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.
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