Houston, We Don’t Have a Problem!
The Houston Astros recently won the World Series in an epic battle with the Los Angeles Dodgers. The Astros have a young, exciting team led by Jose Altuve, Carlos Correa and George Springer. These three have been the spark for the Astros all season long.
Sports Illustrated predicted an Astros World Series victory in 2014 with a cover shot of George Springer and the title, “Your 2017 World Champs.” To add to this great prophecy, Springer was named the World Series MVP. Collectors are now trying to cash in on this classic cover with prices ranging from the mid $200s to over a thousand dollars. It takes time to create a winning team and the foundation for this Astros team was laid three to four years ago.
The Astros joined Major League Baseball as the Colt .45s in 1962 and they changed their name to the Astros in 1964. My memories of the Astros were their bright orange and yellow striped uniforms and, of course, the Astrodome. The World Series victory was 55 years in the making.
The City of Houston has had a tough year after getting hammered by Hurricane Harvey. It was a terrible storm that displaced thousands of families and destroyed numerous properties. The City of Houston, the Astros and JJ Watt rallied the city behind the Houston Strong motto. #houstonstrong The World Series win was a big one for the people of Houston. The City of Houston needed good news and the Astros delivered.
Creating your own team will help you increase your odds of success. Who should be on your winning team?
· Financial Planner. A financial planner can help you create a winning formula by helping you construct a plan based on your hopes and dreams. In addition, your planner can assist you with your investment portfolio based on the results of your financial plan.
· Accountant. A CPA can help you in numerous ways especially if you have a complicated tax situation. Reducing your taxes and maximizing your take home pay should be high on your list. In addition to filing your taxes, your CPA should help you with tax planning strategies and projections so you can benefit from our tax code.
· Attorney. An attorney can set up estate planning documents like a will or trust. An estate plan is paramount because you want to make sure your assets go to your beneficiaries and not to the IRS. In addition to traditional planning, your attorney can establish life insurance trusts, special need trusts and health care directives.
Your planner, accountant and attorney should work together as a team to deliver you sound financial guidance and they should make you their MVP!
Plans fail for lack of counsel, but with many advisers they succeed. ~ Proverbs 15:22
Bill Parrott is the President and CEO of Parrott Wealth Management an independent, fee-only, fiduciary financial planning and investment management firm located in Austin, Texas. For more information on financial planning and investment management, please visit www.parrottwealth.com.
November 4, 2017