Over Labor Day weekend 2023 Jimmy Buffett, one of America’s most beloved and iconic entertainers, passed away at the age of 76. Best known for his 1977 hit single “Margaritaville,” Jimmy Buffett parlayed his Caribbean beach bum song stylings into an unrivaled entertainment and business empire. Over the course of his career Jimmy Buffett wrote 3 New York Times Best Seller books, created his own record label, launched a successful restaurant chain, created the Land Shark Lager beer brand, and even partnered to create retirement village communities. It is estimated that Jimmy Buffett had a net worth of $1 billion at the time of his death.
What is the secret to Jimmy’s enormously successful entertainment career and business empire? In one word: escapism. Of course, it is a little more complicated than that since man has been seeking an escape from the toils and drudgery of life since the beginning of time. Jimmy Buffett’s success is a result of carefully crafting a specific brand of escapism. Through his songs and stories Buffett has been able to help lawyers, engineers, doctors, accountants, and other hardworking people (especially those from the frigid frozen North and Midwest!) forget their troubles for a while and relieve the stresses of their nine-to-five lives. Jimmy Buffett became the preeminent guide to the laid-back, relaxed tropical island lifestyle so many people seek, whether it be for a week-long vacation or a one-night concert experience.
The Importance of a Good Guide
As I reflected on the career of Jimmy Buffett at the news of his passing, I began to realize that there was one stark similarity between the work I do as a financial planner and the entertainment and lifestyle experiences Jimmy Buffett created over the course of his career: we are both guides.
This comparison is not as far-fetched as it may seem on the surface. In the introduction to his 1989 New York Times Bestseller Tales from Margaritaville, Jimmy Buffett wrote “One of the questions I am asked most is “where is Margaritaville?” I answer, “When you are there, you will know it.” The mythical island of Margaritaville is different for everyone, and somehow Jimmy Buffett has been able to take millions of people on that individual journey for nearly five decades.
Similarly, clients of Bollin Wealth Management may recall that early on in our working relationship I will ask clients to “paint me a picture of what your ideal retirement will look like.” In over two decades of financial planning, I have yet to hear the same exact version of the ideal retirement articulated by clients. Sometimes it is even challenging for spouses who have spent decades together to agree on what an ideal retirement will look like! After my clients describe their ideal retirement, it is my task to crunch the numbers and engineer the best plan for my clients to reach and maintain their ideal retirement lifestyle.
Characteristics of a Good Guide
Whether it is taking you to your own version of Margaritaville, or outlining the steps to your ideal retirement, good guides share several characteristics in common.
1. Good guides are knowledgeable. One of the reasons Jimmy Buffett experienced the levels of success and popularity in his career is his firsthand knowledge of a lifestyle and exotic locations that people dream about. Buffett has lived the beach bum lifestyle and has visited all the tropical islands that inspired Margaritaville. Similarly, a good financial planner knows what it takes to help clients reach their ideal retirement. He or she knows the pitfalls that can derail retirement dreams, and helps clients avoid them so that they can enjoy a comfortable, stress-free retirement.
2. Good guides are great communicators. Jimmy Buffett is a masterful storyteller. He is able to connect with his audience at a level that few have achieved, especially through his songs and concert experiences. A good financial planner also needs to be a good communicator. It is essential for the financial planner to first thoroughly understand his or her clients’ financial goals and hear their worries and concerns. It is then imperative for the financial planner to articulate the path forward and steps needed to help the clients reach their financial goals. A good financial planner knows how to navigate a crisis (doesn’t it seem that everything in the news today is some form of crisis?) and can effectively communicate the solution to his or her clients.
3. A good guide is always learning. Things change at an alarming rate and good guides learn and adapt continuously. Good storytelling is timeless, but Jimmy Buffett adapted his approach and efforts to meet his audience as they changed. Audiences of the 1970s are much different than audiences of the 2020s, and Buffett’s popularity never waned as he adapted to the changing needs of three generations of fans. The landscape of financial planning is always changing too, requiring continuous learning, while applying the new knowledge to financial planning principles that never change. A good financial planner needs to keep abreast of ever-changing tax laws, economic cycles, and market conditions to make sure all clients’ retirement journeys are successful.
Having a good guide is essential for any important journey in life, whether it is a two-week vacation to a foreign country or a three-decade or more retirement. It is never too early to start planning for financial goals, or your own retirement for that matter, and having the proper guide will help you along your journey. While your financial goals may change over time, you are more likely to achieve all your financial goals the earlier you start defining and working towards them. And you are much more likely to have the perfect answer to the question, “Where is your Margaritaville?”