The top 8 financial items to review before the end of the year

As the year draws to a close, many people feel an instinct to wrap things up. It’s a natural moment to pause, take inventory, and make sure nothing important is left undone.

In financial planning, year-end reviews aren’t about scrambling or chasing last-minute tactics. Done well, they’re about clarity – confirming that your financial decisions still align with the life you’re building.

Here are the most important areas worth revisiting before the calendar turns.

  1. Taxes: Reducing Regret, Not Just the Bill

    Year-end tax planning isn’t about perfection – it’s about intention. This is the time to review realized gains and losses, assess whether tax-loss harvesting makes sense, and confirm that income timing aligns with your broader strategy. For many families, charitable giving also plays a role here – not as a tax trick, but as a thoughtful extension of their values.

  2. Required Minimum Distributions (RMDs)

    For retirees and those nearing retirement, RMDs deserve careful attention. Confirming distributions are made on time, in the correct amount, and from the appropriate accounts is critical. It’s also worth reviewing how RMDs integrate with your overall cash-flow plan. This is ideally done in the first half of the year, but if you haven’t gotten to it yet, do not delay. The penalty for missing your RMD is significant!

  3. Charitable Giving with Purpose

    Year-end giving often happens quickly. A pause can make it more meaningful. Review how and where you give, and whether you’re giving still reflects what matters most to you. Going back to your RMD’s, if you are over 70.5, you can consider using a Qualified Charitable Distribution (QCD) from your IRA to fund those giving goals!

  4. Portfolio Alignment and Risk Exposure

    Markets have a way of feeling louder in December. Year-end is a natural time to rebalance, reassess concentration, and confirm that your portfolio still supports your long-term plan. Have you set aside enough funds in safe cash and short-term bonds to match several years’ worth of coming expenses? If you’re not sure, we should talk.

  5. Estate Planning and Beneficiary Reviews

    Time with family has a way of surfacing important questions. Review beneficiary designations, trustee and executor choices, and guardianship decisions if applicable. Your beneficiary designations on retirement accounts, insurance policies, etc. are legal agreements between you and the financial institution. This means that what ever is on file will trump what is stated in your will, so make sure they line up!

  6. Retirement Readiness Beyond the Numbers

    For those approaching retirement, year-end reflection often brings deeper questions. Financial readiness and emotional readiness don’t always arrive at the same time. Both deserve attention. I’ve seen the emotional transition into retirement impact clients much more significantly than the financial transition. Make sure you have spent time preparing yourself for both.  If you are only focused on what you are retiring away from and haven’t spent any time thinking about what you want to retire towards, then you’re not ready.

  7. Simplification and Organization

    Many people enter a new year craving less complexity. Consolidating accounts and reducing unnecessary financial clutter can create a surprising sense of relief. Everyone has a financial ‘junk drawer’, where things accumulate over the years, but have no rhyme or reason or coordination. Spend time emptying out the junk drawer to assess what you have and then be intentional about what you keep and what you get rid of.  Does it serve you anymore? 

  8. Family Support and Legacy Planning

    Supporting adult children or aging parents requires balance. These decisions are rarely about math alone – they’re about boundaries and stewardship. I have noticed that there is no magic formula or one-size-fits-all approach. Every family dynamic is different and requires a thoughtful, intentional approach to what is best for everyone.

Closing the Year Well

A thoughtful year-end review isn’t about checking boxes. It’s about asking:
Does our financial plan still serve the life we want to live?  If it doesn’t or you’re not sure, give us a call….we’re here to help.

Q4 Letter to Clients

I could sit and watch a stream or river all day long.  There is constant movement, and yet, the water is always right there in front of me, covering the same ground, falling over the same rocks and touching the same boundary on each side.  The water isn’t in a hurry. It shapes rock by returning to the same line again and again. That felt like a useful reminder for investing but really, for life – we make real progress by showing up with purpose and relentless consistency, not by forcing outcomes.  It’s a lesson that I seemingly must learn over and over again, but also continues to inform my approach to good, sound financial planning.

Market and Economic Overview

The third quarter brought plenty of headlines around interest rates, inflation reads, and geopolitics, yet the market’s tape told a different story. U.S. stocks advanced through the quarter, with the S&P 500 posting gains in July, August, and September and notching several new record closes in September. It didn’t move in a straight line, but it did move – and more than the headlines alone might suggest. For context, late September trading steadied after inflation data came in as expected.  Day-to-day swings will keep coming, but they don’t change the core job of a long-term plan.

