Episode 19: Sketching Summits with Heidi Nisbett


In today’s episode of the On Adventure Podcast, we took a deep dive into the great outdoors with the remarkable Heidi Nisbet. Heidi is a friend of a friend, but by the end of the conversation, I felt like we had known each other forever.  We gravitate toward a similar tribe.  As someone who shares my passion for the Appalachian Trail, Heidi brought a fresh perspective on merging art, adventure, and personal growth through her experiences on and off the trail. From her transformative journey of self-discovery to integrating her love for nature with her artistic talent, this episode is packed with insights that outdoor enthusiasts and creatives alike won’t want to miss.  And by the way, you HAVE to check out her work…link is below!

Episode Highlights:

[00:01:00] – A Creative Soul Finds Her Trail: Discover how Heidi, originally not considering herself an outdoors person, embraced her creative spirit and love for the Appalachian Trail, transforming her life in unexpected ways.

[00:02:27] – The Art of Nature: Learn about Heidi’s unique approach to combining her artistic talent with her passion for hiking, leading to a fulfilling career that blurs the lines between work and play.

[00:10:00] – Art, Identity, and the Great Outdoors: Heidi shares her journey from childhood creativity through academic challenges to finding her identity on the trail and in her art, highlighting the intrinsic connection between nature and creativity.

[00:15:00] – Making Adventure Sustainable: Insights into how Heidi has crafted a life that allows her to pursue her passions while making a living, including guiding hikes and teaching art in the wilderness.

[00:20:00] – Favorite Trails and Future Plans: Heidi reveals her favorite sections of the Appalachian Trail and discusses future hiking and artistic projects, offering a glimpse into her adventurous and creative future.

[00:30:00] – The Transformational Power of Hiking: A reflection on how hiking the Appalachian Trail served as a catalyst for personal growth, challenging Heidi to rethink her capabilities and aspirations.

[00:45:00] – Blazing New Trails with Art: An exploration of Heidi’s upcoming projects, including a special hiking and painting collaboration that promises to bring her passions to new heights.

Links & Resources:

As we close today’s episode, I’m reminded of the limitless potential that lies in combining our passions with our professions. Heidi’s story is a testament to the power of following one’s heart and the beauty of the paths it can lead us down.

If you enjoyed this episode, please remember to rate, follow, share, and review the podcast. Your support helps us bring more inspiring stories like Heidi’s to you. See you on the next adventure!

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What To Teach Your Kids (and Adults) About Investing

Providing for your children’s education is an important part of your financial plan. But, for the most part, that education won’t teach your children very much about basic financial literacy. The money lessons that kids learn from their parents can help to fill that gap and instill habits that will improve their Return on Life.

 

You can teach these three simple financial lessons to your kids with activities that illustrate the basics of financial planning.  And remember the quip, ‘Everything I need to know, I learned in Kindergarten’?  Same goes for the principals of good financial planning, so these lessons are still good for us adults to hear regularly as well.

 

  1. “Pay yourself first.”

 

Many families have a rule that X percent of any money a child earns for chores or receives as a gift has to go into a custodial account. This is a good way of helping kids understand the importance of investing in their futures.

 

However, many parents don’t take the essential next step of showing kids how their savings have grown over time. This can create awkward feelings around money and make it hard for kids to appreciate the end result of their responsible behavior. Just updating a simple spreadsheet together after a big birthday deposit can give kids a greater sense of control and deeper feelings of satisfaction around how they’re handling their money.

 

  1. “Money makes money.”

 

Your kids have probably learned about Ben Franklin flying a kite in a lightning storm. You can teach them Franklin’s lesson about the magic of compound interest: “Money makes money. And the money that money makes, makes money.”

 

Thanks to higher-than-usual interest rates, your child’s custodial savings account might be providing a good lesson on compounding right now. It’s also a great time to shop around for a new savings account as many banks are offering higher rates to entice new customers — especially online.

 

Most financial institutions also allow parents to open custodial brokerage accounts for their children, which can be another option for those special self-payments. Some brokerages also sell shares of companies that kids will recognize, like Disney, as a physical framed certificate. These gifts can help kids connect how they spend their time and money with an understanding of how the stock market creates and compounds wealth for shareholders.

