When I was in my twenties, I spent the better part of a decade trying to be, as I now reflect upon it, perfect. I was in therapy every week, I read every book on metaphysics that I could get my hands on, and, well, I even did several retreats at Esalen (look it up). Sometime in my forties I arrived at the conclusion that I was already perfect . . . as perfect as I was ever going to be, and as perfect as I needed to be.
On August 6, “Barbie” made a billion. The film, directed by Greta Gerwig, is the second highest grossing release in the history of Warner Bros. So far, it has outpaced Harry Potter (Deathly Hallows – Part 2) and grossed more than “Oppenheimer” and “Spider Man.” It made Gerwig the first female solo director to make a billion dollar movie. Only 28 other people have directed billion dollar movies in Hollywood’s history. All of them are men.
“Goals are for people who care about winning once. Systems are for people who care about winning repeatedly.” I received the above quote in an email last week from ‘Atomic Habits’ author James Clear (which is a terrific book in case you’re curious) and the sentiment really resonated with me.
When I first started college at CU Boulder, there were plenty of opportunities to expand my knowledge and be an engaged student. There were also just as many (if not more) opportunities to skip class and mess around. This is a reality that many parents might be aware of but aren’t necessarily equipped to prepare their kids for. I was fortunate enough to have parents who offered to cover my education expenses, but they were wise enough to implement some ground rules. Any semester that I got below a certain GPA meant that I had to pay for that semester. I started off strong, but I fell short once or twice, which led to graduating with student loan debt.
Several years ago (15 years is now “several” at my age) I took my then 8-year-old son out to play catch. Living in the concrete jungle of Philadelphia, it’s sometimes difficult to find an open space so we ended up in the parking lot of the local elementary school. In hindsight, it was not the smartest decision. After a few throws, he sails one over my head and the ball lands squarely on the rear of a brand new Prius leaving a visible dent. My inner reptile immediately told me to high tail it out of there, but I quickly re-evaluated this impulse and realized that I was right in the middle of a “teachable moment.” I scribbled my name, phone number and a short note on a post-it and took the boy’s hand and together we left this note on the windshield of the Prius. Long story short, the guy contacted me in disbelief that I had done this and was so grateful that he proposed that we split the cost of the repair. Total cost to me: $500.
I often review client portfolios and think about the role diversification plays in each. Although technical, the basics of portfolio diversification are quite simple: include a set of investments that provide return experiences which are different from each other. Over time, each investment can contribute in its own unique way. When done properly, the portfolio could have a less volatile experience over time, while providing a reasonable rate or return. Of course, this is oversimplified, but it’s the basic concept.
Earlier this year when Tessa, the newest and youngest member of the One Wealth Team, wrote February’s theme of retirement planning it made me think of how we are all on different mile markers of a marathon (which as a matter of fact, a few folks at One Wealth have run a marathon or are in the process of training for one!). As a 25-year-old, Tessa is just starting her journey, and she wrote that, “If the average age of retirement for women in the U.S. is 62, I am staring down the barrel of at least another 37 years of work, or 81,770 hours.” As for me, I’m on mile marker 21, getting closer to the finish line.
Estate planning can be complicated and emotionally stressful. I recently finished the HBO series “Succession,” in which the show takes the concept of the inheritance of a family business to quite the extreme. The show prompted me to reflect on my own understanding of the topic.
As some of you may know but others may not, One Wealth Advisors has a high school intern! Her name is Nathalee and she is just about to graduate from ICA Cristo Rey Academy, an all-girls college preparatory school in the Mission in San Francisco. Every student at ICA must intern each school year, and we have had the pleasure of getting to know and work with Nathalee for both her junior and senior year.
As I was pondering what to write about this week, I decided to take a little break and spend some time on social media. After watching a few videos, I came across one in which this content creator was kind of dismissing the importance of having a 401(k) or saving in general. Her message to the world was that contributing to a 401(k) is “nice”, but she has been able to make 401 memories by spending her money exactly how she wanted and when she wanted to. After watching this video, I could not help but think about how many people may either share her way of thinking or may be influenced by her.