Developed markets outside the U.S. also showed strength. Part of their performance stems from a weaker U.S. dollar, which amplifies returns in dollar-terms for overseas equities. This has also supported returns in emerging markets, which have surpassed U.S. equities.  The theme continues to be that different markets lead at different times, and spreading risk across geographies helps steady the journey.

Planning Moves That Matter

Just like the water in my favorite stream, we’re focusing on things that compound quietly and that make meaningful changes over time:

  • Cash segmentation for spending needs – matching an appropriate amount of known withdrawals to high-quality cash vehicles (money markets, Treasuries, short-term bonds or other ladders) so the rest of the portfolio can do its long-term work.
  • Rebalance with intent – trim what has run, add to what’s lagged inside your target ranges, and redeploy new cash strategically into the asset classes most out of balance.
  • Year-end tax work – harvest losses where appropriate, manage capital gains distributions, and pair giving with taxes: direct appreciated shares to donor-advised funds, consider QCDs if you’re taking RMDs, and review state-specific opportunities before December 31.
  • Purpose-built buckets – where it fits, we’ll keep leaning into liability-driven investing that ties assets to time horizons instead of a single, generic “risk number.”

If your cash flow, goals, or time frames have shifted recently, let’s update the map now rather than after January 1.

Money and Meaning

Optimizing your money is obviously important but not if it comes at the expense of optimizing your life (I’m speaking to myself here).  Recent On Adventure conversations offered a thread worth carrying into Q4.

  • Bob Becker spoke about finishing Badwater 135 at age 80 – not with bravado, but with gratitude, routine, and a stubborn gentleness that kept him moving when it got ugly.
  • Lisa Smith-Batchen (will be released on October 3) reminded us that the best crews and mentors hold a mirror to your ‘why’ when your legs want to quit.
  • Wells Jones talked about drawing a line in the sand – not as a dare, but as a promise to live aligned with what matters.

Nature is saying the same thing right now. The light changes. The trail looks different. The real work is to keep showing up with intention. Money is just one of the tools that helps you do that – to buy time, fund experiences with the people you love, support causes that reflect your values, and create margin for the kind of adventures that make you feel most alive.

Thank you for your trust. If something in your world has changed – a new goal, a liquidity event, a move, college bills, eldercare planning – let us know and we’ll adjust the plan together.

Q3 Letter to Clients

July 2025

The days are already getting shorter – barely noticeable, but real. And while many of us in the South still have some scorcher days ahead, the halfway point of the year is a good time to pause and reflect.

Market and Economic Overview

Feeling some whiplash from the markets lately? You’re not alone. It’s been a wild ride, and once again, it reminds us why we’re such big fans of staying in your seat. Global tensions have kept uncertainty front and center, which usually means more market volatility. In plain terms, the roller coaster gets steeper—both on the way down and the way back up.

History has shown that some of the biggest market gains come right after sharp declines. The problem is, we never know exactly when that rebound will happen. Guessing wrong can be costly – and in some cases, set a portfolio back for decades (see the chart below).

In moments like the February 19th to April 8th drawdown this year – when the S&P 500 fell nearly 19% in just a few weeks – the temptation to jump off the ride can be strong. It will take your breath away.  But staying disciplined and committed to your plan is what makes the difference. It’s time in the market, not timing the market, that leads to long-term success.

One note of caution: it’s important that money needed for near-term living expenses isn’t exposed to these kinds of market swings. Lately, we’ve become strong advocates of a liability-driven investment approach – matching your investments to specific future spending needs – rather than just thinking in terms of general asset allocation. If that’s unfamiliar, we’d love to talk more at your next meeting.

Money in Service of Values

When markets get noisy, perspective matters. Money is at its best when it serves what you truly value. That’s a theme I’ve heard repeatedly from recent guests on my On Adventure podcast—entrepreneurs, musicians, conservationists. The thread that runs through all their stories? Wealth isn’t the end goal. It’s a tool to create freedom, meaning, and impact.

