How does the "Babe Ruth Rule" apply to the Financial Planning Process according to Doc White?

The "Babe Ruth Rule," as described in the context of the Financial Planning Process by Doc White, emphasizes the importance of creating multiple strategies to achieve financial goals. The essence of this rule is reflected in the idea that having three distinct plans allows individuals to prepare for various scenarios and adapt to changing circumstances. By developing multiple plans, individuals can approach their financial goals from different angles, enhancing their chances of success. Each plan can consider different risk tolerances, market conditions, and personal circumstances, which can lead to a more resilient financial strategy.

This approach acknowledges that the financial landscape is dynamic and may require adjustments over time. By having alternative plans in place, one can respond more effectively to unexpected changes and opportunities. Thus, the concept of having three plans enables a proactive and prepared stance in financial planning, leading to better financial outcomes.