 

Again, check in on these accounts every month or every quarter and show your child how their money is doing. Down periods are an opportunity to introduce the concept of volatility. Even modest losses might sting at first. But seeing their ROI move up and down over the course of a year will eventually help your kids get comfortable with managed risk. And if they start eying their toy shelf for other companies they might want to invest in, you can start talking to them about the power of diversification.

 

  1. “Plan ahead.”

 

Kids often think money works like a vending machine: swipe, tap, punch in some numbers, and what they want magically appears. Instant gratification is such a basic part of their lives that they rarely stop to think about where money comes from or how adults manage it to fulfill so many different needs. They see the end result, but not the plan.

 

Reviewing your monthly budget probably won’t hold your kids’ attention for very long. Instead, create new budgets that provide for both short-term and long-term goals that will interest your kids. Break down the cost of a new bike or video game over a couple weeks of allowance money. Or, show them your saving plan towards a big family vacation to illustrate how your financial plan provides for current needs while also progressing towards bigger goals.

We are always happy to help our clients have life-centered planning conversations with their children, especially older teens who are starting to earn their own money. Give us a call and let’s start your kids on a path towards a healthy relationship with their money.

 

From Istanbul to Ireland with Rick Steeves


I can’t say that I have spent enough time in a bike saddle to consider the merits of cycle touring.  In fact, until I met my next guest, I really didn’t understand cycle touring at all.  Rick Steeves has it down to a science, though.  What started as a time-filler during a gap year in college eventually turned in to a life long pursuit of adventure on two wheels.

Rick is a veteran of cycle touring, cycling through 35 countries on almost 18 different trips since 1989.  In fact, he retired from his IT job in 2015 to put wheels down on a 6000km journey from Istanbul to Ireland (and yes, there is a ferry involved).  We discuss many details of this epic trip, but also spend a lot of time talking about the dozens of other trips he has done around the world, mostly in Europe but also the US and New Zealand.  But he keeps being pulled back to Europe to fill in the gaps on his trekking map. 

Rick is a wealth of knowledge and experience, and gives freely of what he knows.  You can find him, his blog and his book at his website irelandbybicycle.com.  His website has a ton of information about how you can see the world from a different vantage point. Check it out!

Check out this episode!

Paying twice with Thom Asta


It is a treat to be surprised to learn something amazing and interesting about someone you have known for a long time.  My hour or so conversation with Thom Asta fits this description perfectly.  I have known Thom for going on 20 years but the things we discussed blew me away and gave me a new level of respect for a man that I had a ton for already. 

This podcast is about how and why the Everyday Explorer continues to find, and then expand, his or her limits.  But it is not just about the adrenaline story.  I want to know what they learn through the challenge of adventure, and how it changes them moving forward.  Thom points out that sometimes this exploration is intentional, but sometimes it is not.  And these surprise challenges usually are the most difficult, most dangerous and full of ‘gold’ if one should make it through. 

Be sure to stick with this to the end as his story reaches a peak event that he never saw coming, and the gratitude and vibrancy for life that was the gift he received on the other side.  I was on the edge of my seat and left searching for words by the end.  I know you are going to love Thom Asta!

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Growth at all stages with Eli Self



We are getting the second season of the On Adventure podcast off to a bang with my first conversation.  Adventure can come at all ages, and I know my next guest knows this very well.  Because he is my son, Eli.  Eli is in his second year at the University of North Carolina at Chapel Hill.  During the holiday break, we got to sit down for a couple hours and pretend that I am not dad but a professional interviewer.  And man, was it fun. 

Eli is wise beyond his years, but you’ll find out why…it doesn’t come for free.  Eli lives big, loves big, and adventures big.  You’ll hear exactly what this means to him as a 19 year old, where his love of the outdoors comes from, and what he hopes all of this means for his future self.  To say I’m proud of him is beyond an extreme understatement, and that has nothing to do with the things that he has accomplished in his 19 years (and the list is very long).  I am proud of him for who he is. 

Enjoy my conversation with Eli Self.


