The Importance of Flexibility in Long-Term Financial Planning
00:00:00.000 | The future is always uncertain. So flexibility is key. One really interesting example here
00:00:05.360 | was I was talking with a member who was very successful very early in his career. So at age
00:00:10.720 | 24, had a huge exit, a ton of money. And he said, I want to really get this right. This is a life
00:00:15.440 | changing sum of money. But so he ended up buying 80,000 acres of farmland and putting it into this
00:00:20.000 | farmland trust. And I was talking to him now, he's like, okay, I did that at 24. So now, you know,
00:00:24.720 | 20 years later, I've got a four year old kid, you know, the first person to take money out of that
00:00:29.040 | is his kid. So you know, we're looking at another, you know, 25 years before even a beneficiary. So
00:00:34.240 | he says, you know, I'm growing, you know, coffee in Hawaii, I'm growing oranges in Florida, I've
00:00:37.920 | got corn in Iowa, but I'm still driving my Camry because I can't touch that money. So this idea of
00:00:42.960 | saying, hey, you know, there's a mathematically right answer and a tax code, optimally efficient
00:00:48.400 | answer. And I asked if we could share this anecdote. He said, Yeah, I want everybody to
00:00:51.600 | be aware of sort of how this stuff works. But thinking about the flexibility of, you know,
00:00:55.600 | giving yourself some options in case you want to go a different direction in the future.