Sharp Edges and Smooth Runs
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Scroll down for a transcript and chapters start times. This discussion is with Vector advisor Charlie Gruys and communication director Ezra.
Summary
In this episode we discuss the importance of regular maintenance in both skiing and financial planning, emphasizing how proactive measures can prevent larger issues down the trail. Vector advisor Charlie Gruys shares insights from his experience as a youth ski coach, detailing the process of tuning skis and dialing DINs. The conversation also covers common financial to-dos, the significance of regular budget reviews, and the need for portfolio rebalancing. Ultimately, we cover the importance of mindset and resilience in both skiing and financial planning, encouraging listeners to act on the deferred maintenance in their lives.
About Charlie
Charlie is a wealth advisor at Vector and works directly with clients to support their financial planning and portfolio management. He has been involved in coaching youth downhill skiing at Hyland Hills since 2012. When he is not sharping ski edges in January or serving Vector’s clients, you can find him with his wife and four kids enjoying lake life. Ski tuning or wealth management needs? Charlie is here to help.
Takeaways
1. Regular maintenance can lead to optimal performance
2. Choosing the right types of accounts is important when considering saving and investing strategies
3. Regular budget reviews help maintain financial health
4. Portfolio rebalancing is a way to respond to changes in the weight of your portfolio allocations
5. Mindset and resilience are key in both skiing and your financial life
6. Reflect on your own deferred maintenance tasks
Episode Chapters
00:00 Introduction to Skiing and Maintenance
02:45 The Importance of Ski Tuning
04:41 Ski Safety and Equipment Checks
07:10 Financial Analogies in Ski Maintenance
09:55 Deferred Maintenance in Financial Planning
11:51 Beneficiary Considerations
13:10 Regular Budget Reviews
15:53 Portfolio Maintenance and Rebalancing
18:05 Mindset and Resilience in Skiing
19:01 Conclusion and Call to Action
20:15 Regulatory
20:15 Good Job Benny!!
Transcript
(well-adapted for readability)
Hello and welcome to another edition of our podcast, Well Balanced. Here I’ve got Charlie Gruys, and we’re going to talk about skiing and the art of maintenance and deferred maintenance. So, really great to have you in, Charlie. Let’s set the stage for how we even came to this topic.
Charlie, you’ve got a hidden talent as a youth ski coach. You recently shared a LinkedIn post that made an analogy between regular maintenance on skis and the deferred maintenance people often put off in their financial lives. The idea being that doing the work early can save a lot of trouble later and improve overall performance.
I am a coach for a ski team, primarily focusing on eight- and nine-year-olds, though some are turning ten this year. My own children, who are eight, seven, and almost six, are also in the program. We had an upcoming race, and I knew I hadn’t tuned their skis for several weeks. In preparation for their first race of the season, I went into the garage to get my gear and tuning supplies ready.
We stay at one ski hill—Hyland Hills—where we have all our practices and races. For context, Hyland Hills is a metro-area hill in Bloomington, Minnesota, with a vertical drop of about 200 feet. It’s quite short—you could hold your breath for the whole run! We practice two days a week and have four races throughout the winter.
Before a race, it’s crucial to have your skis properly tuned. I grew up ski racing, and this was always the norm. I knew my kids’ skis needed tuning after a month of practice. Tuning involves setting up a bench with vices to secure the skis. First, I work on the edges using a tool with a file to sharpen them. Then, I use a diamond stone to smooth out the roughness left by the file. Finally, I use a gummy stone to dull the tips and tails slightly for a more gradual edge.
While tuning, I also check the bindings to ensure the DIN settings are correct. DIN settings control how easily the boots release from the skis. If the DIN is too low, the boots can come out too easily; if it’s too high, the skis might not release when they should, increasing the risk of injury during falls.
Skiing involves more than just sliding down a hill. There are many small decisions and tasks—getting on and off the chairlift, organizing your gear, and even finding a place for your skis on the racks outside the chalet. For my kids, who are still short, I help set their skis securely on the racks, as they’re designed more for adults. These little nuances can make a big difference in the experience.
When I was in the garage tuning the skis, I noticed my own pair sitting there. It had been so long since I tuned them, and I thought, If I don’t do it now, when will I? It reminded me of the “cobbler’s children” analogy—how often we neglect our own needs while focusing on others. Eventually, I took the time to tune my own skis as well.
This idea of deferred maintenance applies equally to financial planning. There are so many small yet critical things people often put off. For instance, are you saving the right amount to the right types of accounts? Is it a 401(k), IRA, 529, or HSA? Are your beneficiaries updated? Family dynamics and circumstances can change over time, and it’s essential to review these periodically. Similarly, regular budget reviews help ensure you’re staying on track and adapting to changes.
For retirees drawing income from their portfolios, it’s important to periodically assess whether the amount being withdrawn feels right. Is it meeting your needs without causing undue stress? If the current amount feels tight due to inflation or other factors, we can explore adjustments and consider how those changes might affect long-term projections.
Shifting to portfolio maintenance, rebalancing is another example of regular upkeep. It’s like dressing appropriately for the weather. Whether you’re layering for a cold day or shedding for spring skiing, you need the right fit for current conditions. Similarly, in portfolio management, we consider market conditions and risks to make adjustments that align with long-term goals.
Mindset and resilience are critical in both skiing and financial planning. Kids are incredibly resilient. Even on cold days, they remain optimistic and enjoy the experience, adjusting to the circumstances. It’s inspiring to see their smiles and laughter despite the challenges.
To our listeners: What deferred maintenance tasks have you been putting off—or recently tackled—that make you feel prepared for success? Whether it’s tuning skis, updating your financial plans, or finishing a winter project, we’d love to hear your stories.
Thanks, Charlie, for joining us to talk about skiing and getting out on the hills. This has inspired me to take my own kids out. Here’s to sharp edges and smooth runs!
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These discussions aim to spark dialogue about enhancing retirement readiness and making more informed financial decisions. At Vector, we delve into the nuances of scenario planning, offer insights and guidance tailored to each client's unique circumstances. If you or someone you know is pondering their financial future or seeking clarity on their retirement plan, we're here to help.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.
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