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Preparing Your Adult Children for Inherited Wealth

When it comes to inheritance, it is vital that a parent transfer wisdom before they ever consider transferring wealth.  Most children learn the ins and outs of responsible wealth-building from their parents. And most of this through watching.  But as kids grow, simple conversations about saving and spending often branch out into investing, compounding, and comprehensive Life-Centered Planning. But no matter how many good financial habits your children have learned by adulthood, they could still be unprepared for their role in your legacy plan.

Talking to your adult children about inheriting your wealth might be awkward at first. But if you work through this six-part framework you’ll all feel better about your wishes, your kids’ responsibilities, and your family’s Return on Life.

 

  1. Review your estate plan.

While you’re still around to change it, your estate plan is never set in stone. Every year, sit down with your financial advisor and attorney to make sure you’re still happy with your beneficiaries, your health care directives, and the allocation of your assets. You’re under no obligation to share every aspect of your finances and health with your children. But the more you tell them about your legacy plan now, the easier it will be for them to care for you and settle your affairs when the time comes.

 

  1. Consider the impact on your heirs.

Money impacts different people very differently. Inheriting a portion of your legacy could be life-changing for one of your children. Another might not experience much of a change at all. Encourage your children to put together their own team of financial, tax, and legal professionals who will help them make the best use of their inheritance with the least amount of hassle. If you currently work with our firm, we are always happy to meet with your kids at any point.  When we work with a family, we consider all generations a client of our firm.

 

  1. Promote responsible behavior.

Keep in mind that money is a poor tool to fix problems…it is, however, incredibly efficient at exposing problems that were already there. You may feel like you have no choice but to leave some of your wealth to an adult child who doesn’t have the best financial habits. However, it is possible to establish guardrails, such as a family trust that releases money under certain conditions that you establish in your legacy plan.

Even the most responsible children might not be capable of managing a company, real estate, or an art collection. Talk to your children about how their abilities and goals fit with how you want more complicated assets to be managed.

 
  1. Consider transferring some of your wealth during your lifetime.

Transferring money to the next generation could have a couple of different benefits.  First, when you give funds to your kids during your lifetime, you get the enjoyment of seeing them actually benefit from the gift.  Second, it can be used as a teaching tool.  Learning how to make wise decisions with a smaller amount will prepare your kids for handling a much larger amount in the future.  Better to make mistakes and learn when there are fewer ‘zeros’ involved.

 

  1. Set realistic expectations.

Your children likely have ideas about your wealth and expectations for what they will inherit. Have an honest conversation that will help them recalibrate those expectations properly. You don’t want your kids to plan for a life of luxury that you won’t be leaving to them. But if they’re set to inherit more than they realize, you also don’t want them planning for a too-frugal future lacking certain experiences and comforts.

 

  1. Shore up your plan.

By now you have identified some strengths and weaknesses in both your legacy plan and your children’s financial skills. Use this information to plan for improvements. Talk to your financial team about vehicles that can protect certain assets and encourage responsible stewardship. Assign a professional executor who will oversee your estate. Work with your children on a plan to develop the knowledge and skills they’ll need to manage more complicated assets. Identify potential mentors whom you can trust to guide your children after you’re gone.

 

  1. Clarify your intentions.

Sometimes the assets in an estate plan get in the way of the real purpose of the estate plan. You aren’t just passing on stuff, you’re passing on values, experiences, and the means to do more with money than just have more money.

Tell your children what you hope they’ll do with your legacy, not just to make their own lives better but to make life better for their own families, friends, and communities. If you’ve made choices in your legacy plan that might be difficult for your kids to accept, explain your reasoning and your intentions. If you can’t reach a place of agreement, at least try to reach a place of understanding and mutual respect.

And if you need help facilitating these conversations, consider bringing your children into our office for a family meeting. We’re always happy to help families prepare for legacy events that preserve and respect what matters most.

 

Exploring the world with curiousity through caves with Dr. Ken Walsh


Not many of us have spent near as much time below the Earth’s surface as Dr. Ken Walsh has.  Ken is a Senior Environmental Engineer at Leidos Inc., but that is not who he is.  Ken is an Everyday Explorer at hear.  He started his love of exploration under ground early in his life, and it has taken him deeper and deeper in to exploring the beauty that exists above and below ground.  It also has been a mode for him to explore the reaches of his own limits.

