1 week Ago By By Jimmy Williams, CPA/PFS, CFP ®
Life has a way of disrupting our predefined schedules to let us know that we do not control all aspects in which we live. In the past month, our office has moved locations, ordered new furniture, installed innovative technology, and attempted in all manners to continue operating at our normal level of efficiency. Quickly I realized that we were not going to be efficient and learned some valuable lessons that apply to investing and financial planning from the moving process.
First, you must have a plan of your desired outcomes. Our team created a timeline and written plan to address all contingencies (or so we thought) that may arise during this process. The time and energy spent planning the logistical maneuver was invaluable – even when uncontrollable events happened.
One of my favorite historical figures, President Dwight D. Eisenhower, stated that “plans are worthless, but planning is everything.” He is correct in that the plan itself you prepare for life may not be as accurate to your desired outcomes but the process of planning involves your mind and thinking about your future.
One of the contingencies we did not plan for was that the manufacturer of the new office furniture would delay our delivery for a month. Confidence in our plan and the timeline caused us to sell all of our previous office furniture so that we did not need to move it to the new location. Mistake #1: When relying on others to perform as agreed, hold some reserves for purposes of protecting your position.
After speaking to our salesperson at the office furniture store, we were relieved that she offered to resolve this dilemma since the delay was outside our control. Service is still a valid and desired business for our company. She was so confident that the company sent us new, temporary furniture and set up everything at no additional charge.
The second important part of planning is to communicate your intentions to all parties involved in the process. From a financial planning standpoint, this would be the assembling of a team of professionals that will help you achieve your goals. For example, your CERTIFIED FINANCIAL PLANNERTM professional will serve as the leader and center of operations.
This person will communicate, with your permission, with the attorney, realtor, banker, and other parties who will contribute to the plan. During our move, we utilized an architect who designed the layout and all required aspects of the physical office. Further, this gentleman oversaw the construction of the new office while monitoring the budget for the contractors’ work.
Another party was the lessor, who was very understanding and cooperative in seeking out the unique design changes and efficiencies we desired for an office. Upon completion of the construction, all parties were very satisfied with the outcomes. Lastly, as in life, your financial plan may need amending from time to time.
Think about the changes that occur, which may be a marriage, divorce, new child, or maintenance of your parents or a relative due to illness. You must revisit your plan periodically in light of potential changes to continue on the trajectory you established when writing the plan. Always look at the end goal and determine what is necessary for you to attain the ultimate form of financial freedom you desire.
Our furniture delay did cause us some emotional angst; however, patience is earned through tribulation. Life is no different. Focus on the long-term, big goal that you seek.
It is with immense joy that I announce our grand opening of the new office to be held on Friday, September 27, 2024. Our Compass Capital Team and the other professionals who assisted in this project are to be congratulated for their outstanding job! Planning is critical for long-term success. A written plan is the roadmap to assist you in staying focused on the ultimate goal by achieving smaller goals that lead you to the pinnacle of life.
If you do not have a written plan for your life, it is highly recommended that you seek a complimentary consultation with a Certified Financial PlannerTM professional to create a plan and assist you in managing the travails of life without losing sight of the goal – your happiness. See you at the football field. Editor’s Note: The information in this article is for educational purposes only and is not intended to be tax advice.
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