What’s the point of building bigger buckets if the money never gets used to shape a better life—for yourself or someone else? When aligned with purpose, money becomes transformative. It allows us to live with integrity, build what matters, and contribute beyond ourselves. And yes, to seek out a few great adventures along the way.  In that light, money becomes more than just currency. It becomes agency.

Thank you for your continued trust. Please feel free to reach out anytime.

What the Latest Tax Bill Means for You (Without the Jargon)

A significant tax and spending package – nicknamed the One Big Beautiful Bill (OBBBA) – recently passed the U.S. House and is now being debated in the Senate. This isn’t just Capitol Hill chatter – it has direct implications for your financial plans, and I want to make sure you’re informed without getting bogged down by technical jargon.

Here are five key areas currently up for discussion:

  1. SALT Deduction Cap: House Wants $40K, Senate Uncertain

The House-approved bill proposes raising the State and Local Tax (SALT) deduction cap significantly—from $10,000 up to $40,000 (joint filers), permanently. This is a notable change for anyone living in high-tax states or dealing with substantial property taxes.

The Senate, however, hasn’t fully embraced this increase yet. They’re leaning toward maintaining the current $10,000 cap, sparking intense negotiations.

What it means for you:

If you typically itemize and live in a higher-tax region, your deductions – and thus your tax bill – could swing substantially depending on the final agreement.

  1. Child Tax Credit and Family Incentives

Both chambers agree broadly on enhancing the Child Tax Credit. The proposal currently extends the credit at $2,000 per child permanently, with a temporary increase to $2,500 per child until 2028.

The House version also includes a novel initiative: $1,000 “baby bonus” accounts for newborns through 2029. The Senate is debating this component, but no firm commitments yet.

What it means for you:

Enhanced child credits or potential baby savings accounts might mean extra breathing room in your budget or additional savings opportunities.

  1. No Taxes on Tips and Overtime?

The bill includes bipartisan provisions to exempt certain tip income and overtime earnings from federal income tax, at least up to certain thresholds. This initiative targets workers in the hospitality industry, gig economy, and service sectors.

Both the House and Senate versions reflect strong support for making tips and overtime pay partially tax-exempt, potentially putting more money directly into workers’ pockets.

What it means for you:

If your income includes tips or overtime, your net earnings could rise, meaning immediate cash-flow improvements.

  1. Green Energy Credits Could Change Drastically

The House version plans significant rollbacks of existing clean-energy incentives introduced previously under the Inflation Reduction Act. The Senate prefers a more moderate path—keeping credits for geothermal, hydropower, and nuclear energy intact longer, but phasing out solar and wind incentives sooner.

What it means for you:

If you’ve planned home efficiency upgrades or renewable-energy installations, these changes might affect your timing or feasibility, depending on what incentives remain.

  1. Taxes on Social Security Income May Shift

An additional change currently debated is how Social Security income is taxed. The House bill includes proposals to raise the income thresholds at which Social Security benefits become taxable, meaning potentially fewer recipients would owe taxes on these benefits.

The Senate’s stance isn’t finalized yet, but similar adjustments are being seriously considered.

What it means for you:

Retirees—or soon-to-be retirees—might see significant shifts in their taxable income, impacting cash flow, retirement planning strategies, and possibly allowing greater flexibility in your spending plans.

Broader Implications and Timing

  • Deficit Impact:

    The Congressional Budget Office (CBO) estimates the bill could increase the federal deficit by $2.8–$3.8 trillion over the next decade. The tax cuts, expanded credits, and changes in income taxation are major drivers of this projection.
  • Medicaid and Healthcare:

The bill could also affect healthcare spending, potentially tightening Medicaid eligibility rules, which could indirectly affect financial planning for healthcare costs in retirement.

  • Timeline:

After passing the House on May 22, 2025, the Senate is aiming to finalize its version before the July 4 recess, intending to bundle it with a new debt-ceiling increase.  There is still disagreement on these even within the majority party, so the deadline is currently up in the air.

The Bottom Line (for Now)

Given these proposals are still in flux, flexibility will be essential in your financial strategy. Areas to watch closely include SALT deductions, family-related tax credits, changes in taxable income from tips and overtime, renewable-energy incentives, and especially the taxation of Social Security benefits.

We’re closely monitoring these developments. Rest assured that once the final details are clear, we’ll recalibrate your financial plan together – ensuring you’re positioned to make the most of these new opportunities or to mitigate any potential challenges.

