Setting Financial Goals For The New Year

As 2015 dawns upon us thoughts turn to those pesky New Year resolutions we all vow to keep. Many of those resolutions tend to involve losing weight, quitting smoking, or improving your financial situation. As an investor I'd like to focus on the latter.

We'd all like a better financial situation but what exactly does that mean? When giving the subject some thought it is key to define exactly what that involves. The following guidelines should help in setting financial goals:

- Write It Down: Studies have shown you are more likely to keep your goals AND achieve your desired results simply by writing them down.

- Set Time Limits and Benchmarks: Identify dates or time frames in which you wish to accomplish a specific goal. Deadlines will help you get started and give you something to aim for as well.

- Be Specific: Simply writing "I want more money" does not provide a focus. Instead your goal could be $240 of additional dividend income or $2,000 more in emergency savings. A specific goal is more likely to be met than a vague one.

- Make A Plan: Once a goal is identified there must be a plan to get there. How to get $240 of additional dividend income? Find the dividend stock or stocks you like, determine how many shares you need to get that $240, and determine a schedule in which you want to buy the stock(s). Maybe you want to buy enough each month to get an additional $20 of income. Perhaps fewer but larger purchases meet you needs.

Setting goals is a must for the investor

As an example I will share one of my 2015 financial goals and how I will get there.

I like silver. Physical silver. I like it as a small part of my investment portfolio, as a collectible, and as something I might eventually pass down to my children. I will increase my silver holdings by a minimum of 10% this year. I have a trusted dealer I purchase from. I like one ounce coins, specifically Canadian Maples and American Buffaloes. I will buy enough coins to increase my holdings at least .085% each month. I know how many ounces of silver I already own and have determined how many ounces (coins) I will need each month.

My plan is written down, it is specific (10% increase in holdings), I have time limits (every month) and I have a plan (specific purchases each month).

Setting goals is key to improving and moving forward and financial goal setting is no different.

The only person standing in your way of making 2015 your best year ever is you. Make it your year.

The opinions presented here are mine and not meant as financial advice or a recommendation to purchase a specific investment. Do your own due diligence.

More thoughts and ramblings on twitter @MattBellWrites

Lessons From My Father

As you can see I haven't written in a while. Sadly, my father, Edward Bell, is terminally ill and I have been spending much of my time with him during these final months. Through all this he continues to teach me lessons on life. He truly is my mentor and my role model and I am taking in as much as I can while we still have time together.

What he has taught me in the almost five decades we have had together has been invaluable advice. Sadly, as with most children, much of it I have had to learn the hard way rather than heeding his words of wisdom. I pass this on in hopes that by sharing it others can benefit as I have.

Be prepared, then enjoy your life. Through these last several weeks I have been amazed at how well he has been prepared for this moment. My father has always been good at spending a little time as needed to properly take care of ALL of his business so that he could spend the majority of his time enjoying life. As the executor of his will I find I have little to do. Dad is well prepared, my mother is well provided for, and his wishes have been made known. Much of this was done years ago. As such, he is able to spend his time now enjoying his family, playing cards with his granddaughters, and doing whatever else he wants rather than obsessing over final details.

Do it right the first time. Dad always does things right the first time. Saves time. Saves money. Less stress and frustration. In his own way he has shown me that the satisfaction of doing something right the first time is extremely gratifying as well.

Save and Invest. My father has been an investor for as long as I can recall. He introduced me to investing early on and I have benefited as a result. He still reminds me to "make your money work for you."

You get what you pay for. This is one of those lessons I had to learn the hard way. Dad is not opposed to a good sale. He likes to save money as much as the next person. But he has always taught me that you should not be opposed to paying a fair price for things that matter. While he might not want to pay $4 for a cup of coffee at a fancy coffee shop he has no problem paying fair value for a great home in a nice neighborhood, quality furniture that will last for decades, or an education from good schools for his children that gave us opportunities we might not otherwise have been afforded.

