Even the best tee shots can end up in the rough. In this episode of How to Win, Kyrk and Rick show you how you can you stay in control of your financial plan with so many outside forces trying to knock you off the fairway.
"I don't know many people that are happy with how 2022 treated them financially. It's normal to start questioning your process." Listen to "Pushing through the bad bounce" from the How to Win Podcast with Kyrk and Rick.
Kyrk Davis is a Registered Representative offering Securities through The O.N. Equity Sales Company, Member FINRA/SIPC, One Financial Way Cincinnati, Ohio 45242 (513) 794-6794. Kyrk Davis is an Investment Advisor Representative offering Investment Advisory services through O.N. Investment Management Company. Estate planning services provided in conjunction with your licensed legal professional.
Even the best tee shots can end up in the rough. In this episode of How to Win, Kyrk and Rick show you how you can you stay in control of your financial plan with so many outside forces trying to knock you off the fairway.
"I don't know many people that are happy with how 2022 treated them financially. It's normal to start questioning your process." Listen to "Pushing through the bad bounce" from the How to Win Podcast with Kyrk and Rick.
Kyrk Davis is a Registered Representative offering Securities through The O.N. Equity Sales Company, Member FINRA/SIPC, One Financial Way Cincinnati, Ohio 45242 (513) 794-6794. Kyrk Davis is an Investment Advisor Representative offering Investment Advisory services through O.N. Investment Management Company. Estate planning services provided in conjunction with your licensed legal professional.
Welcome to the How to Win Podcast. I'm Kirk Davis. And I'm Rick Gregory. Want to know how to win in life and in your finances? Then you're in the right place. On this podcast. We'll be about everyday topics and they relate to overall financial. Welcome to the How to Win podcast. This is episode three, and we're gonna talk about what to do when it seems things aren't working. Yeah. So many of our listeners know, and if they don't know yet, they're about to know that I like to play golf, and I don't just like to play golf. I like to try to compete at as high a level as I possibly can. For example, I play in several the state run golf tournaments. This month I am playing in the US Open qualifier. I have the state AM qualifier. Then come in June, I'll actually have the, assuming that I qualify I'll have the US open, which is definitely a big pipe dream. And I'll have the, the state am and then I'll also have a couple more qualifiers one being the US Amateur. And then we get into July and I have the US MidAm and I have the state open and a couple other tournaments. So, needless to say, I definitely take my golf very serious. And over the past few years, I've taken a lot of steps to try to improve every aspect of my game, and I can objectively say that I have. However I've already played two tournaments this year, kind of warmup tournaments, if you will. And neither of them really went as planned. And it's very frustrating knowing that, Hey, I put in all this work and I've developed all of these strategies and the results that I'm getting just don't line up with what I think they should based off of the, the individual skills that I have with it. So Rick, I know you don't play competitive golf anymore. You've kind of moved into. Shooting competitive shotguns, and you do that at a pretty high level as well. Do you ever have times where, you know, you feel like you're putting in all this work, your individual skills are getting better, and you go to a tournament or even just go out for a practice round and the results just don't line up? Oh, yeah. So I worked really hard just like you got, you know, coaches and stuff. So last year I was shooting really well, I'd shot. You know, five or six rounds, really, really good scores and went to the Indiana State Championship the first day and the wheels fell off. You know, I shot a score probably that I hadn't shot maybe that, that bad in a couple years. So, yeah. Have the exact same thing. It, it happens, I guess, to everybody. Yeah, I mean, I think everybody can probably relate to those frustrations in some capacity. I know not everybody plays competitive golf or shoots competitive shotguns. But maybe they're, maybe it has to do with going to the gym and hitting new prs on, on their lifts. Or maybe it's bowling or, you know, heck, I think we can, we can say we can apply this to our finances as well. Well, I was thinking that probably I needed a new shotgun, but I don't think my wife is going for that. But this is the How to Win podcast. So let's talk about moving forward and winning. That's a that's a great idea, Rick. I mean, I have a few, a few techniques that I use but I'm curious, what do you do when you know you're getting to a shooting slump and things aren't working out? So usually the first thing I do is, is look at my eyes. You know, you know, I try to go to the eye doctor every year, but. If you see the target, well that helps you hitting it. So, you know, we may have targets from 10 to 60 yards, and if you can see 'em good, it helps. So that's the very first thing that I work on. Now, other things that I work on are, you know, I mean gun movement, body movement, you know, things