Herman Melville’s Moby Dick is an excellent book filled with colorful characters and suspense. Captain Ahab wanted revenge on Moby Dick for biting off his leg. When I finished reading Moby Dick, I thought it was a fantastic story. My other thought was that Captain Ahab didn’t have a plan to capture the whale. His only goal was to kill Moby Dick at any cost. In the end, the entire crew of the Pequod died because of Captain Ahab’s mindless pursuit. If he had a plan, his results might have been different.
Captain Phillips, on the other hand, was a man with a plan. Captain Phillips is a movie about the hijacking of the Maersk Alabama. The film was excellent and, like Moby Dick, full of vibrant characters and suspense. Captain Phillips regularly ran drills to make sure his crew was always prepared. As a result, when trouble arrived, his team was ready. Captain Phillips saved his ship, his staff, and ultimately himself because of his plan.
Do you identify with Captain Ahab or Captain Phillips regarding your financial and investment planning? Do you hop in a boat without a goal, or do you set a course that delivers you to your destination? Most investors act like Captain Ahab because they don’t have a plan, and they’re constantly chasing something – a rumor, stock tip, return or yield. If you have a plan, as did Captain Phillips, your odds of success rise.
I recommend you spend time planning your financial future to end up more like Captain Phillips and less like Captain Ahab. A well-prepared investor is more apt to follow their plan through all types of market conditions.
“Confidence is going after Moby Dick in a rowboat and taking the tartare sauce with you.” Zig Ziglar
October 11, 2021
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.
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