By: Ryan P. Dolan
“All the problems of the world could be settled easily if men were only willing to think. The trouble is that men very often resort to all sorts of devices in order not to think, because thinking is such hard work.”
Thomas Watson, founder IBM
“The difference between successful people and really successful people is that successful people say no to almost everything.”
Warren Buffett
Epiphany: a usually sudden manifestation or perception of the essential nature of meaning of something; an intuitive grasp of reality through something usually simple and striking; an illuminating discovery.
Merriam-Webster
I’ve been hiking nearly everyday since the onset of the virus-late afternoon, long hikes in the vast open foothills near my house. It’s a welcome break from being confined to the house, gives my wife and kids some space, and lets me clear my head and unwind. I’ve found over the years that I do some of my best thinking during a hike. The combination of an extended period of solitude and quiet, being in nature, coupled with a moderate level of cardio exertion often leads to epiphanies and connections that otherwise would have eluded me.
Photo by author.
It’s as if the modern world is intentionally designed to prevent introspection. I’ve learned the importance of making time for solitude and introspection, to think about life and what’s really important. This is true in all areas of our lives, including financially. If I don’t consciously and intentionally build time into my schedule, open white space devoid of the noise, urgency and busyness of modern life, I find myself quickly getting off track. This manifests itself in a tendency to become shorter-term oriented and for my discipline and behaviors to start to slip. I lose sight of the big picture, of how my actions today have an impact on everything and everybody I care about, today and in the future.
Devoting time to thinking and planning involving saying no to many things, both bad and good. I have always been a big reader, yet it took me years to realize that reading can get in the way of thinking. It is another form of information “input.” When taking information in, we can’t begin to create our own personal “output” or ask the core questions about what success. We need time to begin to ask the proper questions, and then begin to unravel the answers. Financially, you need to define what success and financial freedom means to you. All financial planning is a battle of trade-offs between competing priorities and goals, and the needs of today and those decades in the future. If you don’t engage in this process, proactively and consistently, the chances are you will be living out someone else’s definition of success, and making choices and decisions you didn’t realize or intend.
Over the last few weeks, here are the questions I’ve been asking: For all the priorities and goals in my life, how am I doing? Am I focused excessively on one to the detriment of others? Am I focused on urgent but not very important issues, to the detriment of important but non-urgent ones? If I’m being honest, what are the elephants in the room that I am rationalizing or ignoring? Am I making progress in seeing reality, or am I letting biases and flawed thinking color my views and get in the way? What bad habits and behaviors have crept into my life, and what good things are being crowded out? Am I building, in David Brook’s words, resume virtues AND eulogy virtues?
Hard questions to ask, and trust me, harder to answer. When done correctly, which I don’t always do, the answers will be objective, honest, and, frankly, often demoralizing. They will also evolve and deepen over time. You need to keep asking. Over time, admitting what reality, facing it, and removing rationalizations becomes increasingly liberating, and is the critical first step in getting back on track.
I work primarily with mid-career professionals and business owners. Almost as a rule, they are driven, accomplished, intelligent and…perennially time-starved. The demands on their time often consume all of their bandwidth. Almost as a rule, they don’t invest the time to ask and answer their key questions. Most, at best, have a broad, hazy, and incomplete outline of who they are, what’s important to them, and where they want to go. As their lives and finances have gotten more complex over time, the pull of the urgent and the demands of today, crowds everything else out.
Photo by author.
It’s been my observation that the most harried new clients, those clients who can’t seem to find the time to schedule a call or return an email, have spent the least amount of time defining what success looks like to them. They are so immersed in the demands of the day, that over time, they have lost the plot of their lives. Frenetic busyness is often, frankly, an excuse to avoid asking the hard questions. They don’t have tangible, concrete financial goals and a workable plan to achieve them, and it starts to negatively effect their lives. Commonly, the candor and communication between spouses is less than ideal. They feelthey work harder then ever, have no time, and struggle with a nagging sense of anxiety and lack of control. Often, what financial goals they have are centered on accumulating “more. Balance, fulfillment and freedom are put off into the future. Life becomes one daily sprint after another.
My entire advisory practice is built with the mission of helping these types of clients. It’s about building consistent, proactive time to ask the salient questions and then actively working to excavate the answers. We iteratively get closer and closer to clients’ unique financial characteristics, needs, obligations, priorities, goals, and importantly, dreams. We build dynamic plans, and always keep clients centered on a handful of tangible action items. We help them prioritize and say “yes” to their key priorities and increasingly target what to say “no” to. By slowing down and investing proactive time, they find increasing mission and control of their financial lives.
During this unusual time, I suggest turning down the noise and distraction (Tiger King?) and asking yourself your key questions. From a financial perspective, do you feel you have more clarity and confidence today than you did a year ago? A decade ago? Dolan Partners’ process is specifically designed to help expedite this process for time-starved professionals. It won’t happen overnight, but sustainable financial progress, increased fulfillment, and less anxiety is achievable sooner than you realize.
Today: get outside, take a long walk, and ask if you are ready to begin the journey toward discovering your own financial epiphanies.
About Dolan Partners:
Dolan Partners is a holistic financial life planning and investment management firm, working hand in hand with professionals and business owners. We dive deeply into clients' financial lives, working to align their money with their unique vision, values and goals.
We offer complimentary introductory calls with prospective clients, which are always completely confidential and judgment-free.
Learn more at www.dolanpartners.com
Ryan P. Dolan
Managing Partner
Dolan Partners LLC
100 School St.
Danville, CA 94526