of that, things of that nature. So, but you know that, that, that's different for everybody probably. But you know, I, I don't know that there's a, a, a set thing that helps me. What, what about you? Well this is easier said than done sometimes. But I like to focus on the things that I can actually control. And this is gonna be my process and my attitude, and then I attempt to just block out everything that That's just, I don't have an effect on so I can't control the, the wind. I can't control, you know, how my, my ball bounces when it, when it hits the fairway or when it hits a tree or something. Those are just things that are, that are outta my control. So why waste my, my time, you know, worrying about that. Over the past year or so, I started tracking every single shot that I hit on the golf course. So I have a really good understanding of where my strengths are and where my weaknesses are. And with that, you know, I've started doing things to, you know, improve my, my weaknesses and take advantage of my strength. So I've spent a little bit more time in the gym just trying to improve my, my overall endurance. So I have a lot of energy both physically and mentally at the end of walking an 18 hole round of round of golf with all of the, you know, the pressures and stress of, of the competition as well as build more strength to, you know, hit the ball a little bit farther. I started working last fall with a swing coach just to improve and tweak some of the mechanics that improves my shot dispersion. I've done countless drills on the, the putting green to help my speed control. And then I've started working or started using a math and physics based approach to, to reading greens called Aim Point. That just allows me to have a more consistent read and more accurate read. And then I started implementing a a strategy that's based off of math to tell me, you know, how I should try to hit every single shot on the golf course, whether it be a t shot all the way down to a, you know, a tap in putt. And then I've listened to podcasts and read books on sports psychology to try to improve the, the mental side of the game. That's my process. And a lot of times I'll work with professionals or work with I do the same. Yeah. I have, I have a couple of coaches and, you know, that, that just helps, gives you a little bit more confidence in that you're, you're doing the, the right things. Or I'll use, you know, systems that are built by professionals and are had been tested by some of the, the best players in the world and I know if it's works for them on the, on the top stage, it should definitely work work for me. So I know my process is solid. And I can objectively say that I'm better, even though results the ball going the hole faster sometimes say otherwise. And that's when I come back to saying, Hey, results shouldn't really matter in the, the short term. We're looking more long term. Yeah, you're right. I mean, there's a process for that. Like when I go to a coach, they're like, Hey, you know, we're not gonna fix this in one day. You know, you know, this is gonna be something you're gonna have to practice and work on. And, and it is a process. And I talked about my process a little bit. You went a little more in depth with yours. So how can you say that? Hey, I'm getting better when the results don't show it immediately. Yeah. Well, let's let's talk about a just a very simple example. So if you're driving down the road and you come up to a red light, you basically have two, two options. You should either Stop the car or you can run through the, the red light. Well, yeah, let's stop. Yeah, that's, that's the obvious answer. Logically we know that's correct and I think everybody would probably agree with that. We don't wanna get a ticket. No, no, no. Absolutely not. But let's say, let's just pretend here, and I'm not condoning this at all. Let's just say that the intersection looks to be cleared and you run through that red light. You don't get in a wreck and you make it to your destination a few minutes faster. Was that a positive result? Eh, probably, but I'd say there's a lot of luck involved. Yeah. So it, it goes to show that sometimes results can be, can be good from a bad decision. But on the other hand, you know, let's say we, we stop the car like everybody thinks that we should and that I think we should too. But the car behind us, maybe they're not paying attention or for whatever reason they run into the, the back of us. Well that's a, that's a bad result. That came from a. A good decision. So that sounds like a little bit of Gregory Luck to me. Well, I hope your luck's not that bad, but that, maybe that's an oversimplified example. But it goes to show that sometimes a good decision re gives us a bad result, and sometimes a bad decision gives us a good result. So if we only focus on the results, if we just run that one scenario, we're gonna say, Hey, we should run, run the red light every time. But logically we know that if we do that you know, we may get lucky a couple times, but eventually we're either gonna hurt somebody or we're gonna hurt ourselves, or, or both. That's very simple, but really, really good explanation. So now how can we apply that to our finances? Yeah, it definitely, it definitely applies to our finances. So let's be honest I don't know many