Granite Mountain Hotshot Update

This week I attended a regularly scheduled chiefs meeting at the local dispatch center. This was the first time I had seen Prescott Chief Fraijo since the incident and he gave a recap of sorts of what that day was like in terms of how he found out, what some of the work involved will be in investigating what happened and he talked about the dollars involved that have been raised for the families. It was obviously riveting but I believe we were told things in confidence so I can’t go into detail but the series of phone calls involved on June 30th sounded crushing. Research/investigating will go on for a while (the local paper said 60 days but I think it could be longer) which will be difficult for everyone. One thing I may not have mentioned was the extent to which there were trucks here from all over the state during the immediate aftermath of the incident to backfill shifts for Prescott Fire so they could start the grieving process. The support for this was amazing and Chief Fraijo expressed his gratitude (that one is probably safe to share). The dollars being raised for the families is looking to be very substantial. In case no one thought of it, I offered to Chief Fraijo to provide free financial education to any of the families who might be interested. This is not about landing clients–think more financial literacy. I don’t expect that I will be asked to be involved in this way but I have offered. One thing I learned at this meeting was that the loss is...

Life Planning Before Financial Planning

One cornerstone to successfully participating in capital markets is figuring out some things about ourselves like what really is important, what our insecurities are, what our idea of happiness is and some understanding of the math involved to deal with all of those things and any other items you care to add to this paragraph. The above leads to an interview of author, public speaker and Director of Investor Education for BAM Alliance Carl Richards by Index Universe. The intro includes the following; when it comes to investing, there’s no such thing as financial planning, there’s only life planning I like the sentiment but might reword it to say there is no financial planning before life planning. Then there was this; …investing should be linked to your goals. It’s not a game, not a hobby. I can’t say this enough: You don’t invest because the market is going up, or because it’s fun; you invest because you want to meet some financial goal. And outperforming the market is not a financial goal. The thing that will be important to you when you are 75 or 80 or some other age will be whether you have enough to fund the lifestyle you want. You won’t remember what happened in some random year except extreme outliers like 1999 or 2008. To repeat a frequent message it is more likely that savings rate and spending habits will end up being more important than investment results. Obviously some folks will permanently impair their capital and others will indeed make a fortune in the markets but that won’t be most of...

Life Planning Before Financial Planning

One cornerstone to successfully participating in capital markets is figuring out some things about ourselves like what really is important, what our insecurities are, what our idea of happiness is and some understanding of the math involved to deal with all of those things and any other items you care to add to this paragraph. The above leads to an interview of author, public speaker and Director of Investor Education for BAM Alliance Carl Richards by Index Universe. The intro includes the following; when it comes to investing, there’s no such thing as financial planning, there’s only life planning I like the sentiment but might reword it to say there is no financial planning before life planning. Then there was this; …investing should be linked to your goals. It’s not a game, not a hobby. I can’t say this enough: You don’t invest because the market is going up, or because it’s fun; you invest because you want to meet some financial goal. And outperforming the market is not a financial goal. The thing that will be important to you when you are 75 or 80 or some other age will be whether you have enough to fund the lifestyle you want. You won’t remember what happened in some random year except extreme outliers like 1999 or 2008. To repeat a frequent message it is more likely that savings rate and spending habits will end up being more important than investment results. Obviously some folks will permanently impair their capital and others will indeed make a fortune in the markets but that won’t be most of...