The Tuscany Decisions (Part 1)
Image sourced by micheile henderson @micheile
Welcome Back!
This Budget and Grow Rich® blog post series chronicles the best decisions I ever made.
In fact, these decisions, also known as (AKA) Smart Moves, helped me build wealth, secure my retirement and gain peace of mind.
Let’s get to it!
My best friend Reggie retired a few years ago. He was one of the top hedge fund managers on Wall Street during his 20-year career.
When he and his wife Linda turned 50, they threw a birthday party for themselves in Tuscany Italy. They rented a beautiful villa and invited 10 or 12 of their close friends.
All I had to do was fly from New York to Tuscany and get to the Villa.
Paradise!
Trouble was, I just had just started to recover from my divorce and rebuild my finances.
What’s more, my son Michael would be heading off to college a few years later. And as I’m sure you know, college is not a cheap date.
Regardless of the fact that my Divorce Agreement required me to fund a certain portion of his college education, I wanted to help my son!
I wanted to make sure that I had saved enough money. On the other hand. . .
I had never been to Italy. I wanted to see The Vatican, Rome and maybe Florence too!
But all that probably would have cost $8,000 to $10,000 all in, what with airfare, local transportation, lodging and food.
$10,000 would make a big dent in my obligation to fund Mike’s college tuition.
While my business was going very well at that time, what if my hoped for future merit bonuses didn’t come in?
I Debated whether or not to go to Tuscany to celebrate with Reggie and Linda. In fact, I Agonized over the decision.
A week or two went by and Reggie called me to ask whether I was in or out.
OUT!
I put my foot down and decided to Stay Home and direct the vacation money I would have spent on my Italy trip to Mike’s 529 Plan account.
You might decide to fund your 401(k) retirement plan or your 403(b) retirement plan or buy a house.
Truth be told, that single decision changed my life in so many ways!
I put my thoughts about keeping up with the Joneses aside and let the chips fall where they may.
Reggie responded, “That’s the best decision you ever made.”
Thankfully, my hard work paid off and my business continued to progress and I was able to save money equal to my entire commitment and obligation for Mike’s college before he graduated high school. Everyone was relieved.
And Reggie and I are best friends to this day!
Key Lessons I Learned:
Crystallize what you are trying to accomplish.
Figure out what’s most important to you.
Set priorities. And your goals and objectives.
Brainstorm alternative solutions and options.
What choices do you have?
Figure out the tradeoffs relating to each possible decision path. Analyze the pros and cons of each decision, each pathway.
For Big Decisions, think long-term. What are the consequences?
Develop a thick skin – stop keeping up with the Joneses! Leave them in the dust! They’re probably not your real friends anyway.
Decide your course of action.
Build conviction regarding your choice, if you need to. I did with Tuscany.
Put your foot down!
Communicate your decision clearly.
Take the first step – implement your plan.
Move on!
Evaluate your results. What could you have done better? How can you do better?
Making The Tuscany Decision gave me the confidence and conviction to make the tough decisions and renew my focus on personal budgeting, saving money and financial planning.
What’s more, I gained peace of mind.
Believe me, you Don’t have to keep up with the Joneses.
If I can do it, You Can Too!!!
YES Indeed, The Tuscany Decision was the Best Decision I Ever Made – #1.
How about You?
Let us know your thoughts.
See you next week.
Arthur V.
Disclaimer: OH and Please Remember, we are Not financial advisors, financial planners, attorneys or accountants and are Not providing any specific financial, tax or legal advice here. Be sure to conduct your own due diligence and consult your own professional advisors to get sound professional advice that’s specific to your financial and personal circumstances, risk tolerance, time horizon and investment goals and objectives among other key factors!
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