We’re dealing with more uncertainty than most of us have ever faced before. And as the months drag on, the stress of not knowing what comes next is taking a toll.
How do we make smart decisions when we’re stressed out and everything is uncertain?
We made a quick video talking about what we can learn from how Navy SEALs deal with stress and uncertainty.
Stay strong,
| Chris Mullis, Ph.D., CDFA® Founding Partner |
I hope you’ll allow me to share something very special with you. Fourteen years ago today we launched our financial planning and wealth management practice framed upon three starkly beautiful motivations:
Helping families articulate, underwrite, and fully embrace their great lives is a profound mission that we take up with unyielding energy and commitment.
We are deeply grateful for all of the people who’ve helped us on our journey. From the early clients who trusted us from the get go to our friends and family who’ve lent their support in more ways than we can list here. We would not be where we are without each and every one of them.
It has been an exciting and educational arc of experience. As we look back, here are three essential lessons that we have learned:
The bedrock of our enterprise remains, and will always be, the following:
Thoughtful planning and disciplined investing can be the keys that unlock incredible potential for the good of our clients, their families, and their cherished communities.
As we look forward to the decades to come of serving our clients and our community, know that we are constantly working to deliver superior financial outcomes and to see our clients live their best lives.
Thank you for allowing me to share this milestone and these thoughts with you. Here’s to your continued success!
With gratitude for the past and optimism for the future,
 |
Chris Mullis, Ph.D., CDFA® Founding Partner |
So much is unknown.
Do we reopen or wait?
Are we past the peak? Or just over the first summit of a mountain range?
Are we safe yet?
After weeks of restrictions, it’s easy to feel that we’re swirling in a maelstrom of uncertainty, helpless to make decisions when so much remains unknown and out of our control.
The uncertainty, the personal losses many have experienced, and the everyday challenges of socially distant life can shake our foundation and cause us to lose touch with what’s most important.
I think that’s normal. We’ve traded a trip on the highway for an off-roading adventure. And we don’t know where it’s going to take us this year.
So let’s lean into the uncertainty. Let’s embrace it and use it as a wake-up call to explore and appreciate what really matters.
Our health. Our family, friends, and loved ones. Our home. Our community. Our compassion and creativity. Our resilience as human beings.
As for me, I have some moments of frustration, but I’m staying grounded by playing outside with our kids and working in the yard.
I’m also learning a lot about myself. I’ve learned that I really enjoy sitting face-to-face in the same room with clients, friends, and colleagues. I’ve learned that I’m not “camera ready” for Zoom meetings nor remote TV interviews, but I’m humbly trying to get better.
I’m working on gratitude and enjoying simple things like dinner-time conversations, our weekly visit with my parents, and fresh air.
I’m grateful to have a wonderful family, a comfortable home (aka The Bunker) and deeply meaningful work.
I’m grateful to have you.
On the professional side, I’m focused on what we can control on our clients’ behalf and staying abreast of what might come next. Our mantra right now is: “one day at a time.”
How are you? I’d love to hear how you are coping. What lessons are you learning about yourself? What have you had the courage to try for the first time? Hit “reply” and let me know.
This pandemic is scary. But it’s also a once-in-a-lifetime chance to hit the “reset” button and connect with the creativity, joy, and good old human ingenuity that can flourish within the limitations of pandemic life.
Eventually, we’ll recover from the pandemic. It’s not clear yet what that will look like, and we’ll likely see more hard days before we get there. Businesses will reopen, people will go back to work, the recession will pass, and the country will rebuild.
We will heal. But some marks will remain as reminders of our experience.
The Great Depression taught people to clip coupons and “make do or go without.” 9/11 upended our travel rituals and awareness of terrorism.
Some lessons from the pandemic will stay with us long after the immediate crisis fades. Some will be unconscious; maybe we’ll become a society of dutiful hand washers and social distancers.
Others will be lessons we consciously take with us about our values and ability to adapt to circumstances far beyond our control.
I’m hopeful and excited to see what we learn. Let’s make it good.
How has the pandemic changed your perspective? What new values and priorities will you bring out of your experiences? Email me at chrismullis@nstarcapital.com and let me know.
Be well,
Chris
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Chris Mullis, Ph.D. Founding Partner NorthStar Capital AdvisorsFinancial Planning. Wealth Management. Since 2006 AskNorthStar.com |
P.S. Do you know someone who is having a hard time and could use some financial advice? We’re holding a few spots open for folks who could use a professional’s help. If you can think of someone, please reply to this email or call (704) 350-5028 to let me know.
P.P.S. And don’t forget about our special COVID-19 pro bono planning we created to support individuals and families who can’t afford fiduciary advice and financial planning.
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“The toilet paper had armed guards.”
“We celebrated my birthday with a dinner party over Zoom.”
“My officemate jumped on my desk and drooled on my keyboard during a meeting.”