Remember, my goal remains unchanged: helping you live your great life right now, confidently navigating whatever comes next. As always, I’m here if you have immediate questions or if any of these changes prompt you to rethink current plans.

What the Everyday Explorers of the On Adventure Podcast Have Taught Me About Making a Good Life Great

You have a solid job that covers the essentials and taps into your talents. Your relationships with your spouse, children, extended family, and close friends are meaningful and enriching. Your home offers both comfort and safety, and your golf outings or local volunteer work add enjoyable dimensions to your routine.

On paper, you’re living the ideal life. Yet many who tick these boxes still feel there’s a gap—something intangible yet deeply felt.

Recently, a compelling study published in Affective Science explored exactly what constitutes a truly “good life.” Researchers surveyed nearly 4,000 individuals from nine countries, including the U.S., asking participants to envision their ideal lives and rank various descriptors reflecting happiness, meaning, and psychological richness.

Happiness as the Foundation

The study identified foundational happiness with descriptors like:

  • Stable
  • Comfortable
  • Simple
  • Happy
  • Pleasant

This is your baseline. Achieving this level of happiness means your basic emotional and physical needs are met. From here, you have the stability and clarity needed to expand your life in meaningful ways.

Adding Layers of Meaning

The next dimension is meaning, expressed through terms such as:

  • Meaningful
  • Fulfilling
  • Virtuous
  • Sense of purpose
  • Involves devotion

This aligns perfectly with the conversations we have on the On Adventure podcast, highlighting individuals who choose purpose over mere comfort. Whether through meaningful work, volunteerism, or mentoring, creating a life of purpose enriches your emotional experience and builds a legacy.

As I’ve discussed frequently on the podcast, meaning becomes even more critical during life’s transitions, especially retirement. Those who pursue meaningful work or passions tend to continue finding fulfillment long after their career concludes.

Embracing Psychological Richness

Perhaps most intriguing—and closely related to our ongoing discussions on adventure—is the third dimension: psychological richness, characterized by:

  • Eventful
  • Dramatic
  • Interesting
  • Full of surprise
  • Psychologically rich

Adventure inherently creates psychological richness. It involves challenge, uncertainty, overcoming obstacles, and embracing curiosity. It keeps you from stagnation and boredom. Guests on the On Adventure podcast consistently affirm that embracing adventure dramatically enriches their lives, offering insights, perspective shifts, and growth opportunities they never anticipated.

The interplay between happiness, meaning, and psychological richness evolves as you journey through life. Adventure, in various forms, ensures that you continuously grow and remain energized.

So how do we balance these elements effectively, especially as our lives change over time? That’s where Life-Centered Planning comes into play—helping you strategically align your resources with the kind of life that genuinely excites and fulfills you right now. Let’s explore together how your personal adventure can guide the design of your great life right now!

Q2 Letter to Clients

As we wrap up the first quarter of 2025, I want to briefly reflect on recent market activity and share some thoughtful insights on maintaining perspective during volatile times.

Market and Economic Overview

This quarter reminded us that markets rarely move in a straight line. The S&P 500 saw a decline of a little more than 4%, driven largely by investor unease over inflation concerns and uncertainty about global trade policies. Additionally, international markets showed surprising resilience, with the MSCI All Country World Index ex-U.S. index outperforming the S&P 500 index by nearly 11 percentage points, marking the strongest first-quarter performance for international stocks since 1987, demonstrating the importance of diversification in your portfolios.  And yet, these numbers mean nothing to me, and they shouldn’t to you either.  Index returns, especially over one quarter, say nothing about whether you are on track to achieve your own personal goals or more importantly, about whether you are living your great life right now.  You should be tracking your ROL index, and the stock market has nothing to do with that!  These short-term returns are just noise, distracting you from the conversation that really matters.

Strategic Opportunities Amid Volatility

While volatility can feel uncomfortable, it’s essential to recognize the opportunities it creates for a long-term investor. We continuously monitor your portfolios for opportunities like tax-loss harvesting – turning short-term declines into meaningful tax savings – and strategic rebalancing which keeps your investments on target to your risk model.  Or better yet, if you have cash on the sidelines, putting new cash to work in your investment accounts is a great way to take advantage of lower asset prices, which has an outsized effect on your future portfolio!  Volatility coming from risk is also the price we all must pay in order to expect longer-term returns that outpace inflation. 

