My Baseball Mitt             

Yesterday, I gave my baseball mitt to a young boy in my neighborhood. He’s about five years old and loves baseball. I bought my glove over forty years ago, and it’s still in great shape. It treated me well over the years playing in various leagues. It was at my side while pitching, playing the outfield, and occasionally first and third base; though I was not a good baseball player, it was a loyal companion.

The glove I purchased was a Rawlings autograph model signed by Jose Conseco (no jokes, please), and it was expensive. I could have bought a cheaper one, but I wanted a quality mitt that would last a long time, and I did not want to replace it every few years, so I splurged and bought one I could count on for several seasons. My strategy probably saved me money since it remained intact and ready to perform these past few decades.

Quality is paramount when you’re selecting your investments. It’s better to buy a few shares of a great company than many shares of a lousy one, and owning ten shares of Apple is better than buying 100,000 shares of First Republic Bank, Enron, Pets.com, etc. A quality stock may appear expensive in the near term, but it could generate significant returns over time. McDonald’s is always costly based on traditional metrics like the PE ratio or its price-to-book, but it’s a perennial performer. If you bought McDonald’s in 1983, it has soared 26,327%, turning $10,000 into $2.64 million. It has generated an average annual return of 14.8% for four decades!

I started my career in 1989 when Berkshire Hathaway traded at $6,300 per share, and there was no way I would spend that much money to buy one stock! It was too expensive in my eyes, but what did I know! Not much. Berkshire Hathaway now trades for $502,880 per share, annualizing at 14% per year since I decided not to invest. I learned a valuable lesson about price and value, one I’ve not forgotten.

Let’s return to my glove. It had been in my attic for the past ten years, and it last saw action in 2008 at a corporate softball event. As my wife and I cleaned our attic, I knew it was time to give it away and let it bless someone else, which brings me to another point. We all have items in our attic or basement collecting dust that could enjoy a rebirth by donating them to a charity or giving them to your neighbor. You will experience great joy when you start to give stuff away.

A challenge I see when working on financial plans is that people are reluctant to donate money for fear of running out at some point. It’s a valid concern, though I’ve never seen it happen. Donating a percentage of your assets or income to your church or local charity will help many. It’s a chance to see your money in action while you’re alive, and it will benefit you the most. If you’re waiting to give away all your money when you die, you miss a tremendous opportunity to experience the joy of blessing others.

My glove recently reminded me that buying quality items is wise and that giving to others brings great joy and happiness.

Play ball!

Price is what you pay. Value is what you get. ~ Warren Buffett

May 1, 2023

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 your asset level.

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. Prices and yields are for today only and are subject to change without notice.

Chat GPT and Medicare

I asked ChatGPT about the best Medicare benefits, and it gave me the response below.

As an AI language model, I cannot offer an opinion on the best Medicare benefits as the selection may vary depending on the individual’s health needs and personal preferences. However, I can provide you with an overview of some of the Medicare benefits that are available to help you make an informed decision.

Original Medicare (Part A and Part B) covers hospitalization (Part A) and outpatient services (Part B). Part A coverage includes inpatient hospital stays, skilled nursing facility care, hospice care, and some home health care. Part B coverage includes doctor visits, preventive services, durable medical equipment, and some outpatient procedures.

Medicare Advantage (Part C) is a private insurance plan that replaces Original Medicare and offers additional benefits such as vision, dental, and hearing care. Some Medicare Advantage plans may also include prescription drug coverage (Part D).

Medicare Part D covers prescription drug costs and is available as a standalone plan or as part of a Medicare Advantage Plan.

Medigap, also known as Medicare Supplement Insurance, is a private insurance policy that can help cover some of the costs that Original Medicare doesn’t cover, such as deductibles, coinsurance, and copayments.

In summary, the best Medicare benefits depend on your individual healthcare needs and budget. It’s essential to review all available options and compare them to determine which plan offers the best coverage for you.

Medicare IRMAA stands for Income-Related Monthly Adjustment Amount. It is an additional premium that some Medicare beneficiaries have to pay for their part B (medical insurance) and Part D (prescription drug coverage) benefits if their income exceeds certain thresholds.

The amount of the Medicare IRMAA is based on the modified adjusted gross income (MAGI) reported on the beneficiary’s tax return from two years prior. For example, the IRMAA for 2023 would be based on the MAGI reported on the beneficiary’s 2021 tax return.