One day, we’ll look back on these strange days and tell stories about the COVID-19 pandemic of 2020.
But right now, we’re getting through it. One day at a time.
How are you doing? What stories can you share with me about your life right now? Email me at chrismullis@nstarcapital.com and tell me. I’d love to hear about them.
In difficult times, it’s easy to think we are alone. Especially when our loved ones and support system are far away or reduced to virtual connections.
We are all learning how to adjust to a new world and stay grounded when headlines are blaring and our very health and well-being are under threat.
I’m working on being grateful for the great things in this life.
I’m grateful for my wife.
I’m grateful for our children.
I’m grateful for our family, friends, and neighbors.
I’m grateful for work that allows me to help people in my community get through times like these.
I’m grateful for you.
What are you grateful for?
Like WWII and 9/11, we’re living through days that will define future generations and change the very fabric of our society.
I don’t envy the policymakers making grim trade-offs between life, death, and the economy. How long do we socially distance? What about the 10 million+ who have lost jobs?1 Or the businesses that have been forced to close?
I hope with all my heart that each one of them has a financial plan and someone they can go to for advice. But my head knows better. I know that most Americans can’t survive a $1,000 emergency and only 17% have a financial adviser to help them.2
What trade-offs are we willing to make to protect those at greatest risk from the disease? We can’t put a dollar figure on human life. But we can put a dollar figure on the human cost of jobs lost and businesses closed.
The next few weeks are going to be tough for all of us. And I want you to know that I’m here for you.
Layoffs and furloughs are happening and I’m helping affected clients create a game plan to get through the next few months. If this happens to you or someone you love, please let me know immediately so I can help you determine if you’re eligible for special assistance. And, also please remember our COVID-19 pro bono program that we’ve launched to serve people who don’t normally have access to fiduciary advice.
How do we make good decisions with so much uncertainty and mixed information?
We make a choice:
We can choose to crumble under the weight of fear and uncertainty…
We can choose to simply hunker down and endure…
We can choose to grow, flourish, and come out stronger on the other side. We can be grateful for our blessings and focus on what’s within our control: our mindset, our behavior, and the actions we take.
I am fundamentally optimistic about humankind’s ability to weather this crisis and use it to grow.
I’m optimistic about how our society will adapt and change due to this crisis. Some of the greatest changes and innovations in history grew out of frightening, pessimistic times.
I’m optimistic about the heroes fighting the disease on the front lines.
I’m optimistic about the people helping friends, neighbors, and strangers stay safe and comfortable.
I’m optimistic that those with jobs will continue working to keep this country going while we wait and heal.
I’m optimistic about the innovators staying up late in labs, workshops, factories, and offices around the world to create vaccines, treatments, and tools to beat the virus.
I’m optimistic about the new inventions and technologies that will grow out of necessity.
I don’t know what challenges the world will throw at us in the coming days and weeks. I do know that I am grateful to be surrounded by smart, motivated people who push me to do better.
How can you show up for the people around you? How can you be your best self in these times?
How can I help you do it? Email or call and let me know.
Be safe and be well,
Chris
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Chris Mullis, Ph.D. Founding Partner NorthStar Capital AdvisorsFinancial Planning. Wealth Management. Since 2006 AskNorthStar.com |
2https://www.bankrate.com/banking/savings/financial-security-january-2019/
https://www.cnbc.com/2019/04/01/when-it-comes-to-their-financial-future-most-americans-are-winging-it.html
If you think money can’t buy happiness, you’re not spending it right. Two rising stars in behavioral science explain how money can buy happiness—if you follow five core principles of smarter spending:
1. Buy Experiences
2. Make it a Treat
3. Buy Time
4. Pay Now, Consume Later
5. Invest in Others
“Buy Experiences” essentially means to spend money on memorable experiences instead of expensive toys, because you are able to relate to those experiences on an emotional level for much longer than with objects.
“Make It A Treat” focuses on the concept of over-consumption creating a weakening of the enjoyment factor. If you have something every day, even if it’s something you love, it becomes routine rather than fully enjoyable.
“Buy Time”: The idea that you make life decisions that allow you to have more free time. Suggestions include outsourcing unnecessary tasks.
“Pay Now, Consume Later” is a fascinating concept. In society today, we’re more apt to do the reverse, thanks to credit cards. Essentially, it’s sort of like half the fun of a road trip is getting there. When consummation is delayed, from something as simple as eating candy to attending an event, the enjoyment is increased. When something’s already paid for, if enough time passes, it seems “free” when it’s actually consumed.
“Invest In Others” hits on how donating or spending money on others feels better than buying things for yourself.
Happy Money (by Elizabeth Dunn and Michael Norton) offers a tour of new research on the science of spending. Most people recognize that they need professional advice on how to earn, save, and invest their money. When it comes to spending that money, most people just follow their intuitions. But scientific research shows that those intuitions are often wrong.