Great New Content

In line with our belief in tuning out short-term noise and focusing on long-term goals, Dimensional Fund Advisors recently released an exceptional documentary film called, “Tune Out the Noise,” directed by Academy award-winning filmmaker, Errol Morris. I highly recommend this impactful video, which beautifully captures the essence of remaining grounded and focused amid market distractions, spoken from the perspectives of some of the smartest people in finance over the last 60 years.  Check it out in the link below.

Above all, remember that your financial plan is built specifically for times like these – grounded in your personal goals, risk tolerance, and life’s milestones. Markets will always fluctuate, but our commitment to your financial well-being remains constant.

Thank you for your continued trust. Please feel free to reach out anytime.

Episode 43: Beyond the Pavement with Frank Trotter


What do banking and backcountry exploration have in common? More than you’d think! In this episode of the On Adventure, I sit down with Frank Trotter—banking pioneer, entrepreneur, and avid adventurer. From his early days racing cars in Europe to co-founding EverBank and now launching Battle Bank, Frank shares how his career has been driven by innovation and a passion for pushing boundaries. But it’s not all business—Frank also dives into his love for outdoor exploration, from summiting 14ers in Colorado to backcountry treks in Argentina.

We talk about the lessons learned from extreme environments, the balance between risk and reward, and how his entrepreneurial spirit aligns with his drive for adventure. Plus, we dive into the incredible Excellent Adventures group and why surrounding yourself with the right people makes all the difference—whether in business or the wilderness.

Episode Highlights:

  • [2:00] Frank’s journey from hockey in St. Louis to racing cars in Europe
  • [6:30] The evolution of internet banking and why he’s launching Battle Bank
  • [10:45] The hidden ways big banks profit off their customers
  • [18:20] The Excellent Adventures hiking group and its impact on Frank’s outdoor pursuits
  • [24:15] Facing physical challenges—how a medical study changed his ability to keep exploring
  • [35:40] The connection between adventure, mindfulness, and perspective
  • [48:00] Knowing when to push forward and when to turn back—lessons from the mountains
  • [52:30] What’s next? Zion, GoPro Games, and upcoming adventures

Links & Resources:

Enjoyed this episode?

Make sure to subscribe, leave a review, and share with a fellow adventurer. And if you haven’t already, sign up for my newsletter, The Money Trail Guide, at www.ridgelinewealthadvisors.com to stay inspired on your financial and adventure journey!

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Episode 42: Endurance, Exploration, and the Art of Adventure with Roy Malone


What does it take to push your body and mind to the limit for days on end—while relying entirely on a team? The answer is epic!  In this episode, I sit down with seasoned adventure racer Roy Malone, who has spent the past 24 years competing in some of the toughest endurance races in the world. From trekking through the jungles of Fiji to navigating the badlands of North Dakota, Roy shares the highs, the lows, and the life lessons that come from competing in these multi-day, non-stop races.

We dive deep into the mental and physical grit required to finish these extreme challenges, the team dynamics that make or break success, and how adventure racing parallels the business world in unexpected ways. Roy also talks about his new venture, TerraVenture, which is bringing adventure to everyday explorers who crave the thrill of the unknown. If you’re curious about endurance racing, risk-taking, or just want to hear some unbelievable stories from the wild, this is an episode you won’t want to miss!

Episode Highlights

[00:00] – Welcome and introduction to Roy Malone
[02:45] – How Roy balances adventure racing, family life, and a career in finance
[08:10] – What is adventure racing? A deep dive into the sport’s extreme challenges
[12:30] – The mental game: Handling sleep deprivation, exhaustion, and team dynamics
[22:00] – Hallucinations on the trail: Roy’s wildest experiences in multi-day races
[31:15] – The toughest race of Roy’s career and why Fiji pushed him to his limit
[40:45] – TerraVenture: Roy’s mission to bring adventure racing to a broader audience
[55:00] – What’s next? How long Roy plans to keep competing and where he’s headed next

Links & Resources

🔗 Learn more about Team Bones Adventure Racing: BonesAdventure.com
🔗 Explore Roy’s new company, TerraVenture: Terra-Venture.com
📧 Connect with Roy via email:

Enjoyed the episode?

