“What do you want to be when you grow up?” A new school year will be starting soon for many, but it’s not just children who feel like they have to have answers to the big questions. New clients will on occasion visit our office with apologies ready: they don’t exactly know what they want or what they might need in the future. And that’s okay. Plans and hunches and visions… It’s all welcome.
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Even heroes get knocked down a time or two when fighting their monsters. There may be a couple of bumps in the road, but what good plot doesn’t have some conflict? With our passions in mind, a little bit of perseverance, and a good plan, we all get to be the hero of our own story.
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It might help to think about financial goals like a line of dominoes. Only one domino needs to fall at first, and the momentum will build. We don’t have to do it all at once 🙏
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Clients, it’s normal to feel this way: suddenly a change is upon us, and we feel like there’s more to do than we bargained for. For some, it can feel like waking up to a never-ending list.
I’ve heard it from young folks, just starting out. Once they become aware of the state of their finances, it can be both empowering and overwhelming. It starts to seem impossible to accomplish everything that stretches out ahead of them: big purchases like houses or degrees, big goals like travel or retirement, and all the unexpected stuff in between? Daunting.
Other parts of life can prompt a sense of being overwhelmed, too, like the passing of a partner, a big move for a parent. It can feel like there’s no way to do it all.
Things are not as they seem, though. No one can do it all… at once. That’s the key: nobody can do it all at once.
We’ve talked about this idea before in terms of the many hats we wear in life. Perhaps a better way to think of financial goals, in particular, is dominoes: only one domino needs to fall at once, but the momentum means that each one affects the next. Starting the chain reaction takes the most energy. The rest of it builds on itself.
Think about the prelude to most people’s spending and investing goals: the emergency fund. Once you’ve got this resource in place, you move onto the next goal. But you’re not starting all over from scratch for the next goal. It’s the opposite, because now you have a firmer, better foundation to build on. You’re already on your way with more freedom than before!
Meaningful goals compound. They become a resource in themselves.
Clients, what’s next for you? Where does it fit in the big scheme? Reach out, anytime.
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Maybe you’ve seen this type of picture on social media lately: the family perched on big rocks in the hillside or an orange sunset over the shoulder from the peak of a mountain. Plenty of our friends and relations have been enjoying more of the great outdoors in the past few weeks. Some have even been inspired to hike for the first time!
Those majestic views are such a treat, even experienced vicariously through my screen. But they had me thinking about those hikes and the challenges they pose.
Say you were planning a hike on a new trail. Maybe a two-mile trek would be a reasonable goal: challenging given the terrain, but totally possible. Yeah, it could actually be exciting to push yourself and make that happen! Two miles of work, the corresponding exercise endorphins, and gorgeous views?
That hike would be a win.
So you set off. After feeling the initial burn, you settle into a rhythm and are enjoying yourself. Maybe there’s more to gain here than you expected.
At the end of your planned route, you still feel like you have gas in the tank: on a whim, you travel on for two more miles.
You can’t believe it! This is farther than you’ve ever hiked in your life, more steps than you could ever have imagined! It is totally thrilling.
You check your watch. Time to head back, you suppose, but what a ride! It’s only once you look up that you realize what you’ve done. The gas in the tank was supposed to be for coasting back to comfort and safety.
Your reasonable win has become a burden. Your resources are low; it’s hard to enjoy what you did accomplish because of how little you’re left with now.
Mistakes like these aren’t always deadly or catastrophic—but they can certainly harm your goals and your wellbeing. For investors, the instinct to throw everything in on the way up (and up and up and up!) can mean that much harder of a fall when the reality sets in.
What’s a win? If you set your terms going in, you may be less tempted to risk your goal for some moonshot you didn’t need in the first place.
Clients, remember: we are all about your goals. If you feel them shifting or want to talk, call or email any time.
Once upon a time, a colorful character roamed the streets of our village, loudly proclaiming an unusual philosophy of money and wealth. “If you have a nickel in your pocket, that’s too much. You better spend it on something so you won’t have to worry about it any more.”
This fellow always paid his bills, raised a wonderful family, and left a legacy of love and service that lives on in his children, grandchildren, and great-grandchildren. All who knew him (and everyone knew him) remember his joy and his generosity.
Without judging that philosophy, it is easy to see the benefit of combining a longer-term focus with the idea of enjoying the moments and days as they come. (Even this interesting old friend earned a secure retirement sufficient for his needs.)
Talking with clients over the past few weeks as we deal with the COVID-19 pandemic, the difference made by having some resources is astonishing.
Money makes no one immune to disease. But those who have it have options that those without it do not. Before the virus showed up, we understood that money is awfully handy.
Clients, if you would like to talk about this or anything else, please email us or call.
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