people that are, that are very happy with. You know, or thrilled with how 2022 treated them financially. You know, markets weren't very good. The economy was struggling, inflation was, was really high, and that was kind of eating away at people's budgets. And there was a lot of layoffs in, you know, different sectors of of our economy. And it just kind of hurt, hurt a lot of people. But so, So it's normal for people at that point to kind of start questioning whether their, their process and everything that they were doing was, was correct or if they need to, to go back and, and reinvent the wheel. So every one of my clients or friends or family that I talked to last year that, that shared these frustrations, I told 'em, Hey, let's just focus on the process, the things that we can control. Cause frankly, I don't know about you. But I can't control whether the markets go up or down. I can't control what the, the Fed does with interest rates and I can't control inflation at all. Yeah. Same thing with when you're golfing or shooting, you can't control the wind or the weather or bad bounces. Yeah. So I, again, I kind of come back to same approach that I take with golf or try to take with golf of, you know, worrying about the things that are in my control. That's what I try to do. With my finances as well. So now another question is, is that something that you can do on your own or should we seek help? Well, you can do it on your own. That's for sure. A lot of people do, and you know, some people have success with it. Some people don't have a lot of success. But I can assure you that just like going and seeing a professional for. Shooting a shotgun or for, for golfing that consulting with people that have made whatever area it is their life work. Yeah, we don't want to have a heart problem and go, you know, to our neighbor and say, Hey, can you fix my heart problem? Let's go to cardiologist. Yeah. That's another overly simplified example. So yeah, I definitely think working with a professional helps helps you build a process that you can have confidence that may not give you the results that you want, you know, day one but over time probably will. So what that process will look like financially, I don't know for you. Cuz every, every single person has a different situation. But in general the, the process that we want to take is, you know, we want to spend less than we earn. We want to save some amount towards our retirement. We want to build an investment strategy that is in line with our risk tolerance as well as our timeline to retirement or whenever we're going to need that money, and that we have some kind of insurance that you know, is correct for us. And prevents any catastrophes happening or protects us from any kind of catastrophes there. Well this is the kind of experience that I've had is this is like, The more people you have in the corner, the better. Like my wife's on board with me, you know, my kids, I have them going in the right direction on their finances. So is it a good thing to have everybody on board? Moms, dads, you know, every, you know your whole family. Yeah, absolutely. And that's why whenever we have an initial meeting with a prospective client, we always want both spouses to be there if they're married. That way we can just make sure we're answering everybody's questions and that we have everybody on the same page. So as we develop whatever that plan or process is for you moving forward, we make sure that it is in line with the commonalities between both sides so that we actually hit our goals a a little bit more effectively. So did you and Hannah work together? And Hannah is Kyrk's wife, by the way. Did you guys work together on your plan or, or did you do it on your own, being that this is your profession? No, a hundred percent. We built it together. We came together and kind of figured out what we want our lifestyle to look like, what we want retirement to look like for us, and the various milestones that are along the way. And then we built a plan and a process that is tailored to that now mechanically because this is what I do every day and I'm more of the nerd. Well, yeah. I handle more the, the mechanics of it. But the plan itself and the support is, you know, . Yeah, it is shared, be shared between us. And that's why I feel like we have good success as a, as a married couple and moving in the direction that we want to go and over the long term, having the results that we want. Well, I've enjoyed this conversation, Kyrk, and I hope you guys that are listening enjoyed it too. You know, we're just trying to help out a little bit. If we can listen to the podcast How to Win. And hopefully you'll like it and tell your friends about it and Kyrk and I'll be back in about a couple weeks with another one. That sounds good. Like Rick said, if you ever have any questions if you ever just want to vent about your frustrations and talk about how to move forward from 'em just give us a call. Our phones are always on. Thanks for listening to the How to Win Podcast. We hope you enjoyed the episode, and if you did, be sure to like us or follow us on your favorite podcast platform so you'll never miss an episode. If you have questions about your finances, visit our website@familyfinancialpartners.com or give us a call at eight five nine two one nine. 1 0 0 6.