The Medicare IRMAA is determined by the Social Security Administration (SSA) and is added to the beneficiary’s monthly premium for Part B and/or Part D. The IRMAA can range from $12.40 to $504.90 per month, depending on income.

It’s important to note that not all Medicare beneficiaries are subject to the IRMAA. Only those with higher incomes are affected.

April 29, 2023

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 your asset level.

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. Prices and yields are for today only and are subject to change without notice.

ChatGPT wrote this entire blog post.

Timing Matters  

Timing the market can improve your odds of investment success, but it is impossible to do. Since 1998, the S&P 500 has produced an average annual return of 7.6%, but if you missed the best thirty days in the market, your yearly return dropped to 0.28%![1] The best days in the market usually follow the worst, so riding out market storms to generate positive returns is necessary.

We are conducting first-quarter reviews for our clients, and the returns are mixed. If a client joined us during COVID, the returns would have been spectacular because we invested near market lows. If we started investing after April 2021 or before June 2022, the account values would have been down. Timing matters.

April 2021 to June 2022 is a short window and will eventually be a blip on a long-term investment chart. Investors who stay invested can ultimately experience gains, but patience is required.

Dollar-cost averaging is another victim of timing. When markets rise, investors buy stocks at higher prices, and if they initiated a monthly investment program in 2020 or 2021, the account values are down. The key to successful long-term dollar cost averaging programs is volatility and falling markets because you can purchase stocks at lower prices. In time, markets recover, benefiting the patient investor.

If you began your investment program two years ago, have faith and keep investing.

The two most powerful warriors are patience and time. ~ Leo Tolstoy, War and Peace

April 19, 2023

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 your asset level.

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. Prices and yields are for today only and are subject to change without notice.


[1] YCHARTS, Time in the market, March 20, 2023

Do You Need A Financial Sherpa?

Sherpas are well-known for guiding climbers to the summit of Mt. Everest. The Sherpas are a Tibetan ethnic group whose name is now synonymous with climbing. The most famous Sherpa is Tenzing Norgay, who helped Sir Edmund Hillary summit Mt. Everest on May 29, 1953.

Sherpas are invaluable to Western climbers. In addition to guiding, they build camps and carry packs and gear, allowing climbers to reach the peak safely and, more importantly, return to base camp. Their experience is vital for navigating risks when climbing, especially at heights of 8,000 meters or more. Most climbers attempting to summit these peaks are fit and qualified, but climbing these routes would be nearly impossible without a Sherpa.

Navigating the investing landscape is challenging, though not life-threatening; some risks must be tamed and conquered. It is possible to manage your money, but hiring a Certified Financial Planner® to guide you toward your goals is much easier.

In addition to investing, a planner can help you with the following topics.

  • Retirement planning. You may want to retire at some point, so knowing how much money you’ll need is essential. Taking advantage of your employer’s work plan or opening a retirement account for your business is paramount. You can also fund IRA accounts and annuities.
  • Insurance planning. You are your most valuable asset, so protecting your income and life is vital to your family’s success. Disability insurance ensures your household can flourish if you can’t work, and life insurance benefits your family after you’re gone. Other areas to insure include your business, home, car, valuables, and pets.
  • Estate planning. Do you have a family will or trust? A properly structured estate plan ensures your assets seamlessly transfer to the next generation. An estate plan also includes healthcare directives in case you’re incapacitated, allowing a loved one to make medical decisions on your behalf. An estate plan can identify guardians to raise your young children if you have a family.
  • Tax planning. Pay the IRS what you owe, but not a penny more. Taxes are a part of life, but minimizing them (legally) is a crucial benefit to planning.
  • Cash management. Rising interest rates create wonderful opportunities for cash management beyond your local bank. US Treasuries, municipal, and corporate bonds can generate significant income, much more than your savings account.
  • Debt management. Carrying a substantial debt load is a weight you don’t need, especially if you are trying to build a mountain of wealth. Reducing or eliminating debt can free up your resources to benefit you and your family.
  • Budgeting. Knowing where your money is going is necessary; a budget can help you spend confidently and adequately allocate your hard-working dollars.
  • Philanthropic planning. If you reached your financial summit, consider assisting others in achieving their goals. A giving strategy can help others and provide substantial benefits to your family.