Be optimistic and grateful. Another one that took a while for me to learn. Regardless of his circumstances, my father always was and remains an optimist. I never, ever, heard him complain. He took responsibility for his actions, made the most of his situation, and always looks for a solution rather than an excuse. Regardless of the situation. He battled cancer 30 years ago. Never once did I hear him ask "why me?" In fact, he remained a positive example to my sisters and I through it all. Whether the results were painful or desirable, he always handled what life threw his way and now, into his eighth decade of life, is the success he is today because of it. Even today, my father remains upbeat and encouraging to our family.

Patience, Encouragement, and Unconditional Love - Of all the lessons, there is none more important than this one. My parents have done a great job in raising two daughters and a son. Through it all we were shown great love and given much encouragement. I can't even count how many times I must have tested my father's patience during those years. I was, and remain, a bit hardheaded. Through it all he was always there for me, still teaching. I remember his words when he dropped me off at college, "If you get arrested, call me. I'll come bail you out. I won't be happy but I'll be there. I love you."  I never had to make that call but just knowing that support was there meant everything to me. And as it turned out I was actually a pretty good kid that didn't get into trouble.

Mentor. Role model. Hero.

I will cherish his advice the rest of my life. Even now, not only does he teach me but I watch with pride at the love he shows for and the lessons he teaches to my daughters. I am grateful that he has been given the opportunity to be such a positive influence on them into their teens. His has been an incredibly loving and supportive father-in-law to my wife and a true example of a great husband to my mother.

With that said, I'll share one last lesson. Don't wait. Don't end up looking back wishing you had spent more time with those you love. My father and I have always had a great relationship but with a 200 mile round trip between the two of us, busy schedules, kids' activities, and such, I have not spent as much time with him, in person, that I am now wishing I had. I wish I had not waited until now to tell him how much I appreciated all he has taught me. I wish I had not waited to let him now that he really is my mentor, my role model. That he really, truly is my hero. I am more determined than ever to live my life by the example he set in hopes that I can be the father, husband, grandfather, and man that he has been. Thank you, Dad. I love you.



More thoughts and ramblings on twitter @MattBellWrites

Why Inflation Matters.

A few days ago I bought a drink on my way into work. As I made my drive into town I reflected on the price of what I had just purchased, having paid about $1.90 for something I paid $1.00 for just ten or twelve years ago. It just served as a small but stark reminder of why inflation matters.

The ninety cents extra isn't going to cause me any financial woes but it got me to thinking about other examples. It has been almost two decades since Mrs. Bell and I were married. We took a honeymoon trip to Disneyworld and stayed about a week. I can recall paying a little less than $900 for our tickets and accommodations at the park. Out of curiosity I checked the rates for a similar package now (tickets and the same hotel) and found the price to be well over $2,000.00. We bought our first new car together in the mid 1990's for about $14,000.00. A similar vehicle today starts around $35,000. My wife has even commented how the cost of her grocery shopping trips have gone up noticeably over the last year or two.

Inflation is a wealth cutter

Inflation is a part of life. You can count on one hand the number of years since 1950 in which we experienced deflation. Some years it seems manageable and in others it can be daunting (think late 1970's to early 1980's), but over the course of time it adds up and creeps in to your wallet.

With two children approaching college age, a family with a renewed interest in travel, and a desire to retire comfortably I am now even more mindful than ever of inflation.

This all just serves as a reminder of why I remain invested. Up and downs are part of the investing but my core holdings of dividend stocks grow their dividends every year at a rate that has exceeded that of inflation and I'm betting that trend will continue.

The opinions presented here are mine and not meant as financial advice. Do your own due diligence.

More thoughts and ramblings on twitter @MattBellWrites

The Dallas Arboretum: Beauty By The Lake

With the cooler weather approaching it's a great time to visit one of my favorite places. The Dallas Arboretum and Botanical Garden is a wonderful experience for gardeners and those who appreciate nature's beauty. Set on White Rock Lake, the Dallas Arboretum features 66 acres of  fountains, beautiful gardens, and displays full of seasonal color. 

