New Year’s Resolutions

Lose weight. Exercise more. Save money. Take a trip. It’s that time of year again to make New Year’s Resolutions. In January, optimism is high, but by year-end, it fades. According to one study, only 8% of people achieve their goals.[1] My two main 2020 goals are to climb a 14er in Colorado and learn to play guitar. Maybe I can play the guitar on top of a 14er! What are your goals for next year?

Most goals fail because they aren’t specific. Saving money is a good goal, but how much? You’re more likely to hit, or come close, to your goal if you say, “I want to save $10,000 by December 30, 2020.” Details matter when setting goals.

Financial planning works because it requires specific data. Retiring at 65 is a tangible target, retiring someday is not.  Hoping to pay for college is not as powerful as saving $500 per month towards tuition in a 529 account.

Of course, health and wealth are important goals. But what if this year you set goals to give more, serve more, and love more? Bob Goff said, “Plans work, or they don’t. Love always works. Go with the sure thing.” He adds, “Make your life about people, and you won’t regret it.”

If you’re setting financial goals, you probably have money to give. What if you changed your focus to serve others? For example, can you give away 10% of your income to groups or organizations you support? Giving money to those in need has a multiplier effect. Your gift will benefit many, but most importantly, it will benefit you and your family.

What if you can’t give away 10% of your income? Give 5%. Give your time. Can you donate 10% of your time to serve? A Google search will yield a bounty of non-profit opportunities. Serving others is powerful. Several years ago we downsized our house, and I was feeling down because I had to give up the swimming pool. A few months after we moved, I went on a mission trip to Nicaragua and served those living in homes built with cinder blocks and plywood. I don’t miss my pool anymore.

Love always works, as Bob Goff said. Loving others sounds simple, but it’s hard to do. Jesus said in Mark 12:31, “Love your neighbor as yourself.” A simple command. Can it be quantified? Probably not, but do it anyway. Spend time with friends and family. Listen more; be present. Also, men, you don’t have to solve every problem.

Give, serve, and love are resolutions that cost you little, but they’ll pay huge dividends to those who benefit from your kindness.

Give often, serve early, and love always.

Happy New Year!

 In the same way, let your light shine before others, that they may see your good deeds and glorify your Father in heaven. ~ Matthew 5:16

December 31, 2019

Bill Parrott, CFP®, CKA®, 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 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.






[1], Shireen Khali, December 21, 2018

Look for Silver Linings.

In fifty years, I will be dead and the stock market will be higher.   Fifty years ago, our country was embroiled in the Civil Rights Movement, the Vietnam War and a space race with Russia.  The late sixties were a difficult time for our county but we survived.

Today, I’m deeply disturbed with the division in our country and I’ve never understood racism, bigotry or hatred.   The acts of white supremacist, neo-Nazi groups or the KKK are deplorable and have no place in our great nation.  Our country is in dark place but let’s try to find the good in our fellow man and look for silver linings.    

Everyone who does evil hates the light, and will not come into the light for fear that their deeds will be exposed. ~ John 3:20.

The stock market has had an average annual return of 10.2% since 1967 despite numerous issues and headwinds including the 1970s and 2000s. In 1973 and 1974 the stock market dropped over 41%.   The S&P 500 averaged .4% from 2000 to 2010, a lost decade for investors.   A $10,000 investment in the S&P 500 fifty years ago is worth $1.2 million today.   If this investment could run for another fifty years, it would be worth $165 million in the year 2067!

I’m confident our country and stock market will thrive over the next fifty years so what can you do today to make our world a better place for our children and grandchildren?  I’ve found it’s hard to hate while serving others.

The point is this: whoever sows sparingly will also reap sparingly, and whoever sows bountifully will also reap bountifully. ~ 2 Corinthians 9:6.

Here are few suggestions to help you help others.

Serve.  Can you be a greeter, reader or youth leader at your Church, Synagogue, or Mosque?

Volunteer.  Can you volunteer at your local school or library?

Give.  Can you use your financial resources to help those in need?

Mentor.  Can you mentor a young high school or college student who will benefit from your wisdom?

Teach.  Colleges, junior colleges, and high schools need educators with real world experience.  Can you use your knowledge to help the next generation succeed?

Join.  Civic organizations like Rotary, Kiwanis or the Lions Club are always looking for new members.  These groups do wonderful and amazing things in the communities they serve.

Travel.  Travel the world to meet new people and learn about their cultures.  Mark Twain said, “Travel is fatal to prejudice, bigotry, and narrow-mindedness.”

Love.  Love and hate can’t exist at the same time.  Introduce yourself to your neighbors and love on them!

…You shall love your neighbor as yourself. ~ Matthew 22:39

In fifty years, the world will be a better place so don’t worry about the current gyrations in the stock market or the political turmoil in Washington.  Instead, get out there and do some good!

Therefore do not worry about tomorrow, for tomorrow will worry about itself. Each day has enough trouble of its own.  ~ Matthew 6:34.

Bill Parrott is the President and CEO of Parrott Wealth Management, LLC.  For more information on financial planning and investment management, please visit

August 18, 2017

Note: Your returns may differ than those posted in this blog.