Broker Check

Keeping Score

April 28, 2022
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I grew up in Indiana which means whenever I see a deck of cards I ask the group "Who knows how to play Euchre?"  This is met with two very different reactions - excitement from the folks from Indiana, Wisconsin, and Michigan that know how to play and confusion from anyone raised in the rest of the country who've never heard of the game.  There might be a third reaction from unwilling converts (like my wife who's from Missouri) who volunteer if we need a 4th but will willingly pass on playing given the opportunity. 

For those unfamiliar, Euchre is somewhat similar to Hearts, with each game having a trump suit and a high card taking each hand.  The biggest difference between the two games is the goal - in Euchre you want to win each hand while in Hearts you don't.  Having the highest score in Euchre puts the player in quite a different position than having the highest score in Hearts.  An uninformed observer would watch the two games and think quite differently of the player consistently winning hands. 

We have a similar issue in finance - we all use the same scoreboard, either portfolio performance or total dollars/assets acquired, to try and evaluate 'results' without having any idea of what someone else's game looks like.  A fair amount of our initial work at Wise Wealth with new clients is helping clients identify what success means for them individually and reinforcing the concept that we are trying to achieve their financial goals... and no-one else's.