings (doodad fund) and childrens education funds (RESPs, etc).
Getting rich plan is like your championship, where everyone wants to be, and you need to balance offense and defense to get here (What most FP's say, fastlane would say otherwise). Often refered to as Wealth accumulation, speculation, etc. This is fastlane stuff...real estate investment, business investment, substantial passive income, Lambo investment , etc
Think of it like building a house....Rich plan = Van Gough painting or 10 foot flatscreen TV on the wall. Can't hang it up without the walls (comfort plan) and in order to make sure your walls don't come crashing in, you need a solid foundation (secure plan). Before you do any of it you need a blueprint (your goals and details of your 3 plans).