What Luck Can Teach You: Part Deux

Indianapolis Colts quarterback Andrew Luck’s announcement to retire at age 29 shocked America. The news media focused on the fact that he was walking away from a possible total career payout of $450 million. On social media and at sports bars across the country, the nation is divided on whether he made a good decision.

Last month, I covered truth #1 that we can learn from Luck:

Your Money Is Worthless.

Click here to read if you haven’t yet.

Focusing strictly on the money part of the equation, I want to tell you why this Financial Advisor agrees with Luck’s decision.

Because I believe that Luck has learned Truth #2:

Making a few incredibly difficult decisions allows you to make a lot of fun decisions.

What do I mean? Picture yourself in this scenario:

• You have a job you love.
• The team around you is the best in the world at what they do.
• Your work is so fun, it feels like you’re playing a game for a living.
• You get paid really well. I mean really well. Even compared to your peers in the same role at other organizations.

But your work is dangerous.

• You have illnesses that keep you from working.
• Or injuries that keep you from running the show.
• You have been replaced by your direct report.
• You’re often at home instead of with your team.

But if you can get healthy again, you could stand to make millions. Maybe even a billion.

• You think about your family. 
• You’re newly married.
• And expecting your first child.
• And you have enough money to retire right now and live very comfortably.
• The danger of the job isn’t going away.

What do you do?

Luck decided to retire.

Again, I’ll say it:

• Life is about more than money.
• Your identity is more than your job.

Luck made one incredibly hard decision.

Retire from the NFL so that he could make a lot of fun and easy decisions:

• Will I be around when my child is born? Yes.
• Will I have time for my family between August and February? Yes.
• Will I be able to wrestle with my kids with they’re little? Yes.
• Will I remember my kids’ names when they’re older? Yes.
• Will I have time to enjoy my money because I’m not spending all of my time earning it? Yes.

And avoid a lot of other tough decisions:

• Should I play this game and possibly risk my life?
• Should I sit out and maybe let my team and millions of fans down?
• Should I have this surgery now, or wait it out so that I can keep playing but possibly risk additional injuries?
• Should I take the recommended 8 weeks for recovery, or try to rush it in 6 so that I can return to the field sooner?

Decision fatigue is what we experience when the burden of making too many serious and difficult decisions results in bad decisions because we’re too tired and overwhelmed to think through all the consequences.

Most sports pundits argue “Luck just retired at the peak of his career."

But I believe that he’s just getting started and here’s why:

1) Recognizing your limits is the first step to realizing your full potential.

Luck was never going to make $450 million playing football. He knows his limits -- physically and mentally.

Sometimes less is more when more costs you more than you think.

Think about your own limits at work. Despite what you think about others, you can’t work 24/7. It’s not possible. If you did, you’d lose your health, your friends, your family, and your mind. There’s a point of diminishing returns, and you need to recognize when you’re approaching that point.

You have a small window of time to work hard, to love your family, and live to the fullest. And it’s a battle to use that time wisely. If you emphasize any one area of life too much, the other will suffer. You can always get a new job, but you can’t get a new family.

2) The second step in realizing our full potential is putting up guardrails.

I love the mountains, but one of my least favorite things to do is drive in the mountains. Oh, and even worse than that, is riding shotgun while someone else drives in the mountains. Anybody with me?

That’s why on most mountain roads, you’ll find guardrails. What happens if your car hits the guardrail? Will it hurt? Yeah. Will it hurt less than going over the edge? Of course.

Just as physical guardrails protect drivers along a mountainside road, emotional guardrails protect us from making bad decisions. Leadership expert Andy Stanley calls guardrails “important barriers between us and certain danger.”

Luck put up a huge guardrail. He can’t play football anymore. You think that decision will hurt him in the future? I think so. I’m sure he’ll miss playing. 

But in saying “no” to one thing, he’s really saying “yes” to 1,000 other things that are more important.

3) Automate your difficult decisions so that you only need to make them once.

The best example of this involves your money. 

Example #1: You ask yourself each month: “How much money should we save this month?” The first month you do well. Then the next month, something comes up. The A/C broke. Your car needed a repair. You went on vacation. Now, you’re in the red, and the savings from month one is gone, and you’re spending the next three months paying off those bills.

Example #2: You ask yourself each year: “How much are we going to save each month?” Six months from now, you’re still saving that amount. Maybe you have made a slight adjustment in month three because you shot a little high. But now you have a nice chunk of change to show for it, and you don’t think about it each month.

Now look five years into the future: In example #1, you would have made 60 decisions about saving money (12 decisions a year x 5 years). That’s 60 possible arguments with your spouse, and 60 chances to make a poor decision. Decision fatigue.

But what about example #2? You made 5 decisions. That’s 91% fewer than the first example. That gives you incredible freedom and energy to tackle more difficult decisions.

4) Give yourself opportunities to make a lot of really fun decisions.

Luck plans to travel with his wife. He plans to see his child born and spend time with his family. Think of all the fun decisions he and his family can make now. And the hard ones? They’re easier: “Part of my journey going forward will be figuring out how to feel better.” That’s pretty easy. Not get back into NFL shape, just feel better.

Let me tell you about my friend, Mark:

Mark spent five years building a company with his business partner and it would require a lot of travel. At the beginning of the five years, he committed to his wife (one really hard decision) that he would build it for five years and then sell. When the time came to sell, they were getting a great valuation. But, his business partner decided to back out of the deal because he wanted to stay in the business. So my friend decided to sell his shares to his partner and walk away, like he and his wife agreed to. Was the buyout money enough? Sure. Was it a fraction of what they were about to sell it for? You bet. Does he regret it? No. Because making that tough decision meant he gets to be around for important family events. He gets to help lead his church and use his unique talents for greater impact. 

To take your next step, think about these 3 questions. Answer one of them and commit to it:

1. What is something that I need to quit so that I can stay focused on the things that are most important to me?
2. What opportunity do I need to say “no” to today?
3. What tough decision have I made that I need to automate?

If you’re really committed, leave your answer in the comments below. Unless you’re retiring like Luck. Talk to your family at least before posting it. Too soon?

About Tim. Tim Meisenheimer, CFP? is a Partner at Streamline, a wealth management firm. For over 10 years, he has been helping families build their financial plan for maximum impact, set financial finish lines, and grow in their generosity.

You can download his latest resource guide right now at LiveGiveMore.com.