Mission Accomplished

First family ski trip is in the books

When I joined RWM almost seven years ago, our CEO, Josh Brown, asked me about my personal motivations for moving to a new firm. Looking back, this is an excellent question for a potential new hire. Understanding what motivates your employees is essential to helping them fulfill their goals. My answer was simple - to afford to have a second child, educate those children, buy a proper family home, and take my kids on annual ski trips out west.

I have now completed those goals in that order. This feels like a monumental accomplishment, representing more than a decade of hard work and determination.

We flew to Park City, Utah, for a week earlier this month. New Orleans schools are closed for Mardi Gras week, providing an opportune time to hit the slopes when the crowds are thin. With two kids (ages 8 and 5) skiing for the first time, I knew there was a chance that one or both of them would hate it. There’s a ton of clothing and equipment involved. Walking in ski boots is hard. Falling, getting skis twisted, or feeling out of control and afraid are all real possibilities. I’ve seen one too many temper tantrums on the mountain in my day to know these risks.

Ensuring everyone in my family had all the appropriate clothing was a chore. Many thanks to my parents for gifting bibs, jackets, goggles, and gloves to the kids for Christmas and birthdays. Then there were lessons to book. I am grateful to my friend Katherine, who suggested sharing private lessons with our kids on three mornings. It was worth the additional cost. My younger one would not have allowed me to drop her off in a group lesson with strangers.

They both enjoyed it! By the end of the first day, they were both taking the ski lift. I put my daughter between my legs and skied down with her. I heard her shouting, “Wheeeeee!” as we picked up a little speed. My son was an absolute natural. He was skating uphill and almost making parallel turns on the first day. I could not be more thrilled with the trip's outcome.

By the last day, my son was skiing all over the mountain with me and making it down some steep blue runs. I was in total shock but thrilled to have a new ski buddy. Kudos to my husband, who is learning to ski as an adult, which is not an easy feat. He looked really good for his second time on skis.

Now that I’ve completed these long-term financial goals, I feel the need to set new ones. I climbed a mountain to get here - building a family, buying a family home, and taking the first ski trip. But what to strive for next? I wouldn’t be a proper financial advisor if I didn’t practice what I preach.

Luckily, a viewer from Ask the Compound gave me an idea. I joined Ben Carlson on this week’s episode to discuss whether buying a boat is irresponsible. Of course, it’s not always irresponsible to buy a boat, although, as I point out, it’s always better to have a friend with a boat than to own one. Boats are finicky, require lots of maintenance, and generally incur many costs in addition to the purchase price.

I grew up around boats, understand what it takes to own one, and know how to operate and maintain them properly. For years, I’ve been yearning for a decent ski boat. There’s nothing better than skiing behind a boat with a proper wake. I’m adding a ski boat to my new list of financial goals.

Goals help us focus on the future we want to build. Without goals, a financial plan is impossible. And no, the goal cannot be to have more money. Money is a tool, meant to be used. I often find myself asking investors, “What is this money for?”. Answering this question is vital to creating a successful financial plan.

When was the last time you revisited your financial goals? Are they general or specific? The more specific the goal, the easier it is to accomplish it. Don’t forget to pick your head up from the rat race every now and then to check in on your “Why.”