We weave our way through a wide ranging conversation that will expose Ken’s intelligence, creativity and natural curiosity, all of which are used by him to find wonder and awe no matter where he finds himself. 

Check out this episode!

How to find peace in the challenge with Rob Angst


What do you get when you pursue adventure in your life with abandon to push to the edge of growth? Rob Angst knows….peace.  This is such a cool conversation.  Rob has through hiked the Appalachian Trail (AT), the Pacific Coast Trail (PCT) and spent many other long days and weeks on adventure in other spaces around the world.  His accomplishments are beyond impressive, but I think I learned more hearing about the one trail that he has not been able to conquer while pursuing the Triple Crown (AT, PCT, CDT), the Continental Divide Trail (CDT).

Rob has an ability to brutally assess what he wants and needs, both when he is ready to start a new adventure as well as when it is time to pull the plug.  He has a high ability to constantly answer the question of ‘Why’.  He has chased different adventures by being present in whatever space he’s in and experiencing life through all the senses.   He has a constant pursuit to expand himself and stretch his preconceived limits.

This conversation challenged me in all the good ways.  Rob is a bit more explicit with his words than my previous guests, so consider yourself warned, but I think it is completely fitting as he describes the rough edges of how life really works.  It’s never pretty and it’s never clean but man, what a journey.

Check out this episode!

Quarterly Letter to Clients

The first three months of the year would not be described as boring by any stretch of the imagination.  With the war in Ukraine continuing to create global uncertainty and the government-assisted closing of two of the largest regional banks in history, there is plenty to capture our short-term focus.  But even with these and other events, many stock indexes are up since early January and bond prices have seen some recovery as interest rate pressure has eased a bit. The point is that sometimes investment returns can tell a different story than does the current headlines.

However, whether the numbers are up or down in any given year, we caution against letting them alter your mood, or as importantly, your portfolio mix. Because, when it comes to future expected returns, short term performance is among the least significant determinants available.

Thumbs Down…Thumbs Up

In the thumbs-down category, U.S. stock market indexes1  turned in annual lows not seen since 2008, with most of the heaviest big tech stocks2 taking a bath. Bonds fared no better, as the U.S. Federal
Reserve raised rates to tamp down inflation. The U.K.’s economic policies3 resulted in Liz Truss becoming its shortest-tenured prime minister ever, while Russia’s invasion of Ukraine and China’s continued COVID woes kept the global economy in a tailspin. Cryptocurrency exchanges like FTX4… well, you know what happened there.

On the plus side, inflation has appeared to be easing slightly, and so far, a recession has yet to materialize. A globally diversified, value-tilted strategy5 has helped protect against some (certainly
not all) of the worst returns. An 8.7% Cost-of-Living Adjustment (COLA)6 for Social Security recipients has helped ease some of the spending sting, as should some of the provisions within the newly enacted SECURE 2.0 Act of 2022.

Recency Bias

Now, how much of this did you see coming last January? Given the unique blend of social, political, and economic news that defined the year, it’s unlikely anything but blind luck could have led to accurate
expectations at the outset.

 In fact, even if you believe you knew we were in for trouble back then, it’s entirely possible you are altering reality, thanks to recency and hindsight bias. The Wall Street Journal’s Jason Zweig7 ran an experiment to demonstrate how our memories can deceive us like that. Last January, he asked readers to send in their market predictions for 2022. Then, toward year-end, he asked them to recall their predictions (without peeking). The conclusion: “[Respondents] remembered being much less bullish than they had been in real time.”

In other words, just after most markets had experienced a banner year of high returns in 2021, many people were predicting more of the same. Then, the reality of a demoralizing year rewrote their memories; they subconsciously overlaid their original optimism with today’s pessimism.

What have we learned?

Where does this leave us? Clearly, there are better ways to prepare for the future than being influenced by current market conditions, and how we’re feeling about them today. Instead, everything we cannot yet know will shape near-term market returns, while everything we’ve learned from decades of disciplined investing should shape our long-range investment plans. 

In other words, stay informed but be careful to not be swayed into a reactive decision. Keep your long-term lenses on and your future self will thank you for it.
 

As we head into a new quarter, always know that we are here to help and are grateful for your
continued trust.

Josh