INDUSTRY INSIGHT
YOUR FINANCES
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“ 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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