March 8, 2019

savings

Treat Savings Like An Expense

When it comes to savings, I am a student of the Wealthy Barber, by David Chilton. Pay Yourself First! If the money is not available to you, then it cannot be spent on frivolous purchases. I, for one, am guilty of seeing something I like and then convincing myself that it is an absolute need vs. a want. I know that I am not the only one out there that does this. You know who you are!

climbing

What is risk?

We have realized that our role as a financial advisor is really to manage risk. The first thing we must establish with this responsibility is to define “risk”. Textbooks have told us over the years that you should measure risk in terms of volatility using standard deviations. As a mathematician, this should be easy. Next, we studied investment theory which introduced us into the world of Alpha and Beta. Sure, this makes great insomnia-curing reading but after doing this for many years we had to ask ourselves, “is this what is important to our clients”?

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