Buy the Damn Truck

I got the email confirming that my clients had sold their medical practice and the proceeds were officially deposited into their account. Dr. Marion had cared for his patients for 35 years and his wife had been his office manager. This was the event we’d been planning for together for years.

We had updated their plan, reviewed the retirement income strategy, and Dr. Marion knew exactly how the money from the sale of the company was going to be invested. Despite the clarity, they both wanted to hop on a Zoom call. Turns out, they were really nervous about retiring. He had been an aggressive investor since the day I met him, but suddenly became concerned about volatility. They had dreamed of the day when they could be 100% retired, but now wondered what they were going to do on Monday.

We set up a Zoom call. In that conversation, we reviewed the entire plan again. Dr. Marion nodded in agreement as I reminded him about each recommendation. His wife kept looking at him, wondering if my reassuring was making him feel any more secure. After an hour, we had talked through just about everything. Dr. Marion was still reluctant.

He asked “But is there anything else I’m supposed to be doing?”

“Yes,” I answered. “Before year-end, I have a request. I want you to take time to celebrate. This is a big deal. You’ve worked hard for almost four decades to build a valuable practice. You made it through being shut down for three months this year, and you successfully sold your business during a pandemic. What you’ve accomplished is extraordinary! I just want you to do something special for yourself.”

Dr. Marion smiled and turned to his wife. “I hadn’t really thought about celebrating. I was just trying to get through the sale and be sure it was official. Maybe this is the perfect time to finally open up that bottle Caymus we’ve been saving.”

“That’s a start…” I replied. I was hoping for something bigger. So was his wife.

She piped up, “Why don’t we go looking a new trucks this weekend? Yours has 200,000 miles on it. It’s probably time.”

I agreed. “And have you seen the new F150s? They’re beautiful. The technology is awesome. You should go online and look them up!”

Dr. Marion knew exactly what I was talking about. He confessed that he had already build several versions of his dream truck online. He started sharing all the details of the 2021 King Ranch versus the Lariat, and loved them both so much. He got so excited about the features, colors and new options available.

Without hesitation, his wife commented, “Jon, you deserve it! You’ve waited so long to get to this moment. We can afford it. You love it. Do me a favor and buy the damn truck!” Then they turned to each other and kissed! He squeezed her hand, pretended he wasn’t getting choked up, and promised he’d buy it over the weekend. They were both beaming by the time we ended the call.

This conversation was a perfect reminder that sometimes our clients need permission to celebrate. They’re so trained to save and save and save for the future. Yet when they finally get there, they often have a hard time making the transition from accumulating money to actually spending it. Even though he had sold his business for millions of dollars, and the truck was $80k, it became my job to assure Dr. Marion that it was okay to make the purchase. When he objected and said, “But isn’t this money for retirement?” I had to remind him that this is retirement.

It’s a privilege when we get to congratulate a client on their successful journey, and provide continued guidance as they transition to the next phase in life. Sometimes our “advice” is much more about encouraging them to spend, assuring them they can afford the new purchase or the celebratory vacation, and then making sure they follow through— without any worry or buyer’s remorse.

Next time you’re talking with a client and you know they have something worth celebrating, remind them. Encourage them. You know it and I know it, but sometimes they don’t know it’s okay to buy the damn truck.