My last flight before COVID shut us down was an uneventful one from Denver to Austin. The flight lasted just under two hours, arriving as scheduled. My pilot brought me home safely. She probably examined a thousand items before we left Denver, like checking the aircraft, reviewing her flight plan, strategizing with her first officer, and so on. Once she felt confident with her plan, we were ready to take to the skies.
When I fly commercially, I trust my pilot to fly me to my destination safely. I don't want to go to another city, do barrel rolls, go vertical, break the sound barrier, or land on a highway. The flight should be boring, mundane, and lack excitement.
In 1987 I was flying home from Europe on board a TWA 747. While on our final approach to JFK, the pilot lowered the flaps and put the landing gear down. When we got near the runway, he hit the afterburners, raised the flaps, and retracted the landing gear; we were on our way to Canada. The air traffic controller closed the runway seconds before our scheduled landing because of a significant snowstorm. It was a white knuckle moment as we banked right and headed north. After a few hours in Canada, we returned to New York. Scary, eh?
If a pilot does her job correctly, I get to my destination. When I travel, I usually arrive at my location without any issues. However, I may arrive late, miss a connection, or get diverted to another airport. Regardless, I eventually get home.
One of my primary duties as a financial planner is to help my clients achieve their goals. I try to do this carefully and efficiently. Often, clients achieve their goals without much fanfare, but occasionally, things get a little messy, especially when stocks fall. During a correction, dreams may be delayed or deferred, but we can reach them if we stay focused on their plan.
A financial plan, like a flight plan, will be your guide to help you achieve your goals. Don’t invest without one!
"Every takeoff is optional. Every landing is mandatory." ~ Anonymous
October 29, 2020
Bill Parrott, CFP®, is the President and CEO of Parrott Wealth Management in Austin, Texas. Parrott Wealth Management is a fee-only, fiduciary, registered investment advisor firm. Our goal is to remove complexity, confusion, and worry from the investment and financial planning process so our clients can pursue a life of purpose. Our firm does not have an asset or fee minimum, and we work with anybody who needs financial help regardless of age, income, or asset level. PWM's custodian is TD Ameritrade, and our annual fee starts at .5% of your assets and drops depending on the level of your assets.
Note: Investments are not guaranteed and do involve risk. Your returns may differ from those posted in this blog. PWM is not a tax advisor, nor do we give tax advice. Please consult your tax advisor for items that are specific to your situation. Options involve risk and aren't suitable for every investor.