The Year Ahead, The Year Behind, The Benefits of Being Blind – Finger Financial Five #11

“The beginnings of all things are small.” – Cicero

In 2018 I went with a group of friends and hiked Machu Picchu.  It took 3 days.  The mountain was huge, but the scenery was beautiful. I was not in great shape to hike this mountain, but they told me a story that helped me.

On a previous hike to Kilimanjaro, my friends were with legendary hiker, Jeff Evans and a blind guy named Lonnie Bedwell. Jeff said that it was easier for Lonnie to hike than it was for them.  Wait, what??  Why?  Because he could not see the whole mountain ahead of him. He could only focus on the next step.    

When I looked at the whole mountain, it really was overwhelming.  People tend to do the same when planning for retirement.  They forward think at all the years and savings ahead of them, like looking at the entire mountain and pulling it all onto their head right now. Their anxiety ramps up.  When this happens, become blind and trust your guide, just focus only on the next best step.  Lesson: Little steps add up over time, like compound interest. 

The Visual Capitalist has a cool visual on 2020 year in review.  What was your most meaningful achievement in 2020? What did you enjoy most? What caused you the most frustration?  Did you stick with your investment and retirement plan? What worked? Didn’t work? Answers to these questions can be telltale markers, which can show you what is most important to you or can reveal mistakes-areas lessons could be learned.  

Looking ahead to 2021 what are some things to consider?

– How will the new Cares act affect you?

– Did you take any PPP loan?  Did you work with your CPA to get it forgiven?

– Can you increase your investing for 2021? Accelerate debt reduction? If so, where would be the best place to start?

– Is there a different type of retirement plan that would be best for your company and their employees?

– Is your income level sustainable if we have inflation, deflation, or market correction?

Got questions? Email me or set up a phone appointment.  I am here to help.

On the lighter side, on December 30, 2020 it will be 19th anniversary with my lovely and very understanding wife, Iren.  Seems like yesterday and seems like 50 years.  Could not imagine my life without her.

Hope all is well with you and your family,

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

P.S. I was honored that the Post and Courier highlighted Riverbend in their Business Spotlight. Read about it here.

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.


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