I have been visiting the arboretum for years and though I no longer live in the Dallas area I do find time to occasionally return and enjoy the serenity and beauty found at the arboretum.

Pumpkins

The holiday season, Halloween to Christmas, is my favorite time to go. From the pumpkin patches to the incredible display of Christmas decorations at the DeGolyer House located on the grounds the atmosphere seems to celebrate "Holiday."

The weather is usually quite pleasant during most of the season as well.  I love wandering through  the arboretum, enjoying the views of the sailboats on the lake or watching the squirrels gather nuts for the oncoming winter.

Colorful display

Depending on the time of year, the Dallas Arboretum offers a variety of exhibits and celebrations, including the annual Dallas Blooms, a festival celebrating an amazing display of spring blooming bulbs.

You can find the Dallas Arboretum and Botanical Garden online at dallasarboretum.org.

More thoughts and ramblings on twitter @MattBellWrites

(pictures are mine)

A Weekend Stay in Comfort and Style in The Woodlands

We recently stayed at The Woodlands Waterway Marriott, located in The Woodlands, Texas, an upscale community just north of the greater Houston area. We traveled there to attend a concert as a gift to our oldest daughter for her 16th birthday. I chose the hotel due to its proximity to the concert venue and because I am a longtime Marriott Rewards member. The hotel's website also indicates that it was named the "2013 Americas Marriott Hotel of the Year." In my opinion I made the right choice.

 

The first thing I noticed when I walked into the hotel was just how wonderful it smelled. I don't know what it was but the scent made me think "clean and elegant." The lobby is very nice. Just steps outside the back is the waterway itself.

Hotel lobby

Parking was easy. We had a choice of self-parking or valet parking. Even though we opted for self-parking the valets were very helpful with directions and never pushy. Parking in the adjacent parking garage is just seconds from the lobby entrance.

Just steps outside the lobby

Both check-in and check-out were fast and easy. Every staff member we encountered was courteous and professional. Around midnight we called the front desk for more towels and in a matter of minutes they were delivered to our room.

We stayed in an executive level room on one of the upper floors. The room itself was quite spacious, very clean and had a great view of the waterway, pool, and the concert venue. (the venue, the Cynthia  Mitchell Woods Pavilion, was only a few minutes walk from our room across a skywalk and through a parking garage). Our room included a sofa and a chair for lounging and the bathroom, with a large marble vanity area, was roomy enough to suit the needs of our group. 

The concert venue from our room

I tried to find something about the hotel that I did not like but I couldn't. Our experience with The Woodlands Waterway Marriott was great and I feel the price was quite reasonable. In my opinion we definitely got what we paid for if not more. We will be staying here again on future trips to the area.  



 

 

View from our room



                                           (All pictures are mine).



More thoughts and ramblings on twitter @MattBellWrites

Life Has Many Gears - Use Them All.

Welcome to my new blog. Readers of my older blog will remember that my posts concentrated mostly on investing, one of my passions. But I have a couple of passions and as we progress on our journey in life we shift into other gears. Hence this new blog. While I still remain a passionate investor I also have recently renewed my interest in one of my favorite pastimes of all-time, travel.

As we take on other responsibilities in life we may put our other interests on the back burner. I am guilty as charged. However, reflection and recent experiences have shown me that rather than put aside one passion or interest for another, family and friends can enjoy and share them all. Beaches visited. Sunsets watched. Trips together. Shared experiences can be a great adventure as well as a great teacher.

This blog will be an effort to reflect that attitude as I write about travel, finance, and anything else that strikes my fancy.

Sunset somewhere in Iowa.

Life is a journey that requires many gears. Be sure to use them all.

More thoughts and ramblings on twitter @MattBellWrites