The three enemies of success are failing to plan, taxes and inflation. In High School I learned the refrain, “If you fail to plan, you’re planning to fail.” If we look ahead to the lifestyle or goals, we envision 10 years from now, are we on track? If so, how do we know? If not, why not?

Nobody likes paying more taxes than they must and there are accounts which enable us to minimize and eliminate taxes. The three main types of accounts are taxable, tax deferred and tax free. Most of us would agree that taxes would increase over time. So, wouldn’t it be preferable to consider appropriate tax planning sooner rather than later?

Inflation affects the spending power of the dollar. If we reflect on what $100 bought us 10 years ago compared to what it buys us today, we will relate to how inflation erodes spending power. Ideally, we want assets that outpace inflation which today is 3.3%. If you haven’t recently, revisit your success enemies.