Climbing a mountainSubmitted by Financial Planning Solutions, LLC on October 11th, 2018
During the Columbus Day weekend, my son Sam and I went up to Augusta Maine to visit my sister.
She planned a hike for us at Little Bigelow Mountain which is accessed through the Appalachian Trail and has an elevation of about 3,000 ft. My brother-in-law Tom came along as well as their neighbors Emma and Ty along with their dog Bella who ran circles around us all.
As we climbed the mountain, I saw many similarities to financial planning.
First, one must plan.You wouldn't want to do this hike without good shoes, the proper clothing, water, and some food.In planning one's finances, you have to "plan" as well. Making sure things are in place for emergencies if one couldn't work or passed away or even if a major repair was needed on your house or car.
In life, things don't generally go straight up either. Life is full of zigs and zags and sometimes bad stuff happens. This mountain didn't go straight up either. At times it was rather steep and pretty slippery and folks fall. Other times, we were heading up but actually going down.
In financial planning, many times it may appear we aren't getting to our destination fast enough and our investments don't always go straight up. In climbing, you sometimes need to reevaluate the path you are on to avoid a fall. In planning, it can make sense to pause to make sure your actions will still provide the best outcome.
In both cases, one must stay the course if they want to make it to their desired destination.
If you need a good Sherpa, we are simply a phone call or email away.
All the best.
Rick Fingerman, CFP®, CDFA®, CCPS®
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