Roger Staubach, former Dallas Cowboy quarterback, was once quoted, “Spectacular achievements come from unspectacular preparation.” As I was searching for quotes on preparedness, this one really stuck out and stopped me at my desk. I will never forget when my wife blessed me with the news that we were expecting our first child. While we were overjoyed and trying to decide when we were going to tell close friends and family, we knew that life was never going to be the same from this point forward.
As the initial surprise faded, we realized that our home would soon feel much smaller, my wife’s car was not designed for a bulky car seat, many doctor visits and a hospital stay were forthcoming, and that we had a lot of work to do. We began to plan how we would prepare my daughter’s nursery, what kind of vehicle we would need, and how much we would be spending on medical bills. Fortunately, we had been preparing and saving for these expenses for some time in hopeful anticipation that they would arrive one day.
Larger than usual and necessary expenditures in life will come and go, but the ability to endure them with confidence does come at a (reasonable) price. It cannot be stressed enough that having a financial plan is a must. Whether it is tax planning, charitable planning, insurance needs, retirement plans, education plans, or budgeting/saving techniques, no one plan for an individual, couple, or group is the same. Knowing your goals and what is most important to you in life is the first step in becoming financially prepared for them. Once they are known, aligning your finances, and improving the avenues necessary to accomplish them is the next.
The ending of the holiday season and the beginning of a new year is always a great time to reflect on the more important areas of our lives and often to re-evaluate how we approach and prepare for them. I know for myself being the best husband and father I can be is going to be at the top of my list. Preparing and planning for life’s expected or unexpected events, can be hard and stressful enough on their own. Don’t let being financially ill-prepared make them even more challenging. If you feel you may need to tighten up your plan in preparation for any of the areas mentioned or not mentioned above, contact your trusted CPA or CERTIFIED FINANCIAL PLANNER™ professionals for any advice or questions you may have. Your spectacular achievement may just be a little bit of preparation away from being accomplished!
Published in the Victoria Advocate
Hayden Schilling, CPA is a staff accountant for Keller & Associates CPAs, PLLC.