The Boss Wins Again!

"You can have anything you want, but not everything you want." 

I clearly remember the first time my dad told me this. I was a high school senior, working as a teller at our family business — the Bank of Highwood. I was always working. My parents covered my essentials but anything extra was my responsibility.

I was a very frugal kid who faced an agonizing decision. I went to my dad for advice. "There is an stunning pair of Frye boots I have my eye on! And Bruce Springsteen is coming to town! What should I do?"

Each had a big price tag. Maybe I could afford both, but I would be left with precious little in my savings account. I talked it over with my dad. Well, maybe I talked while he listened.

"How can I not buy those boots? How can I not see the Boss? But what about college next year? I'll need some money for extras. But those boots! Four of my friends are going to the concert. How can I miss all the fun? What if the boots sell out? What if Bruce doesn't come back to Chicago for years? What should I do?"

When I finally ran out steam, my dad said, "It’s up to you. You can have anything you want, but you can't have everything you want."

At that moment I realized there would always be another pair of boots, but seeing Bruce in concert with my friends would be priceless.

The concert was amazing. The memories have lasted a lifetime. Did I mention he opened with Born to Run?  My dad’s advice was spot on. I knew I made the right decision.  

His wisdom has impacted me, my children and my clients for many years since the concert. When deciding how to spend my own money, I think about his words. Looking back at some of my big purchases, I realize that I do spend money on experiences more often than on things.

When my kids want to purchase new clothes or jewelry, I often hear them mumble my dad’s words while making the decision.  

Well, it’s time for an update. The Boss wins again!  Last week I went to his concert at Wrigley Field. It was like seeing old friends, with Bruce and the E Street Band doing what they do and love best. Playing music and entertaining the crowd. Almost three hours and no breaks!

As I listened to the music, I thought a lot about my dad. He passed away in 1997. So many memories. Wrigley was his favorite place. A true Cubs fan. I also thought about the decision I made, with his help, back in high school.

As a financial advisor, I often discuss my dad’s philosophy with clients, especially when preparing financial plans that have difficult spending decisions. Recently a client called to discuss a major purchase and quoted my dad back to me: “I know I can have anything I want, but not everything, and this is what I really want.”

How about you? How do you make decisions like this today? If you need some help, just think of my dad's advice!

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The author does not intend to provide investment, legal or tax advice as these materials are for general educational purposes only. Please consult your legal, tax or investment professional for advice on your particular situation. This material is derived from sources believed to be reliable, but its accuracy and the opinions based thereon are not guaranteed. It is not intended to be a solicitation, offer or recommendation to acquire or dispose of any investment or to engage in any other transaction. Investing involves risk including the possible loss of principal. Past performance does not guarantee future results. Please refer to RRCM’s Form ADV Part 2 for additional disclosures regarding RRCM and its practices.