INDUSTRY INSIGHT
YOUR FINANCES
SPONSORED CONTENT
“ A Unique Journey Every Step of the Way ”
This summer I joined five other family members to participate in the Terrain Race . This relatively new action sport includes navigating a series of obstacles through varying terrains stretched over three or more miles . Today we explore the similarities of the journeys of a Terrain Race and our financial life .
The First Step The Terrain Race begins with all the runners immersed in a swimming pool . On the starter ’ s gun , you propel yourself over the wall and begin your journey along the course already wet and uneasy . Our financial life can begin with the feeling of being in over our head . We must learn new skills and become comfortable making financial decisions .
Along the Journey
One of the challenges of the race , and life , is navigating varying terrains . There are times when it seems like we are on a downhill coast and others where the climb will never end . By design , the Terrain Race is not a smooth , level journey . You are tested to call upon
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different experiences and strategies to advance . At times you may have to muster all your grit to persevere and maintain focus on the task .
As in life , no route map is provided prior to or during the race . You tackle the course as it comes , one step at a time . You can look ahead to plan and adjust accordingly . Sometimes you can see a great distance ; other times you may find yourself in the darkness of a tube or cave .
This type of action sport includes 20 + unknown obstacles to be conquered prior to advancing . The race includes such obstacles as cargo nets , mud crawls , Tarzan swings , tall walls , rope climbs , and even monkey bars . Just like in life , we face an unknown set of obstacles . They are not equally separated but appear to be more random in their timing . Many of the obstacles demand the support and cooperation of your teammates to overcome .
Not knowing how long the course is and what obstacles await , it can be difficult to pace oneself . We find ourselves unsure as to how many resources are necessary for the entire journey and how we should manage our reserves for the uncertainty .
The Final Mile
Unfortunately , or fortunately , none of us knows where or when we will reach our finish line . However , we will need to successfully navigate such key financial matters such as Financial Autonomy , Tax Planning , Estate Objectives , Debt Management , Career & Business , Investments , and Risk Management .
Your professional advisor , as your “ terrain race ” teammate , can spot financial blind spots and help you successfully circumnavigate the landscape .
We invite you to learn how our leadership , expertise and support empower families , businesses , and nonprofit organizations to take great care of their total financial situation – to navigate economic and financial uncertainties , attack the unknown obstacles that are inevitable , and pace yourself to maximize your resources for the entire journey .
This Industry Insight was written by Brian T . Gongaware , CFP ®.
Brian is a Principal of McKinley Carter , serves as Director of Advisory Services in the Wexford office , and is also a Certified Financial Planner™ professional . He uses his deep expertise in client relationships and investment management to help clients identify their financial goals and needs , and design appropriate financial and investment strategies .
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