The Daily Meaning
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Ron Popeil Would Be Proud
When working with clients on investing, I stress the importance of simplicity, consistency, and patience. We choose broad, cheap funds. We make contributing a habit in our life. We remember how long our time horizon is.....so we don't freak out about the volatility along the way
Gaining Control When It's Simple(r)
I recently met with a new 22-year-old coaching client. There’s something special about working with young people. They have big dreams, a ton of passion, and the energy to match it. They also have something else many of us more senior people don’t have: simplicity. Many young adults don’t have spouses, kids, houses, or weighty financial entanglements……yet. Instead, they have small bank accounts, a few assets, and a lot of time in front of them.
The Dreaded B-Word
I talk about budgeting every single day. It’s a cornerstone of my coaching. It’s not because I especially love budgeting, but rather because of how important it is. It’s so important, in my perspective, that we need to get that right if we want to achieve the other financial goals in our life. People will often tell me they do great without a budget. That may be partially true, but they also don’t know what they don’t know. From my experience, they are driving a 5-speed transmission but only think it has 3 gears. 3rd gear feels really fast if you’ve never experienced a 4th or 5th gear. Something very powerful is unlocked when budgeting is done right.
Delayed Gratification
Later today, I’ll be delivering the keynote address at a Future Business Leaders of America conference. It will be comprised of 150-300 high school students interested in pursuing business careers. I’ll be talking about three myths I believed when I was younger, and why overcoming them can be transformational for their journey.
Defining the Win
Later today, I’ll be coaching Finn and Pax’s 6-year-old basketball team. At this age, it’s a mess! Some can dribble, most can get the kid-sized ball up to the lowered hoop, and the defenders look lost. Even at this age, some of the kids obsess about the score. During last week’s game, I honestly don’t even know what the score was. I’m not sure it was even being kept. To me, that was completely irrelevant.
The Fear of the Unknown
I recently had an initial coaching session with a new client. They were excited to get started, but honestly more scared than anything. This is fairly typical and I expect that going in. I used to be surprised by this, especially from families who are obviously (to me) doing well. Here’s what I’ve learned, though. Most people don’t truly know how well they are doing (or not doing). All they know is their situation, and have little else to compare it to. They may feel like a mess behind the walls of their own home, and all they see from everyone else is the tidy curated exterior. This breeds a quiet feeling of failure.
Old Habits Die Hard
“I’m sorry, but old habits die hard.” These were frustrated words proclaimed by a client during a recent coaching meeting. This quote was thrown out during a somewhat tense conversation about a few of his questionable decisions and repeat offenses. I wasn’t asking him to perform brain surgery….these were simple adjustments in behavior.