Climbing requires planning and patience, as does an investment portfolio and financial plan. It’s unwise to climb Mt. Everest spontaneously or anchor yourself to a weak financial foundation, and a financial Sherpa can be your belay as you attempt to reach your goals and dreams.

Happy Climbing

To travel, to experience, and learn: that is to live. ~ Tenzing Norgay

April 14, 2023

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 your asset level.

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. Prices and yields are for today only and are subject to change without notice.

Photo Credit: Suraj Pokhrel

Does Financial Planning Work?

October marks my twentieth anniversary as a Certified Financial Planner Practitioner™, and I’ve worked on thousands of financial plans and reviewed many more. I’ve concluded there are no good or bad plans, only your plan, because it’s unique, and its success depends on your goals – no one else! But does financial planning work?

The strength of a financial plan does not depend on the number of pages, whether one page or a thousand. A financial plan is not a finished product you put in a file or store on a shelf. It never ends because life is constantly changing and is regularly interrupted by births and deaths, marriage and divorce, promotions and terminations, and many factors too vast to list. The beauty of a financial plan is the discovery and journey of planning. The self-discovery of your goals is invaluable, and refining them over time is priceless.

Flexibility is a vital component of a successful financial plan. The ability to adapt and change as you grow older will allow your dreams to flourish. Your plan at age sixty-five will be unrecognizable from the one you completed at age twenty-five. The goal is to keep progressing and be persistent.

Growing up, I wanted to run the football like Billy Sims and throw it like Fran Tarkenton. I wanted to be an offensive juggernaut, but when I got to high school, I played the offensive line, far from the limelight.

In high school, I wanted a candy-apple red 1965 Mustang but drove a lemon-yellow Volkswagen Beetle with a top speed of fifty miles per hour.

I was interviewing for a job at a local beach resort during my last summer of college – sun, surf, and sand. Instead, I took a “business” job working for Bank of America doing data entry in a windowless office.

I fell in love with advertising after reading books by David Ogilvy, Jack Trout, and John Caples. I wanted to be a copywriter but landed in finance after taking an investment course during my final semester of college.

I was born and raised in Southern California and thought I’d live there forever, but now I live in Austin after a stint in Connecticut.

Financial planning is great until life gets in the way. My life experiences shaped who I am today, and I would not change anything for the world. My plans did not turn out as expected, but my planning kept me moving forward and allowed me to adjust and adapt to find open doors as others closed. If I did not have a plan with a bigger picture, I would have become discouraged and quit at some point, but I kept charging ahead.

According to one report, Individuals who complete a financial plan have three times the assets of those who do little or no planning.[1] And according to Vanguard’s Advisor Alpha® study, an advisor can add 3% in net returns for clients. A few components in the study include rebalancing, behavioral coaching, asset location, and a spending strategy – critical ingredients for a financial plan.[2]

During the Great Financial Crisis, COVID Correction, and last year’s drubbing, our clients with financial plans were more at peace with their investment holdings, asset allocation, and goals than our clients without one. The clients with financial plans did not panic; some were opportunistic and bought the dip as the market fell. The financial plan gave us the courage and conviction to tell clients they would be fine if they stayed the course, and most did.

Our plans allow us to run several scenarios for clients when they call with questions, and we can quickly and efficiently give them answers to challenging questions and how the changes will impact their goals. In addition, we stress-test our plans against rising interest rates, sustained inflation, and stock market crashes to see how they perform under challenging situations. If needed, we can make changes.

A financial plan removes opinions from the equation because we can access reams of data through the software programs we use to help clients achieve their goals. The numbers give us confidence beyond a gut feeling of how a client’s future will fare. Of course, we have strong ideas and thoughts on how best to implement the plan.

Reflecting on the past twenty years, I’ve witnessed clients retire early, pay for their children’s college education, buy new cars, purchase vacation homes, travel the world, donate to charities, help loved ones, start a business, etc. At the heart of these life-altering decisions was the financial plan.

Last, investing without a financial plan is like flying an airplane without GPS, building a skyscraper without blueprints, or operating on a patient without going to medical school. I don’t know how people do it.

Does financial planning work? Yes, it does!

It takes as much energy to wish as it does to plan. ~ Eleanor Roosevelt

April 8, 2023

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 your asset level.

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. Prices and yields are for today only and are subject to change without notice.


