What Will Your Legacy Be?

With David Letterman retired, many may be missing his Top Ten lists. Recently, this Top Twelve list caught my eye: 12 Things People Regret the Most Before They Die by Lolly Daskal. Number One? “I wish I had spent more time with the people I love.” Seemingly, many of the other regrets were anchored to that one thought; folks wished they had worked less, lived up to their potential, and lived more in the moment.

Collectively, the list calls to mind the advice of Peter Lynch, the legendary manager of Fidelity’s Magellan fund who, at the height of his success retired at age 46. “I loved what I was doing,” Lynch said, “but I don’t know anyone who wished on his deathbed that he had spent more time at the office.”

That observation is especially poignant as the summer days get shorter: It’s easy to let time slip away or to spend in an unconsidered way. However, once it’s gone you can never get it back. There are rarely mulligans. So, let me ask, “Have you taken a summer vacation?” If not, plan one today!

Of course, the list of regrets also applies to personal finance. Folks worry too much about money and, therefore, don’t spend their Gordon image.08.10.15time doing what they enjoy most. Perhaps they miss out on family time trying to manage family finances. There are many people who spend too much time day trading or monitoring their portfolios to the detriment of their family, their profession, their business, their relationships, etc.  At the end of their life, no matter how successful they have been, none of these folks will look back and say they wished they had spent more time managing their portfolio. That, I can guarantee.

So, here’s my take on the list of regrets–Working with Bernhardt Wealth Management (BWM) allows our clients the freedom to develop a quality of life that enables them to spend their time in alignment with their values. This is something that means a lot to all of us at BWM.  We enjoy working with our clients to create investment and wealth management plans so they can focus on the things that will create value for them — whether it is spending time with their spouse, kids and grandkids; spending time to improve their career, profession or business; or investing time in community and charitable causes that are important to them.

By the way, in his 13 years at the helm of Magellan, Lynch’s fund delivered a 29.2 percent annual return, almost double the return of the S&P 500. If you invested with Lynch at the start of his Fidelity career, you would have realized a 2,700% gain when he retired. Today, Lynch spends time with his family, writes, coaches young analysts, and is very involved with philanthropy. Nothing to regret there! 

Leave a Reply

Your email address will not be published. Required fields are marked *