My Favorite Sunset
Tim and Sara have been clients for almost twenty years. Their three kids were young when we first began our work together. Our early meetings were focused on their dreams for their future, writing down their goals, and creating a plan to ideally retire early. They were hard-working, smart, motivated, and wanted to be sure they provided their children with the same kind of educational opportunities they both had. I helped them reallocate their 401k plans at work, apply for some term life insurance, and set up 529 College Accounts in the state where they lived. My favorite thing about Tim and Sara was that they were always coachable. Perhaps that was because they were athletes in high school, knew how to follow directions, and took a very disciplined approach to life.
As the years went on, Tim and Sara saved more for college, sold their house, upgraded to a nicer home in a more affluent town, and continued to advance in their careers. When they could afford to, they saved money into cash value life insurance, increased their 401k contributions, and paid down their home equity loan. The kids grew up. Their first-born was ready for college, and the money to pay for the tuition was already saved in her college account. The same happened for their second child, followed by their youngest. Between the 529 plans and the cash value in their life insurance policies, Tim and Sara had saved enough money to pay for 12 years of college (minus the $10k in student loans they wanted each child to have responsibility for). They had so much to be proud of.
More importantly, they had accomplished all of this without compromising their own retirement. Sure, they took vacations here and there, occasionally upgraded their vehicles when necessary, and made the expected repairs to their home over the two decades they lived there. But the whole time, they remained focused on retiring at 62, paying down their mortgage, and living debt-free in their retirement years.
Four months ago, we were scheduled to meet for a review. The market had been good and I wanted to rethink their allocation and make sure the plan was still the plan.
Sara kicked off the conversation by announcing, “Well… we have some news to share that might come as a surprise to you.” I panicked for a moment, not sure if the news was going to be good or bad.
Tim jumped in. “You know how we have always loved the beach, how Sara loves watching the sunsets, and how we’ve dreamed of one day having a home closer to the water? But we weren’t planning on this for another 10 years?” I could see where this was going. “There is a particular street alongside the beach not too far from where we live now. We often drive down on quiet evenings and walk there because it happens to be where Sara swears are the best sunsets in the world.”
Sara interjected, “You know how sometimes you say ‘the plan is not the plan’? Well, I had told Tim years ago that I have no intention of moving, and that my thinking has always been to stay in our house long term and retire there. But the one exception was this house at the beach that I fell in love with. It’s the most perfect location, and would give me access to my favorite sunsets every single night. I said to Tim, if it ever comes up for sale, we have to buy it!”
Guess what came up for sale?
In the most perfectly orchestrated story, Tim and Sara’s dream house suddenly got listed in November. The sellers were older and ready to downsize. They wanted one last Christmas at the beach, and asked for a February 1 closing. The timing for many potential buyers would have been too far out, but for Tim and Sara it was perfect. It gave them one final Christmas in their own home, then ample time to pack, stage and list their house for sale.
They made an offer. They were not the only ones bidding, but for whatever reason the sellers chose them. In a matter of one weekend, Tim and Sara’s offer was accepted on the beach house, and their own home sold after a bidding war. The math worked beautifully. The sellers got what they wanted, at exactly the time it made sense for them, and Tim and Sara were getting something they had dreamed of but never imagined would be their reality so early in life. They moved into their new home the week of Tim’s birthday— only in their mid-50’s. The transition could not have gone more smoothly.
Six weeks later they were settled in, pictures were hung on the walls, and their new couches had just been delivered. They were so proud, so excited, and still feeling a bit of disbelief by how magically it all came together. As Sara shared, “I never would have thought that my favorite sunset could be right here, in front of our house, for us to enjoy and appreciate every single evening for the rest of our life.” The picture above was what Sara texted me, capturing their sunset champagne toast.
I share this story because it offers a number of important lessons.
First, it reminds us that planning works. The earlier you start, and the more you save, the more flexibility you will have later in life—especially if you want to make changes to your plan! The second lesson is that focus and determination pay off. Tim and Sara’s willingness to be coachable, to stick with monthly savings targets, and year after year keep doing whatever it took to educate their kids, pay off debt, and invest for retirement all paid off.
