Leverage lifecycle — draw → paydown

Leveraged plans don't borrow forever, but the two model the unwind differently:

• Smith Manoeuvre runs an explicit lifecycle: a draw phase (re-borrowing mortgage principal onto the HELOC and investing it), then a paydown phase (drawing stops; surplus routes to retiring the HELOC; once clear, it invests).
• Margin Float has no fixed draw timer — the arc (building → floating bills → all bills floated → paying down → self-funding once dividends cover the loan) is emergent from the safety math. Your end-game dial decides how the loan resolves: paying to debt-free, holding the leverage (never repays for its own sake, but the safety dial still deleverages in a downturn), or keeping it in a band.