Making Good Time

Last fall, I went hiking on the Twin Arches Loop trail near the Tennessee / Kentucky state line. It is a moderately challenging hike, approximately four and a half miles long for those who have not ventured to the Twin Arches. However, anyone who has hiked this trail knows how beautiful it is – especially the series of natural rock walls and formations. Stone outcroppings seem to form natural roofs over every hollow, which served as a shelter for various groups of people in years past. The loop extends to a bottom with a flat, grassy area suitable for camping. At that place, there are connections to other hiking trails that wind through the Big South Fork. Unfortunately, after a series of unfortunate events, I know none of those trails lead back to the Twin Arches Loop trailhead.

Soon after walking at least five miles on this four-and-a-half-mile hike, I realized something was wrong. I heard other hikers in the distance and hoped they had a map or were more familiar with the trails. These friendly hikers gave me some guidance which I hesitantly followed but again learned I was walking in the opposite direction of my vehicle. Luckily, I ran into another hiker who was local to the area and had hiked these trails many times. We looked at the map together, found our current location, and reviewed the options to get back home. He smiled at me as he said I was just about as far away from the truck as I could get. I took a deep breath, hoping I could physically make the walk back, but it was disheartening. A four-and-a-half-mile hike turned into a 10-12 mile hike by the end of the day.

I have a knack for learning things the hard way. Some have told me the hard way is the best, but my experience allows me to make an argument against that conclusion! As it applies to helping people and making sound decisions with their resources, I came away from this challenging situation with the following lessons:

1. Stamina: Put in the work ahead of time to prepare yourself for the unknown, or as we often refer to it, risk; for most of us, only years of preparation and discipline lead to a sound financial foundation that can weather inevitable storms that may come.

2. Expertise: Seek out competent and trustworthy advisors who have the knowledge and experience to navigate the ups and downs we’ll all experience in the future. Remember, not everything you hear is helpful information for your specific circumstances.

3. Tools: Human ingenuity and technology allow us to do so much more than we could just ten years ago; find the right tools to do the job and be amazed at how much more efficient and effective you become.

4. Enjoy your path: Even when you feel your choices have led you astray, learn from it, laugh about it, and do better next time.

Yogi Berra once said, “we’re lost, but we’re making good time.” This saying reminds me of many introductory meetings with investors approaching financial transitions and significant life decisions. Many have diligently saved, tried to make wise investment choices, and protected their assets. Although the complications surrounding these decisions often leave us feeling lost, discipline mixed with a bit of luck often leads people in the general direction of where they’re trying to go. Getting your resources in order and having a plan where things move in the same direction becomes more important as time goes on. Start where you are, look at the correct map, find an experienced trail guide, and walk toward your future. This way, you won’t have to hike three times as far to achieve financial independence potentially.