If you loved this conversation, be sure to subscribe, rate, and review the show! And don’t forget to share it with a fellow adventurer. 🚀🎙️

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Episode 41: A Journey of Resilience and Rediscovery with Jenna Carroll


In this episode of The On Adventure Podcast, I sit down with Jenna Carroll, a hiking guide and endurance athlete who transformed her life by stepping off the corporate treadmill and onto the Appalachian Trail. Jenna shares her incredible journey, from her early days as a basketball star and management consultant to finding her passion for long-distance hiking and trail running. We delve into her 2021 northbound thru-hike of the Appalachian Trail, her life-changing decision to make the outdoors her career, and her remarkable return to the trail in 2023 to attempt a self-supported fastest known time (FKT).

Along the way, Jenna reflects on the emotional highs and lows of solo hiking, the invaluable lessons of community and resilience, and how nature continues to fuel her creativity. Whether you’re a seasoned hiker or just curious about life’s unpredictable paths, Jenna’s story is sure to inspire.

Episode Highlights:
[2:10] – Introducing Jenna Carroll: From basketball star to corporate life to hiker-extraordinaire.
[6:45] – Jenna’s first thru-hike: Why she left her desk job to tackle the Appalachian Trail.
[15:30] – Overcoming freezing temps on Blood Mountain: Jenna’s turning point just four days into the trail.
[24:40] – Post-trail life: Moving to Asheville, finding her calling as a hiking guide, and rediscovering creativity through poetry.
[39:00] – Tackling personal endurance challenges: Jenna’s first 50K and her epic Montreat trail day.
[43:50] – Attempting the self-supported FKT: 63 days, 2,200 miles, and lessons learned on the Appalachian Trail.
[57:00] – The value of community: How connection and support fueled Jenna’s solo adventures.
[1:02:30] – What’s next for Jenna: A 100-mile race, guiding trips, and continuing her journey in Asheville.

Links & Resources:

  • Blue Ridge Hiking Company
  • Books that inspired Jenna:
    • Thirst: 2600 Miles to Home by Heather “Anish” Anderson
    • A Beautiful Work in Progress by Myrna Valerio
  • Learn more about Mount Mitchell, the highest peak in the eastern U.S. here.

Closing:
If you enjoyed this episode, please take a moment to rate, follow, and share On Adventure! It means the world to us and helps us reach more adventure seekers like you. Until next time, I hope you find your next great adventure.

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Episode 38: From the Wilderness to the Operating Room with Dr. Tommy Gavigan


In this episode of the On Adventure Podcast, I catch up with an old friend and fraternity brother, Dr. Tommy Gavigan. From our days at the University of North Carolina to his current life as a practicing surgeon in Charlotte, Tommy’s journey has been anything but conventional. After college, Tommy spent nearly a decade guiding teenagers into remote wilderness areas with Moondance Adventures—experiences that shaped not only his leadership but also his path into medicine.

We explore the connection between pushing past your comfort zone in the backcountry and managing high-stakes scenarios in the operating room. Tommy shares incredible stories of adventure, personal growth, and how these experiences molded his outlook on life. Now in his “Adventure 3.0,” he reflects on fatherhood, future aspirations, and why challenging yourself—physically, mentally, and emotionally—is key to living fully.

This episode is a deep dive into why we seek hard things, what we gain on the other side, and how adventure can prepare us for life’s biggest moments.

Episode Highlights

  • [1:10] – Introduction: Reconnecting with Tommy and his unique journey post-UNC.
  • [4:45] – The Moondance Adventures: From green teenagers to life-changing moments in the wilderness.
  • [12:30] – Real backcountry challenges: Lightning storms, hypothermia, and a rare grizzly bear encounter.
  • [18:00] – Service through adventure: Teaching kids leadership, grit, and resilience.
  • [31:30] – From outdoor leader to surgeon: Tommy’s leap into medicine and his pivotal “letter to the future self.”
  • [39:20] – Adventure 3.0: Parenthood, teaching his son the outdoors, and future dreams.
  • [42:15] – Managing high-stakes stress: Lessons from the wilderness to the operating room.
  • [45:30] – What’s next? Personal peaks, challenges, and expanding the comfort zone.

Links & Resources

Check out this episode!