Wondering what it takes to retire early? It’s not a universal formula, but we can take the idea of accumulating a million dollars of invested capital as a decent proxy.
How might the numbers shake out?
Want content like this in your inbox each week? Leave your email here.
We’re not ones for putting on airs, but we came across an idea lately that has us thinking about fine dining.
In French, it’s mise en place. (To get kind of close, you can say it like “mee zon ploss.”) For those who aren’t in the know, mise en place is French for “sort the buckets.”
Just kidding.
It’s a culinary term for “gathering” or “putting in place.” It’s the practice of preparing the kitchen workspace before service begins. You organize the ingredients. You put together what you’ll need at arm’s reach, and you tidy away what you won’t need for a while.
It can refer to the time you put into the process, and it can refer to the state of mind you get into.
Sound familiar? When we work on your financial plans and planning, we have called this process “sorting the buckets.” (Now, say it again with a French accent!) We take stock of our resources and arrange by time horizon. What do I need now? What will I need later?
What am I low on? What could use some tidying up? Sometimes even a quick review and a few small moves can make a world of difference. More things become possible with a little organization—and a little space to work.
There’s a certain calm afforded us when we know how we’re going to pay the bills, where we would go in an emergency, and what we can turn toward for the future.
That’s “sorting the buckets.” That’s mise en place.
Want content like this in your inbox each week? Leave your email here.
Play the audio version of this post below:
Each of our feet has 19 muscles, 26 bones, and 33 joints, but we usually do not think about a single one of them when we take a step. Coordination and balance are elements that happen beneath our consciousness. We are free to enjoy our walk, to daydream or reminisce or plan.
Can you imagine trying to think about what each of 19 muscles should do with each step?
Meanwhile, each of our portfolios has between twenty and forty holdings. We make adjustments every few months to pare some back and add to others, to buy new opportunities and sell out of others. We’re reading SEC filings, quarterly reports, economic news, and investment research to inform our efforts.
You—the best clients in the world—do not have to think about any of that while you are living life. Whether you are investing for the day you can live on your capital or already “living on the fruit crop” after a career tending the orchard, we are busy coordinating and balancing the elements to help build your wealth.
I like to walk; my feet are rather important in that process. But I appreciate not having to think about the flexor digitorum brevis muscle… or any of them! I’m free to think about anything else while I’m out on the trail or walking around the lakes or on the riverbank.
In case you do want to learn more about what is going on behind the scenes, our blog posts and videos and podcasts are a good way to learn about our philosophy and strategies and tactics. And you can always call or email us when you want a one-on-one conversation—we are here for it.
In the meantime, just like your feet, we’ll be working to get you where you want to go.
Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss.
Want content like this in your inbox each week? Leave your email here.
Play the audio version of this post below:
Clients, this week we’ve got a little behind the scenes tour: what happens in our in-house research process?
Here are some of the things we like to think about (so that you don’t have to!).
Want content like this in your inbox each week? Leave your email here.
The way events might occur by chance, to our happiness or benefit, is called serendipity.
It’s coincidence.
It’s good luck.
And maybe sometimes it’s providence. All of these could define the word “serendipity.” And all describe our long association with Larry Wiederspan.
Mark met Larry in one of his earliest incarnations in business, as a life insurance agent working with country banks and bankers. The owners of a small chain of banks sent him out west to see one of their branch office managers at a location 200 miles away, in the middle of Nebraska, to implement a benefit plan.
They hit it off. Mark worked with Larry and his wife Marilyn on their plans and planning. They not only came along as Mark’s solo practice grew into an enterprise; Larry played a key part in that transformation.
Serendipity struck a dozen years ago, when Mark learned that the Wiederspans were thinking about a move to our neighborhood after Marilyn’s retirement. Larry’s integrity, diligence, good faith, attention to detail, and friendliness were things our shop needed.
At the time, increasing regulatory requirements meant that files needed updating and business processes became more cumbersome—precisely when family health issues took Mark out of the shop for weeks at a time.
But things came together. Larry and Marilyn moved closer to their grandchildren, Larry started helping Greg and Mark take care of business through trying times, and you got the benefit of getting to know Larry.
It was a big win for everyone.
Larry retired a couple years ago, but it didn’t stick. He tells us now the time has come—for sure. We’ll soon be short the regular company of this conscientious and pleasant fellow who means so much to us. We are still here in part because he was here for us.
Mark’s gratitude will never repay the debt he feels to Larry.
In the meantime, clients, we’re continuing to work on our business with you—and planning for the future. Call or email us about anything you might need.
Cheers to you, Larry!
Want content like this in your inbox each week? Leave your email here.
Play the audio version of this post below:
In this video, Mark’s thinking about how things change—and how they stay the same—as they grow. It’s a business question, a philosophical question, and just kind of fun to think about! Join us on a little trip to the Greek Isles as we try to make sense of things.
Want content like this in your inbox each week? Leave your email here.
Maybe you’ve heard of a mental wellness day, or maybe you’ve taken one yourself! It’s an intentional break for work, school, or regular commitments to unplug from the world and take a breath. We know that it is impossible to be hustling and grinding every minute of every day. It’s nice to set aside time every once in a while just to relax—and remind us what we are working so hard for.
What if we incorporated the idea of a mental wellness day into a day of financial planning? Why not schedule yourself a financial wellness day?
Instead of looking at a review as just another chore, we can make a day of it! We can get our minds right and get our plans in order. We could take some time away from work, grab breakfast at our favorite spot, and get some perspective on our financial lives. For those with kids at home, maybe trade some babysitting with another family to buy a few weekend hours of focus. For partners, consider scheduling a financial wellness date!
No matter how you make it happen, focusing on financial wellness doesn’t have to be intimidating. You could work your way into reflection by asking a few questions:
You could start with a list or spreadsheet that includes a sketch of your monthly inflows (income) and outflows (spending). Jot down your current account types and their balances, as well as any other assets. If they’re weighing on your mind, you can also include any major outlays or projects coming up.
You can go as deep as you’d like: review the last 3 months or the last 12. Choose whatever level of detail will help you get the major parts of your financial life on the table. What kind of snapshot do you want to review?
You may notice that there are things that “don’t add up,” places where how things have been going is not lining up with your values or your goals. Maybe you’re spending more in one area than you would’ve guessed—and would much rather have those resources going somewhere else. Maybe you’ve been focused on the long-term more than you need to and can loosen up in some areas; maybe you’ve been thinking about the short-term more than you’d like.
So, what’s working well? What could use some more thought? This is a great time to get perspective on the big picture and start dreaming up any bigger plans that will take some runway.
For any list-lovers out there, this could be the time to collect any tasks that have popped up during the process: double-checking an employer’s retirement plan match or other benefits, naming beneficiaries or working on legacy planning, or canceling any subscriptions or services you’re no longer using.
Or consider giving yourself just one follow-up action. It could be as simple as a calendar reminder, set for a week or two after your financial wellness day, that says “call a friend to tell them about what I’m learning from my financial planning day.” The key is to plant a seed for yourself.
We know that these topics sometimes bring a little apprehension, so it pays to set yourself up for success. Figure out what will help you get into the right headspace—and where you might start.
We can also take heart that tending to our finances is one of the ways we take care of ourselves and the people we love. Time spent like this can pay dividends.
Have questions before or after your financial wellness day? Reach out, any time.
Want content like this in your inbox each week? Leave your email here.
Play the audio version of this post below:
You must be logged in to post a comment.