The last time I played golf with my father he was in his early to mid 80’s. To this point, I had never beat him on the links in my life.
Now I thought it was finally my time. At his age, how hard could it be to finally win? His drive on the first hole was down the middle of the fairway but not far, only about 125 yards. This should be easy to beat I thought, as I proceeded to power a huge drive that sliced well into the forest. The rest of the day continued the same way. My father hitting short but mostly straight shots and me continually getting into trouble. I never did beat my dad at golf that day or ever.
This made me think of how the same truisms apply to wealth management and golf. I lost to my dad at golf because I was trying for the big showy drives and perfect approach shot rather than playing a smart rational game. Investors often do the same when they look for that get rich quick stock, that special tip from their friend or a media expert rather than focusing on a strategic plan.
For a house builder, an engineer, a fireman; blueprints, written specifications and a written operations manual are critical to allow them to complete their job successfully and safely. Wealth management and investing is no different. Without a written strategy that starts with goals and provides a system and process to attain those goals, we are aimless and dependent on hope and luck to get to where we want to be in life financially.
That is why hiring an experienced Wealth Advisory Team with an all-encompassing Wealth Planning process that encompasses retirement planning, tax risk management and estate plans is critical to financial success. Using a sailing analogy, they will provide the direction for you to set your sail to direct your financials boat in the right direction and the stewardship to tell you when to change course when the winds and weather change.
I hope you enjoy and are staying safe,
Paul