Buy the Damn Truck
The clients’ names have been changed, and the story is shared with their permission…
I got the email confirming that my clients had sold their dental practice and the proceeds were officially deposited into their account. Dr. Jon Marion had taken care of his patients for 40 years, and his wife Molly had been his office manager the whole time. This was the moment we’d been planning for years to finally arrive.
We updated their plan, reviewed the retirement income strategy, and Jon knew exactly how the money from the sale of the company was going to be invested. Despite the clarity, they both wanted to hop on a call.
Turns out, they were really nervous about retiring. He had been an aggressive investor since the day I met him, but suddenly he was concerned about volatility. They had dreamed of the day when they could be 100% retired, but now wondered what they were going to do on Monday.
Retiring, for some people, is not easy.
We set up a Zoom call. In that conversation, we reviewed their entire plan. Jon nodded in agreement as I reminded him about each recommendation. Molly kept looking at him, wondering if my reassuring was making her husband feel any more secure. After an hour, we had talked through just about everything. Their plan looked excellent. Jon was still reluctant.
He asked, “Is there anything else I’m supposed to be doing?”
“Yes,” I answered, “before year-end, I have a request: Take time to celebrate. This is a big deal, Jon. You’ve worked hard for four decades to build your practice. You made it through a pandemic. You’ve improved the smiles of thousands of people in our town! What you’ve both accomplished is extraordinary. I want to make sure you do something special for yourself.”
Jon smiled and turned to his wife. “I hadn’t really thought about celebrating. I was just trying to get through the sale and be sure it was official. Maybe this is the perfect time to finally open up that bottle Caymus we’ve been saving?”
“That’s a start…” I laughed. I was waiting for him to suggest something a little more exciting than wine. So was his wife.
She chimed in, “Why don’t we go looking at new trucks this weekend? You’ve been saying for years you want to upgrade your old one.”
That’s when Jon confessed that he had already built his dream Chevy Silverado online. He was so excited about the features, colors and new options available. In that moment, he took out his cell phone and showed me his screen saver. It was a picture of that very truck.
Without hesitation, his wife commented, “Jon, you deserve it! You’ve waited so long to get to this moment. Plus we can afford it. And it would make you so happy… Do me a favor and buy the damn truck!” Then she turned to him, put her hands around his cheeks and kissed him!
He squeezed her hand and pretended he wasn’t getting choked up. They decided that next Monday, their first official day of retirement, they’d go truck shopping.
This conversation was a great reminder that for so many people, when retirement arrives it can be difficult to transition from saving to spending. In fact, when Molly mentioned buying the truck, Jon objected and stated, “But Molly, this money is supposed to be for retirement.”
I had to remind Jon that this is retirement. This is what the money has been saved for.
As a financial advisor, one of my most important roles is to help my clients save for the future. And sometimes I also get to remind people that it’s okay to buy the damn truck.
This Week’s Resources
Get Ready to Commit
Now is the time to start winding down 2021 and prepping for 2022. If you are like me, you’re also ready to open a fresh desk planner and map out your goals for the new year. Check out this company and their terrific journals: https://commit30.com/product/2022-planner/
Get Ready to Change Your Passwords
With the new year right around the corner, it’s also a great time to change your passwords. But consider doing so with intention. Choose something that’s your theme for 2022 (Fit&strong2022!), or a reminder of what you are working toward (Retire2024$$). You’ll be amazed at how this daily exercise of typing in your goal-themed password starts to shift your thinking.
Get Ready to Impress
I don’t know what you’re cooking up for Christmas or New Year’s, but this recipe is one that will impress your guests! It’s called Miracle Rice from Giada De Laurentiis. We had it for the first time last Christmas, and it’s definitely coming back again this year for Christmas Eve dinner: Miracle Rice Recipe
Disclosure: Securities and investment advisory services offered through registered representatives of MML Investors Services, LLC, Member SIPC. The Jamrog Group is not a subsidiary of MML Investors Services, or its affiliated companies. Supervisory Office: 330 Whitney Ave. Suite 600 Holyoke, MA 01040 Telephone: (413) 539-2000.