Author: PJ McDaniel
Do you know what percentage of Americans have run a marathon? About 0.5%, or one in about 200 Americans (according to a Runners World study). Why such a small group? Because it’s hard!
After my wife Jen completed the Boston Marathon last month, I shared that stat with our three sons. The Boston Marathon is like the Super Bowl for runners. For those who aren’t familiar with the running world, runners have to qualify based on race time. It’s an elite group. To participate, you have to train not for just one marathon but at least two (one or more to qualify and one for Boston).
My boys and I watched as thousands of dedicated runners sped by competing in their own Super Bowl. We even saw a blind runner being led by a trained guide which reminded me of our podcast guest, Caroline Gaynor, who guides blind Ironman triathletes.
If you’ve talked to anyone that has run a marathon, many will say the most challenging part is the training which typically lasts about 20 weeks and includes between 35 and 80 miles of running per week. That is a lot of time and hard work dedicated to a big goal – very similar to our theme of taking the long view.
Jen had setbacks in her training, including a strained calf and shin splints (among others). She worked with experts, such as a physical therapist and a chiropractor, to overcome her ailments and get back on track. Jen set a goal, and she had the fastest race in her running career (3:39), all while raising three kids and running a nutrition business.
How did she do it? She took the long view! I saw many parallels between her journey and the one we take alongside our clients. Our clients have specific goals they want to hit. With thoughtful planning, including experts that help work through challenges, and a massive dose of patience, we work to help clients increase the odds of hitting their goals. So, while running a marathon may not be one of your goals, let us help you plan for your financial Super Bowl. Set up a time to talk or meet now.
Recently, Matt Hall and I had an opportunity to go to Big Sky Montana with Focus Financial to connect with other independent wealth advisors. The photo above feels a little like our Hill logo and few places feel more “long view” than Big Sky. While in Montana we shared ideas and fellowship with fiduciary advisors like HIG, and Matt even won a best-dressed contest for his ski outfit (though I never saw him on the slopes because he spent most of his time on a green run called The Pacifier:). Check out our Instagram for more.
“What’s clear… is that competing ways of spending—where one partner spends freely and the other doesn’t spend freely enough—can lead to serious conflict.” Hal Hershfield
At HIG, a considerable part of our job is helping couples discuss their finances openly and create their family’s plan together. Sounds simple – but we have seen the benefits firsthand. Our clients say having a third party help navigate this tricky topic can have a massive impact on their self-reported relationship satisfaction, as well as the likelihood of achieving their financial goals.
If you’re curious how you can level up your financial harmony at home, check out this piece by Hal Hershfield, courtesy of our friends at Avantis (an evidence-based mutual fund and ETF investment firm). Hal is a Professor of Marketing and Behavioral Decision Making at UCLA’s Anderson School.