Happy Money explains why you can get more happiness for your money by following five principles, from choosing experiences over stuff to spending money on others. And the five principles can be used not only by individuals, but by companies seeking to create happier employees and provide “happier products” to their customers.
By the end of this book, readers will ask themselves one simple question whenever they reach for their wallets: Am I getting the biggest happiness bang for my buck?
We all want to live a great life. The path to achieve that life relies, in part, on knowing what to focus on and what to ignore. Focusing on the things you can’t control is a waste: a waste of time, energy, and often, money. Here’s a list of things that matter, things you can control, and the things you should focus on.
Things that matter:
Things that you can control:
What you should focus on:
Source: Carl Richards, Michael Batick
Our mantra at NorthStar Capital Advisors is Plan Well. Invest Well. Live Well.
Here are eight terrific insights on how to live well in your middle years distilled from former NPR reporter Barbara Bradley Hagerty’s new book, Life Reimagined – The Science, Art, and Opportunity of Midlife.
1. Aim for long-term meaning rather than short-term happiness, and you will likely find both
Aristotle suggested as much when he talked about eudaemonia, or the good life: striving with a purpose — raising terrific children, training for a marathon — rather than setting your sights on immediate pleasures, such as enjoying a good meal or a day at the beach. It’s also the best thing you can do for your mind and your health.
2. Choose what matters most
Clayton Christensen at Harvard Business School describes the eroding effect of short-term decisions — specifically, doing the activity that brings you immediate gratification (such as work) and putting off harder but ultimately more fulfilling activities (such as investing in your marriage and children).
3. Lean into fear, not boredom
Most of us become competent at our work by our 40s, and then we have a choice: Play it safe or take a risk. Howard Stevenson, also a professor (emeritus) at Harvard Business School, believes the greatest source of unhappiness in work is risk aversion — which leads to stagnation and resentment. “Ask yourself regularly: How will I use these glorious days left to me for the best purpose?”
4. “At every stage of life, you should be a rookie at something”
This insight comes from Chris Dionigi, a Ph.D. in “weed science” and the deputy director of the National Invasive Species Council (that kind of weed). He believes trying new things and failing keeps you robust. Always have something new and challenging in your life, he says, “and if that something is of service to people and things you care about, you can lead an extraordinary life.”
5. Add punctuation to your life
Young adulthood offers plenty of milestones: graduating from college, starting a career, getting married, having your first child. But Catharine Utzschneider, a professor at the Boston College Sports Leadership Center who trains elite middle-aged athletes, says midlife is like “a book without any structure, without sentences, periods, commas, paragraphs, chapters, with no punctuation. Goals force us to think deliberately.”
6. A few setbacks are just what the doctor ordered
Bad events seem to cluster in midlife — losing a spouse, a marriage, a parent, your job, your perfect health. But people with charmed lives — zero traumas — were unhappier and more easily distressed than people who had suffered a few negative events in their lifetime. According to resilience research, some setbacks give you perspective and help you bounce back.
7. Pay attention: Two of the biggest threats to a seasoned marriage are boredom and mutual neglect
The brain loves novelty, and love researchers say a sure way to revive a marriage on autopilot, at least temporarily, is to mix things up a bit. Go hiking, take a trip to an undiscovered land.
8. Happiness is love. Full stop
This observed wisdom comes from George Vaillant, a psychiatrist and researcher who directed Harvard’s Study of Adult Development for several decades. Vaillant found that the secret to a successful and happy life is not biology. It is not genes. It is not social privilege or education. It is not IQ or even family upbringing. The secret to thriving is warm relationships. Oh, then there’s this happy coda: Second chances present themselves all the time, if you’ll only keep your eyes open.
Source: NPR
Twelve years ago today we launched our financial advisory practice framed upon three starkly beautiful motivations:
Helping families articulate, plan out, and live their great lives is a noble mission that we take up with unyielding energy and commitment.
Stars pivot around the North Star above Maunakea Observatory, Hawai’i
We would like to take this opportunity to thank all of you who’ve helped us on our journey. From the early clients who trusted us from the get go to our friends and family who’ve lent their support in more ways than we can list here. We would not be where we are without each and every one of you.
It has been an exciting and educational journey. As we look back, here are a few things we have learned.
As we look forward to the next few decades of serving our clients and our community, know that we are constantly working to provide a superior client experience. It’s our firm conviction that planning can be the key that unlocks incredible potential for the good of our clients, their families, and their communities.
We look forward to all the future has in store.
With heartfelt gratitude,
Chris Mullis, Ph.D.
on behalf of the NorthStar team
Legendary banker Richard Jenrette passed away last week at the age of 89. In his desk he left a hand-written note listing his 24 rules to succeed in finance and life. The note titled, “What I Learned (How to Succeed and have a Long and Happy Life),” was shared at his memorial service in Charleston, SC:
This is good advice for anyone!
Source: Bloomberg