I’m not saying that the path is direct, rosy or perfect. Tim and Sara’s story had a wonderful ending, but make no mistake they have also endured tragedy, stress, heartbreak and loss over their 35 years together. They’ve truly been through it all. And despite some unimaginable difficulties they’ve faced, I have watched them remain dedicated to each other and to their long-term dreams— despite short-term setbacks along the way.
If this family reminds you of yourself, congratulations. You are clearly on the right path!
But if you’re reading this and struggling to relate because you’re feeling like you’re lacking focus—maybe even wondering why your own plan isn’t as clear to you as theirs is to them— then I urge you to use Tim and Sara as your motivator and catalyst. While it’s always beneficial to start planning early, keep in mind that it’s never too late to start either.
This Week’s Resources:
Pencils Up!
With children transitioning back to school these past few weeks, teachers have been total rock stars. Check out this example of third grade math teacher Katie Booser and the motivational song she and her students sing before every math test: “𝗜 𝗯𝗲𝗹𝗶𝗲𝘃𝗲 𝗶𝗻 𝗺𝘆𝘀𝗲𝗹𝗳. 𝗜 𝗯𝗲𝗹𝗶𝗲𝘃𝗲 𝗜 𝗰𝗮𝗻. 𝗜 𝗯𝗲𝗹𝗶𝗲𝘃𝗲 𝗜’𝗹𝗹 𝘁𝗿𝘆 𝗺𝘆 𝗯𝗲𝘀𝘁. 𝗜 𝗯𝗲𝗹𝗶𝗲𝘃𝗲 𝗜’𝗺 𝗮𝘄𝗲𝘀𝗼𝗺𝗲. 𝗜 𝗯𝗲𝗹𝗶𝗲𝘃𝗲 𝗶𝗻 𝗺𝗲. (𝗣𝗲𝗻𝗰𝗶𝗹𝘀 𝘂𝗽!) 𝗜 𝗮𝗺 𝘀𝘁𝗿𝗼𝗻𝗴. 𝗜 𝗮𝗺 𝘀𝗺𝗮𝗿𝘁. 𝗜 𝗮𝗺 𝗰𝗮𝗽𝗮𝗯𝗹𝗲. 𝗜’𝗺 𝗮 𝗺𝗮𝘁𝗵𝗲𝗺𝗮𝘁𝗶𝗰𝗶𝗮𝗻. 𝗜 𝘄𝗶𝗹𝗹 𝗽𝗮𝘀𝘀 𝘁𝗵𝗶𝘀 𝘁𝗲𝘀𝘁. 𝗥𝗲𝗮𝗱𝘆. 𝗦𝘁𝗲𝗮𝗱𝘆. 𝗙𝗿𝗲𝗱𝗱𝘆. 𝗚𝗼.” Read more about her story here, and imagine if all of us approached our work with her enthusiasm and passion! https://www.cnn.com/2021/03/28/us/california-teacher-sings-to-students-trnd/index.html
Honoring the Work of Jack Hanna
You may have seen in the news this past week that the legendary Jack Hanna is stepping away from public life due to a fast progression of dementia. Jack Hanna was the man who dedicated his life to animals, the environment, and educating the world about both important subjects. He was the zoo director of the Columbus Zoo and Aquarium in Ohio. He was also famous for bringing many unusual animals onto shows like Good Morning America and David Letterman. Hanna believed that if people were able to see animals, then they might get more engaged in conservation efforts globally. He was right. His motto was, “You have to touch the heart to teach the mind." The family shared on the news that although his health has deteriorated rapidly, his sense of humor still shines through—and they also confirmed that he still wears his khakis! NBC did a nice job sharing Hanna’s incredible story: https://www.nbcnews.com/news/animal-news/beloved-animal-expert-jack-hanna-has-dementia-steps-away-public-n1263388
This Is a Robbery
As many people may recall, the world’s biggest art heist took place in Boston, Massachusetts in 1990 when two men dressed as police officers stole more than $200M from a small museum near Fenway Park. Netflix has done a terrific job retelling the story, reenacting the events of the evening, and showcasing the artwork that was stolen during the 81-minute heist. This documentary is fascinating and does a great job sharing the details of this still-unsolved crime: https://www.netflix.com/title/81032570
Have a terrific week!
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