[1] http://www.nber.org/papers/w17078

[2] https://advisors.vanguard.com/iwe/pdf/IARCQAA.pdf

My Week at a Dude Ranch

Over the years, my family and I vacationed at Wind River Ranch – a Christian dude ranch in Estes Park, Colorado. Wind River Ranch rests in a valley between Longs Peak and Twin Sisters, a magical place. I rode horses, hiked, and fished while acting like a cowboy. Giddy up!

While riding horses in the Rocky Mountain National Park, getting lost in my thoughts was easy as I meandered along the trails. I had to remind myself I was sitting on a thousand-pound animal on a narrow path and had to remain focused on where I was leading the horse. I looked forward so I wouldn’t run into a tree or fall off a ledge. Riding a horse while looking over your shoulder doesn’t do much, and horses aren’t fond of walking backward. So, too, with investing. It is imperative to keep progressing toward your financial goals. Looking back and thinking about what could have happened is a waste of time. Instead, keep advancing and adjust your goals as needed.

Hiking in the Rocky Mountain National Park is breathtaking. A favorite hike is Mills Lake, a beautiful climb along Glacier Creek, and the lake looked like a giant swimming pool on a windless day. Another fun one is Twin Sisters. The elevation at the peak is 11,427 feet. It’s not a fourteener, but still challenging. I planned my course for both routes and ensured I had my supplies, especially my bear bell. When investing, it’s essential to prepare for all conditions. A financial plan and investment strategy can help guide you to your financial destination, and a good asset allocation policy can help you weather economic storms. Like hiking, stopping periodically to confirm you’re still moving toward your goals is critical.  

Fly fishing in the Rockies is about as good as it gets. Fishing in the park’s rivers, streams, and lakes is part art and science, and I used several fly patterns, and all worked well at one point or another. However, not every cast caught a trout, and I spent a fair amount of time casting and waiting. Fly fishing demands patience, like investing. Give your investments time to grow or recover, and don’t be in a hurry to make significant changes.

Whether hiking, riding, or fishing, all three require a plan, equipment, and constant monitoring to succeed. Investing also involves these attributes; the more you plan, the better your investment results will be.

Be still, and know that I am God.  ~ Psalm 46:10

April 7, 2023

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 your asset level.

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. Prices and yields are for today only and are subject to change without notice.

Women and Poverty

According to an article in the Austin American Statesman, women are 80% more likely to end up in poverty than men.[1] Women earn about 76 cents on the dollar compared to men’s compensation, and this difference in income during a forty-year career equates to $430,000.[2]  Other factors tilting the scales against women are divorce and longevity. Women are more likely to stay at home, raise children, and be the caregivers for parents taking them away from the workforce or severely reducing their working hours.

Whether married, divorced, single, or widowed, here are a few strategies to help strengthen your financial situation.

  • Create a budget. Budgets highlight where your money has been and where it’s going. Mint.com is a tremendous resource for organizing your finances; carrying a notebook to record cash purchases is also wise. Once cash leaves an ATM, most people don’t record how they spend it, and it’s easy to get nickeled and dimed with cash transactions. After tracking your expenses, you can identify a few items to reduce or eliminate. If you can lower your spending, you can increase your savings.
  • Build an emergency fund. An emergency fund covering three to six months of expenses can help you bridge the gap during difficult financial times. Buy US T-Bills or invest in a money market fund because both provide attractive rates with liquidity.
  • Establish a financial plan. A financial plan helps quantify your hopes, dreams, and fears and expands your budget to include investments and liabilities. Annually reviewing your plan can keep your financial life on the right track, and the best time to check it is near your birthday, an easy day to remember.
  • Automate your expenses. Automating your expenses can help your budgeting process and simplify your daily cash management activities. It may improve your credit score because your payments will never be late, and automatic payments can eliminate pesky late fees.
  • Automate your investments. Setting up a monthly investment program into savings, investment, or retirement accounts allows you to create wealth automatically.
  • Contribute to your 401(k). Take advantage of your company retirement account. Most employers will match your contributions to a certain percentage, usually 3% to 5% of your income. Depending on your circumstance, you can contribute pre-tax or after-tax dollars; the maximum amount is $22,500 if you’re under fifty and $30,000 if you’re older.
  • Establish an IRA. If you’re under fifty, you can deposit $6,500 per year or 100% of your income if it’s less than the allowed amount. If you’re over fifty, you can contribute an extra $1,000.
  • Invest in an annuity. Annuity funds grow tax deferred and provide a guaranteed income stream for life, and they can offset longevity risk by paying you a monthly income for as long as you live.
  • Seek guidance. Working with a financial advisor, CPA, attorney, or banker can help you set up accounts, establish a budget or create an investment plan. A team of trusted advisors can bring you financial tranquility.

