Pikes Peak looms large at 14,115 feet above sea level, known as America's Mountain, and is also the inspiration for America the Beautiful. Pikes Peak Highway allows people of all abilities to enjoy the spectacular views from the summit. In addition to driving to the top, visitors can enjoy a comfortable ride on the Pikes Peak Cog Railway, and more adventurous types can hike to the summit.
The trip to the summit by train takes about an hour and a half. If you drive, allow for three to four hours, and if you hike the 13.5-mile trail, allocate eight hours or more. The fastest recorded time to summit Pikes Peak was 7 minutes 57 seconds in 2018 as driver Romain Dumas of France raced up the hill during the annual Pikes Peak Hill Climb. I recently reached the summit via the Cog Railway. It was a beautiful ride through the Pikes National Forest, and the views were stunning.
As I mentioned, there are several ways to reach the peak, and if you invest, there are numerous routes to reach your financial goal, and you must decide which one to take. You may obtain your goal sooner or later, depending on your chosen path.
Let's explore a few investment tools to help you reach your financial goals.
- You will need a financial plan regardless of the path you choose. All the visitors that reached the summit of Pikes Peak followed a route, or path, to the top, and they had a plan. A financial plan is your trail map, train schedule, or road map, and it will help guide you on your financial journey and lead you to your final destination.
- Establishing goals is paramount for financial success. Each visitor to Pikes Peak had a goal to summit the mountain. If you set financial goals, you will increase your odds of investment success. According to a Harvard study, 3% of their graduating 1979 MBA class had written goals, and their net worth was ten times that of the remaining 97% of their classmates who did not have any written goals.
- A timeline can help you succeed as an investor. After committing your dreams to paper, prioritize them, so you know which ones to pursue first. In addition, consider your timeframe. For example, buying a new car may have a shorter timeframe than retiring to a tropical island.
- The proper investment can enhance your investment success as well. If you need your money in less than one year, invest in CDs or US Treasury Bills. If you don't need the money for decades, buy stocks.
- Regardless of your path, stop to enjoy the view, check your bearings, and take stock of your inventory. A regular check-up can ensure that you're still on the right path.
There are many roads to financial success; select the one that best suits your needs and utilize all the tools and resources available to reach your financial summit!
Oh beautiful, for spacious skies
For amber waves of grain
For purple mountain majesties
Above the fruited plain
~ America the Beautiful
August 12, 2022
Bill Parrott, CFP®, is the President and CEO of Parrott Wealth Management, located 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 you 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. We have waived our financial planning fee for the remainder of the year, so your cost is $0.00.
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. I enjoyed the train trip to the summit, but my goal is to hike the trail to the top of Pikes Peak.