The Things of Eternal Worth
Brad and I recently started trying to start what's called an RIA for our company, Magnum Opus Financial. RIA stands for Registered Investment Advisor. There are a number of reasons we have started trying to do this, and perhaps one of the biggest and most necessary reasons is because as an RIA, Brad can manage money without having to go through a broker dealer and thereby handing over a huge cut of his advisory fees. It would increase our income by almost double. It is an intensive process, lots of confusing paperwork and also me trying to get my securities licenses again so that we can hang on to his smaller clients and also continue to receive life insurance commissions. These type of accounts cannot be moved over to an RIA. The reasons are all complicated and I'll spare you the details.
So, why am I telling you this? Well because in order to start and maintain an RIA according to NC state SEC requirements, we have to keep a pool of $10,000 in our corporate account. For years we have managed to scrape by with Brad's income, credit cards on and off, student loans, and every now and then we have had to pull from our rainy day savings. We now have no savings left... except our retirement accounts which we have been absolutely strict about never touching. Being an investment adviser and financial planner, Brad and I both know how important it is to start saving small early, that way you don't turn 40 and find you have to start saving massive amounts in order to retire with an adequate yearly income. You just can't beat time as a means of accumulating a large retirement account. So, I bet you can guess where this is going. In order to start our RIA we are going to have to liquidate a large portion of our retirement savings.
I'm not worried really, because Heavenly Father has ALWAYS looked out for us, and also because I know how much more we will bring home and will almost entirely cover our monthly expenses, whereas now we do not cover them. BUT, liquidating these retirement accounts will dissolve the last safety net we have in place. It is a HUGE risk, but a necessary one. I suppose I was feeling a little desperate, and sad, and worried, and unsure, and mostly I was upset over having to take FURTHER risks with our family's financial well-being. Brad and I have lived on taking risks. We've spent money on things to promote our company and Brad has taken trips to conference after conference to meet influential people in our business and promote the company, sleeping in his car because we couldn't afford a hotel room, staying away in California to take care of and gain new clients for weeks on end just so we could maintain the meager income we enjoy, and working endless hours in his office away from us, just so he could figure out how to make it all work. He does all this even though we really couldn't afford any of it, even though it meant our kids didn't get Christmas presents and even though it meant we had to put our monthly expenses on a credit card from time to time. It's simply because we have both believed that in the end, the risk would be worth it. Some people probably think we're crazy for it, but success always requires risks, just like the stock market, the bigger the risk, the bigger the return.
Anyway, I'm not trying to get sympathy cards from anyone or depress you or gain pity, I just wanted you to kind of get where we are, my state of mind, etc. So today, while Brad and I realized that the retirement account liquidation was necessary, I went downstairs from his office to have lunch with the kids and started to say our meal prayer. I started crying partway into it, praying for things to turn out ok and that I trusted Him to get us through this, to be our safety net since we would no longer have a monetary one. When I was done and I'm all sniffling and wiping the tears away, Beya says to me, "Don't cry Momma...Momma, you're not supposed to cry when you pray."
I explained to her how sometimes when we talk to God we're sad about things that are happening, and that it's ok to tell him how we feel and its ok to cry if things make us sad. God doesn't mind.
So Beya looks thoughtful, and after a minute says, "Well maybe we should pray that you can not be sad anymore Momma."
Of course I agreed and she said a prayer for me that God would help me to feel better. It was hard not to cry at that. I wanted to answer her prayer and not cry anymore but it was just so touching, and I had to try my darndest to keep a stoic face.
Look, I have faith that things are and will be ok, and even if we suffer an even bigger financial flop, we will still be ok. It doesn't take a house and good credit score to be happy, and I realize that. But Heavenly Father distributed one of his many tender mercies through my daughter to reiterate that I already have so much that is of infinite worth. What wonderful children I have; what a wonderful church and restored gospel I am able to share with my children so that they are in tune with the Spirit enough to in turn share the Spirit with me when I need it. I have a hardworking husband who understands what sacrifice is and how it can and will transform our lives if we simply stick to it and stand by it. His perseverance astounds me every day and makes me believe in myself. As Dieter Uchtdorf said, "You are no ordinary beings, you are glorious and eternal." Brad has shown me this more than anyone else, and I am thankful to him for that. How blessed am I!
