Let’s Buy Two!

Mr. Cub, Ernie Banks, was famous for saying, “let’s play two!”   Mr. Banks was the long-time great shortstop for the Chicago Cubs who entered the Hall of Fame in 1977.   As the story goes, Mr. Banks arrived at the ballpark in Chicago with the temperature hovering around 105 degrees and said, “beautiful day, let’s play two!”  

A number of years ago I had completed a financial plan for a couple.   It was the first time they had gone through the financial planning process.   The exercise of compiling their data to make sure they were on track was very comforting to this couple.  It gave them the confidence to know they were going to be fine financially.   After the plan had been completed, the wife gave me a call to inquire about buying a new car.  She wanted to make sure they had the resources to make the purchase.  I told her she could buy two.  I gave her my instantaneous answer because we had just finished the plan.   I knew she and her husband had more than enough money to last them a lifetime.   The financial plan is not only beneficial to the client but also the planner.   The financial plan puts the planner and the client on the same page.  We were in sync financially so the decision for her to buy a new car was an easy one.

How many cars can you buy?  Not sure?  A solid financial plan can help you answer many of life’s financial questions from buying a car to funding your retirement.   The financial plan is your road map to your financial destination.   The comfort in knowing where your assets are and what they are doing can be liberating.  

As a note, she ended up buying one car – a Toyota Corolla.  

For I know the plans I have for you,” declares the Lord, “plans to prosper you and not to harm you, plans to give you hope and a future.  Jeremiah 29:11

Bill Parrott is the President and CEO of Parrott Wealth Management, LLC.   www.parrottwealth.com