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New Clubs, Old Habits & 5 Lessons Learned - Finger Financial Five #9 Thumbnail

New Clubs, Old Habits & 5 Lessons Learned - Finger Financial Five #9

Financial Tips

Advice after injury is like medicine after death. - Danish Proverb

I am in my office writing this at 7a on Sunday morning and thinking about golf at the Dunes Golf and Beach Club.   It is a wonderful place and I highly recommend you play it.   I got some new clubs two weeks ago and would love to play another round on this pretty day.  Golf has many similarities to finances, investing, and life.  

As I have gotten older, my golf swing has changed and so has the technology.  I figured it was time for new clubs, so I went to see my good friend and swing coach, Ted Frick at Classic Swing Golf.  Ted knows my game.  Do I have a better chance of buying clubs best for me by going to some shop and getting something off the rack?  Buying on internet based on some reviews?  What some pro said on TV?  Or do you think I increase my chances of success by going to a professional who knows my swing, my game, my goals and who will take me though his process to narrow down what is best for me?  I used my last set of clubs for over 5 years, go doing a little planning and advice on the front end, reaps rewards for a long time.   

Lesson: Good advice from an expert on the front end, can go a long way over time.  

Without proper instruction, time on the range hitting balls may ingrain a bad habit, that will take time to undo.  What I feel what I am doing with my swing, may not be real or what I am doing.  It is like playing golf only looking through a range finder.  We need to see a bigger picture.  Sometimes it is best to have another set of eyes to give different perspective or a dose of reality.  

Lesson: Good coaching can determine where best to spend your time and energy to have the most meaningful impact.    

I hit a really bad shot on #18 in the Member-Member tournament this year.  The ball almost ended up in the water and I had to hit an almost backward shot to get it toward the hole.  Miraculously I hit into the hole for birdie and won the hole.  Now should I always hit the ball in the edge of the water?? Of course not. Your outcome does NOT determine if the process is good or not; data does. Put the odds in your favor for success. Process is how you can differentiate between luck and skill.  

I knew a guy who had 95% of his money in one stock, which did very well in the 1990s.  It grew from $50,000 to well over $1M.  No matter what I said about the dangers of such a highly concentrated position, he would not diversify.  The company went bankrupt in 2009.  He lost all of his investment.  I have seen people get lucky and grow wealth, but it takes an entirely different set of skills to keep wealth.  

Lesson: Know the difference between luck and skill. 

My brother-in-law is a fantastic golfer. He shoots 72 or better more often than not.   The last time he was visiting, he found some time to play but left his clubs at home in Columbia.  He played with my clubs, balls, glove, and even shoes.  How do you think he played?  I normally shoot 80-85.  Do you think he scored better than me? He shot 75.  

You can have the best investments, best plan, best financial planner, but YOU are the one who must execute.   A client of mine sold out prior to the election, against my advice (FFF#5lesson3).  I estimate that this cost him well over $100,000.   

Lesson: Be coachable and if you make mistakes, learn, and move on.  Focus on the next right decision. You are the only one who can play your game.  

Many times, I hit my ball into the woods, but sometimes I find extra golf ball.  It is like finding hidden money in an old pair of pants.  Check this out……. Go to the Unclaimed.org, search your name, and apply to claim your cash. Don’t forget to search states where you used to live.  No joke.  My wife is in process of claiming some money from an old car insurance policy.   I may never see any of that money, but that is ok. Have fun, Bebe!   

Lesson: Be resourceful.  

To recap:

  1. Plan then act not react. An ounce of prevention is worth a pound of cure.

  2. Get council from experts in their field. We all have blind spots.  

  3. Don’t own so much of something that you make a killing or be killed by it.  

  4. Sometimes we can get better investments, sometimes we can get better advice, but most of the time we just need to better ourselves.  

  5.  Learn from the bad shots we make.  Our mistakes can a treasure-trove useful knowledge.  

News you can use - Our intention is to bring to you free educational information.  We are going to host regular webinars during 2021.  Our plan is to bring to you, experts in each field that can impact your finances. We plan on having speakers from, Janus, JP Morgan, First Trust, Lord Abbot, and many other tax and estate experts.  What would you like to learn about?  Email me and I will add it to our list to be covered.  

The lighter side, after just running the 5k turkey trot Thanksgiving Day, I have committed to running the full Myrtle Beach Marathon in March. Pray for me. 😊

Hope all is well with you and your family,

Happy Holidays!  

Jeremy Finger, CFP®, CIMA®, CRPC®, CPFA
Founder & CEO
Wealth Management Advisor

P.S. I am sending out holiday cards this week.  Reply with your mailing address, so I make sure I send it to the correct address.  Thank you!

Finger Financial Five - 5 points in 5 minutes or less - is to provide you with a weekly shot of useful financial information.  My intention is to share principles, so that you will have more clarity and peace, that help you make better financial decisions. 


Investment advice offered through Stratos Wealth Advisors, LLC, a registered investment advisor; DBA Riverbend Wealth Management.

This content is developed from sources believed to be providing accurate information and provided by Riverbend Wealth Management. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Stratos Wealth Partners and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.