So, why am I telling you this? Well because in order to start and maintain an RIA according to NC state SEC requirements, we have to keep a pool of $10,000 in our corporate account. For years we have managed to scrape by with Brad's income, credit cards on and off, student loans, and every now and then we have had to pull from our rainy day savings. We now have no savings left... except our retirement accounts which we have been absolutely strict about never touching. Being an investment adviser and financial planner, Brad and I both know how important it is to start saving small early, that way you don't turn 40 and find you have to start saving massive amounts in order to retire with an adequate yearly income. You just can't beat time as a means of accumulating a large retirement account. So, I bet you can guess where this is going. In order to start our RIA we are going to have to liquidate a large portion of our retirement savings.
I'm not worried really, because Heavenly Father has ALWAYS looked out for us, and also because I know how much more we will bring home and will almost entirely cover our monthly expenses, whereas now we do not cover them. BUT, liquidating these retirement accounts will dissolve the last safety net we have in place. It is a HUGE risk, but a necessary one. I suppose I was feeling a little desperate, and sad, and worried, and unsure, and mostly I was upset over having to take FURTHER risks with our family's financial well-being. Brad and I have lived on taking risks. We've spent money on things to promote our company and Brad has taken trips to conference after conference to meet influential people in our business and promote the company, sleeping in his car because we couldn't afford a hotel room, staying away in California to take care of and gain new clients for weeks on end just so we could maintain the meager income we enjoy, and working endless hours in his office away from us, just so he could figure out how to make it all work. He does all this even though we really couldn't afford any of it, even though it meant our kids didn't get Christmas presents and even though it meant we had to put our monthly expenses on a credit card from time to time. It's simply because we have both believed that in the end, the risk would be worth it. Some people probably think we're crazy for it, but success always requires risks, just like the stock market, the bigger the risk, the bigger the return.
Anyway, I'm not trying to get sympathy cards from anyone or depress you or gain pity, I just wanted you to kind of get where we are, my state of mind, etc. So today, while Brad and I realized that the retirement account liquidation was necessary, I went downstairs from his office to have lunch with the kids and started to say our meal prayer. I started crying partway into it, praying for things to turn out ok and that I trusted Him to get us through this, to be our safety net since we would no longer have a monetary one. When I was done and I'm all sniffling and wiping the tears away, Beya says to me, "Don't cry Momma...Momma, you're not supposed to cry when you pray."
I explained to her how sometimes when we talk to God we're sad about things that are happening, and that it's ok to tell him how we feel and its ok to cry if things make us sad. God doesn't mind.
So Beya looks thoughtful, and after a minute says, "Well maybe we should pray that you can not be sad anymore Momma."
Of course I agreed and she said a prayer for me that God would help me to feel better. It was hard not to cry at that. I wanted to answer her prayer and not cry anymore but it was just so touching, and I had to try my darndest to keep a stoic face.
Look, I have faith that things are and will be ok, and even if we suffer an even bigger financial flop, we will still be ok. It doesn't take a house and good credit score to be happy, and I realize that. But Heavenly Father distributed one of his many tender mercies through my daughter to reiterate that I already have so much that is of infinite worth. What wonderful children I have; what a wonderful church and restored gospel I am able to share with my children so that they are in tune with the Spirit enough to in turn share the Spirit with me when I need it. I have a hardworking husband who understands what sacrifice is and how it can and will transform our lives if we simply stick to it and stand by it. His perseverance astounds me every day and makes me believe in myself. As Dieter Uchtdorf said, "You are no ordinary beings, you are glorious and eternal." Brad has shown me this more than anyone else, and I am thankful to him for that. How blessed am I!
Sometimes it's hard, when we don't feel we have the financial means we need, to remember the tender mercies of the Lord. Thanks for the reminder.
ReplyDeleteFor me, everything always works out, but most of the time, it works out at the very last second. Just last month (since Taylor misses a paycheck in the summer and we had a bunch of other unexpected expenses which deteriorated our savings) I asked my mom if we could borrow some money to make our HOA payment. The next day, Taylor sold something for the exact amount we needed to borrow.
I just want you to know I absolutely love reading your blog. While reading it I've had tears running down my face just because I too know that the Lord will provide. It's definitley hard remembering sometimes, but he always pulls through. I know I'm not going to be here for much longer, but I truly have enjoyed getting to know you better, and love the blog so I can understand things even better. :)
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