Last, my Grandma Bee was born in 1900 and lived into her nineties. She always carried a small spiral-bound notebook with a few colored pens in her purse. When I was young, we shopped together, and after a purchase, she would take out her notebook, jot down a few notes, and record her expenses. If it worked for my grandma, it might work for you too!

Keep your life free from the love of money, and be content with what you have, for he has said, “I will never leave you nor forsake you.” ~ Hebrews 13:5

April 6, 2023

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 your asset level.

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. Prices and yields are for today only and are subject to change without notice.


[1] Older Women More Likely Than Men to Face Poverty by Adam Allington, Associated Press, Austin American Statesman, July 11, 2016.

[2] Ibid.

Wonder Woman

Wonder Woman conquered the summer box office competition in 2017, generating over $822 million in revenue. DC Comics created Wonder Woman in October of 1941 as a heroine from the Amazon who promotes peace and fights evil, joining the Justice League with Batman, Superman, and Aquaman.

Lynda Carter brought Wonder Woman to television in the 1970s, while Gal Gadot is the current star on the big screen.

When my daughter was growing up, we read books highlighting strong women like Amelia Earhart, Rosa Parks, Mary, Sacagawea, Mother Teresa, Margaret Mead, and Helen Keller. I wanted her to see women of courage in trail-blazing roles.   

Women are also excellent investors, outperforming men over the past few years. Men trade more often than women, which is a problem because of the added costs and underperformance of trying to time the market. Women, on the other hand, tend to be buy-and-hold investors.[1]  

Women must take charge of their investments and planning. According to one study, 90% of women manage their own money because of marrying later, getting divorced, and living longer than men.[2]  A woman aged 65 today can expect to live to age 86.6 while men will live to 84.3.[3]

How can you garner more financial and investment knowledge?

  • Read. Reading books, websites, or newsletters will increase your investment knowledge. Several books and websites help women investors. Here is a short list of investment books: Smart Women Finish Rich by David Bach, Smart Women Love Money by Alice Finn, and The Only Investment Guide You’ll Ever Need by Andrew Tobias. 
  • Ask. If you don’t know, ask! If you’re working with an advisor, understand what you own and the fees you’re paying. If you’re not sure, ask. It’s your money and financial welfare, so don’t hesitate to ask tough questions. If your advisor isn’t willing to answer your questions, get a new advisor.
  • Watch. Webinars are great educational tools, and a Google search can identify companies that provide financial webinars for women. You can watch a webinar when convenient for your schedule, which is a tremendous benefit.
  • Plan. A good plan today is better than a perfect plan tomorrow, and it can guide you toward your financial goals. A financial plan will also help avoid pitfalls, traps, and scams.
  • Save. Establishing multiple channels for saving and investing is essential, and I recommend opening a savings, investment, and retirement account. Automating your investments can help you commit to your plan.
  • Beware. Be on guard for sales promotions and investment scams promising you eye-popping returns. If it sounds too good to be true, it probably is. You can also check your broker or advisor on public websites like the SEC Investment Advisor Public Disclosure (IAPD), FINRA Broker Check, or Brightscope. A click on an advisor’s profile will introduce you to their background and history. 
  • Mentor. Can you help a young lady or two get started in business or investing? If you’re a successful investor, can you pass on your knowledge to the next generation? Young women are looking for strong women to help guide them financially, and you may be the one to lead them on their journey.

You have the power to control your financial destiny, so be brave as you conquer the investing world. I know you can do it!

Be a first-rate version of yourself instead of a second-rate version of someone else. ~ Judy Garland.

April 4, 2023

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 your asset level.

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. Prices and yields are for today only and are subject to change without notice.


[1] http://money.cnn.com/2017/03/08/investing/women-better-investors-than-men/index.html, Heather Long, March 8, 2017.

[2] Ibid.

[3] https://www.ssa.gov/planners/lifeexpectancy.html, website accessed 6/20/17.