Sailing as a Hobby
/By: Jennifer Ulmer
One of the core values at Ballast Point is Kaizen, or growth mindset – continuing to learn, grow, and be the best version of ourselves. It’s about lifelong learning as financial planners which enables us to help our clients feel more empowered about their finances as well.
I enjoy growing by experiencing new things, and nothing is more effective than stepping out of my comfort zone! I did just that a few years ago by taking my first sailing lesson. Since then, I’ve realized that the experience of learning a new hobby parallels what many face when starting the financial planning process.
Sailing and Financial Planning are a lot alike
Learning the language. Before my first sailing lesson, I had never been on a sailboat! I didn’t grow up around boats and didn’t know the lingo. So much of learning to sail is learning the terminology. I was grateful to have instructors who broke down each piece in a way that was easy to understand so that it wasn’t overwhelming.
Learning about finance and beginning to create a financial plan can feel intimidating too! Just like sailing, there is a whole new vocabulary to learn. Financial literacy is not taught in schools, so it’s important to have someone break down concepts to an easily digestible level.
Be prepared. After learning the basic terms of sailing and parts of the boat, it was time to sail! ...Almost. Before that could happen, each sailor has to run through a checklist. Is your boat and your sail in good working order? Do you have your life vest and whistle? What’s the weather forecast? Is it safe to proceed?
In financial planning, one way to be prepared is through risk management. This can be accomplished by having proper coverage in place, like insurance (renters/homeowners, auto, umbrella, and life insurance are all examples). It also means having an emergency fund in case you have an unexpected expense. Some of this may seem obvious, like having car insurance if you own a car. But do you know the right level of coverage? A proper financial plan starts with a review of your current status to see if any gaps need to be addressed immediately.
Make a plan. After rigging the boat and making sure the proper safety measures are in place, it’s finally time to start sailing! But this too involves additional planning. Where are you going? How are you going to get there? In class we’d practice sailing around buoys, taking specific types of turns around each end, or sailing in patterns like a figure eight. Before leaving shore, we’d look at the wind direction, plan our points of sail (the direction we’d take) and the specific maneuvers we’d take to get there. It can be hard to make decisions when you’re in the moment, so talking it out in advance was helpful.
It’s the same In financial planning. You chart your goals and make progress towards them by taking concrete actions.
If you aren’t sure exactly where you’re headed or how to get there, a financial planner can help! We can help you articulate your goals and develop actionable steps to reach them. A financial planner can function as your first mate on your boat. They can point out areas to watch out for, help provide support, and shorten the learning curve so you reach your destination faster.
Every time I go sailing, I learn new things and continue to grow my confidence. Likewise, by increasing your financial literacy and working with a financial planner, you can feel more confident and empowered when making financial decisions. Happy sailing!
Team Spotlight:
Jennifer Ulmer, CFP®, CDFA®
Left - Hiking in Rocky Mountain National Park; Right - UCF Tailgate!
Jennifer joined the Ballast Point team in April 2021. She’s a native Floridian and lives in Oviedo (just outside of Orlando) with her husband, Link, and their six cats.
Jennifer values lifelong learning and is currently working toward becoming an Enrolled Agent with the IRS. When she isn’t studying, she enjoys UCF Football and Orlando City Soccer, listening to her favorite band the Foo Fighters, being outdoors, and of course sailing - but only during the warmer months!
