SWFG: Simple Execution
Originally Posted on 7/19/15
“Vision without execution is an hallucination.”
-Attributed to many, including Albert Einstein, Thomas Edison, and Henry Ford
For those of you who read our bi-weekly messages you know that I enjoy being outdoors. In late March, I had read about what sounded like a perfect first backpacking trip for my twin boys – a 14 mile hike with many waterfalls. Shortly thereafter, I asked them to join me on this jaunt and they actually said yes! They agreed to go backpacking with me and our good friends, the Espys. I now had just over three months to prepare – this was going to be a snap! My mentor, John Cromartie, had trained me well on how to prepare and what to pack. I could get ready for this trip in 48 hours if need be and I had 3 months.
The checklist was complete and July 3rd couldn't come fast enough. We left early that morning greeted on the road by torrential rain for most of the ride to the state park near Cashiers, NC. We were so concerned about the rain that we stopped to buy extra tarps to protect us from the elements.
As luck would have it, as soon as we hit the trail, the rain stopped and the temperature couldn't have been better. At our first water crossing, we were greeted by what appeared to be a three foot long Copperhead snake. A couple miles later a much larger Canebreak Rattlesnake sauntered slowly across the trail. Snakes? As Indian Jones said, "Why’d it have to be snakes?" I'm not a big fan. Perhaps this is why I like to backpack in the winter.
We saw some beautiful waterfalls and meandered into our campsite around 6 P.M. My preparations were paying off. I pitched my tent nice and taut and the set up my boys 2 man Tarp Tent. While having dinner I reminded the boys to make sure they closed the front of the tent when they went to sleep in case of rain.
As our campfire started to turn to embers, I retired for the night. Only to be awakened an hour later by driving rain pelting my tent. The rain seemed to last all night. As I expected, I was bone dry. We awoke to bright skies and I heard Mitchell ask his brother Max, "did you take a shower?" Of course he didn't! We were in the woods camping! Where would he shower? But he was soaking wet. Uh oh. THOSE boys didn't close the front of the tent!
Upon closer inspection it had NOTHING to do with my boys and EVERYTHING to do with me not executing properly on setting up their tent. I had not fastened 4 tensioners on each corner or staked down the sides of their tent. I had PREPARED but I failed at SIMPLE execution and the boys got soaked. I felt bad but the boys didn't seem to mind.
Failing at SIMPLE execution in the financial planning world happens too often. For those that actually go through the incredibly crucial financial planning process, many SIMPLY don’t execute. The usual suspects that are not executed are:
- Saving (or on the path to saving) at least 15% of your income
- Executing a systematic plan to invest regularly (you will rarely, if ever, find the right time to invest)
- Having the proper amount of life insurance if you are still working (tragedy happens)
- Having a supplemental long-term disability policy (sickness happens)
- Executing a thoroughly planned Social Security Income Strategy (yes, there is a strategy involved)
- Executing and sticking to a retirement income strategy
- Updating your will, power of attorney, and advanced directive for healthcare
- Earnestly discussing your financial and personal wishes with your executor while you are still in good health
- Updating/reviewing your IRA / Roth IRA / Insurance beneficiaries
I’ve learned my lesson. Preparation is essential, but as the famous philosopher Larry the Cable Guy says you just have to “get ‘er done.”
Go on and execute!
As always, thank you for the introduction of your friends and family that so many of you have made. We are honored to serve you! As a service to our clients, we are happy to act as a sounding board for your friends and family. If any of them should need a second opinion on their financial situation, introduce them to www.striblingwhalen.com or call us at 678-989-0048.
Regards,
Warren D. Stribling, IV, CFP®, Principal
warren.stribling@striblingwhalen.com
Brian E. Whalen, CFP®, CIMA®, Principal
brian.whalen@striblingwhalen.com
The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Brian Whalen and not necessarily those of Raymond James.
