Wendy will correctly tell me that one of my biggest weaknesses is standard household chores. As such, she tries to make them as easy as possible for me, but she has learned that this is not a guarantee of successful execution.
A past example happened when her dad was visiting us. Wendy wasn’t home at the time and had texted me to please take out the trash. She would typically leave the trash bag at the top of the stairs, with the very simple request to put it into the bin downstairs for trash pickup.
I wanted this instance to be a flawless execution (particularly since today was trash pickup day)! I rushed from my office to the top of the stairs as soon as I got the text. There waiting for me was the trash bag. I quickly picked it up, ran it downstairs, put the bag into the bin and then took the bin to the curb for pickup. The bag felt a little different than normal, but I didn’t think anything of it.
When I got back to my home office, I was so happy with myself. That was the smoothest transition from trash bag to bin to pickup that I had ever been a part of.
A cleansing hot shower or bath
Later that afternoon, my father-in-law came up to me with a look of concern. He had asked me if I had seen any of his clothing. He could have sworn that he left his clothing at the top of the stairs for Wendy to wash. Gosh, my heart just sunk when I remembered that he always brought his clothing over to our house in a trash bag. Now his entire wardrobe was probably making its way to a landfill or a waste facility.
Wendy was furious with me later that evening. She asked why I hadn’t looked in our trash baskets under our sink. That is where the bags were. Furthermore, she was baffled as to how I couldn’t tell that the trash bag was full of clothing and not trash?
We had to go out and buy my father-in-law a new wardrobe. I was so excited about achieving an easy victory that I had failed by not paying attention and ignoring an obvious red flag.
When planning our finances, many of us tend to “coast” sometimes. Our assumption is that if we continue to do the same things the same way, we will always get the same outcome. That often doesn’t work in financial planning where the world is regularly changing around us.
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Is the makeup of your estate and the individuals you want to inherit your assets the same as it was 10 years ago? Is your investment allocation the same year to year or has it shifted due to market movements? Does it make sense to follow the same investment strategy when you decide to retire at 65 years of age as you did when you were 30? Would you say that your tax bracket is exactly where it was 10 years ago and that the type of long and short-term tax mitigation strategies you need to follow are the same? Tax law is changing constantly!
Coasting can make financial planning feel just as simple as taking out the trash. In most cases, it works and nothing bad happens. However, without a periodic and thorough review of your current circumstances, you will miss important changes and potential red flags that can pose longer-term financial challenges.
Our motto is “we can help you with that.” We will collaborate with you on any financial decision you make, engaging other subject matter experts when necessary. We will not stop until we get things right. We encourage you to reach out to us for assistance in making important financial decisions and we always appreciate you recommending us to others.
Setting the mood with incense
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by Hetmayar
In Loving Memory of Larry Wendell Cole
August 13th, 1940 – June 2nd, 2024
589440-1
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