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What Lies Within

Good Luck and Godspeed – No. 9

Good Luck and Godspeed

Montgomery Wealth Advisors

Welcome to Good Luck and Godspeed, a weekly dose of rational optimism.

It represents my desire to provide you, my healthcare leader readers, with something interesting, helpful, and not necessarily healthcare-related.
If you love it, please let me know and consider sharing it with your peers.

What Lies Within

“What lies behind us and what lies before us are tiny matters compared to what lies within us.”

– Ralph Waldo Emerson

Invisible, Insidious

“Resistance will tell you anything to keep you from doing your work. It will perjure, fabricate, falsify; seduce, bully, cajole. Resistance is insidious. Resistance is invisible. Resistance is internal.”

– Steven Pressfield, War of Art

Reading List

I’ve read few books as many times as I have Pressfield’s War of Art.

While originally written for creatives, it is a treasure trove of insights for overcoming obstacles regardless of your profession. I suspect it could be precious for healthcare leaders who face unique challenges that require innovative solutions and creative thinking.

The book explores our internal “Resistance” – the powerful force within us that hinders creative endeavors and professional growth. Through a series of micro-essays, Pressfield offers practical advice and motivational wisdom to help readers recognize, confront, and overcome this resistance.

Goals and Wealth

There are many approaches to managing wealth, but a goals-based approach is particularly effective for healthcare leaders who face unique financial landscapes.

Goals-Based Wealth Management

Goals-based wealth management (GBWM) is a personalized wealth management approach that helps individuals meet specific life and legacy goals.

Unlike traditional methods focusing on maximizing returns or minimizing risks based on market performance, GBWM prioritizes the probability of achieving your unique financial objectives. It involves setting clear goals—such as funding retirement, paying for education, or leaving a legacy—and structuring investment strategies to maximize the likelihood of reaching these goals.

For healthcare leaders, who often have complex financial situations with multiple overlapping goals, GBWM offers a structured and intuitive way to address these complexities by focusing on what truly matters.

Key Elements of Goals-Based Wealth Management:

  1. Identify and Prioritize Goals: Detailed discussions help to understand and prioritize financial aspirations, assigning specific monetary values and timeframes to each goal.
  2. Create Sub-Portfolios: Each goal has a separate sub-portfolio designed to meet its specific requirements. These can be grouped into three main buckets:

Bucket Purpose Example Goals
Safety Ensures financial security by covering essential expenses and emergency funds. Emergency savings, essential living expenses
Market Aims for growth through diversified investments to meet intermediate-term goals. Funding education, retirement
Aspirational Pursues higher-risk, higher-reward opportunities for long-term growth and significant future goals. 2nd home purchase, legacy planning
  1. Align Investments with Goals: Investments are selected to meet the needs of each sub-portfolio, balancing the overall portfolio to ensure all goals can be met with the highest probability.
  2. Continuous Monitoring and Adjustment: Regular reviews and adjustments ensure the investment strategy remains aligned with evolving objectives and market conditions.
  3. Risk Management: Risk is redefined as the probability of not meeting specific goals, making the investment strategy more intuitive and aligned with real-life concerns.

Hope all of this helps you continue to lead with passion and purpose.

Until next time...