I’m going to go back to the “personal balanced scorecard” again in 2025, but before I do that, I’m reflecting a bit on the kind of year I want to have as kind of a guiding principle for specific goals that are more measurable and tactical.

Right now, I’m kind of stuck on the phrase “you can just do things”, particularly after coming back from visiting friends in Vermont, where the iconoclast is perhaps a bit more common (case in point – we were seated next to our outgoing ponytailed organic-farmer Lt. Governor at my favorite hole-in-the-wall restaurant in town). I’m fundamentally not as good at remembering this I’d like to be, but I think I surround myself with people that are pretty great at it without being reckless.

I was the first visitor at one of my closest friends’ new lake house this week – outside-in (but without getting into their business), this wouldn’t necessarily be the most logical time for this couple to buy a second home, but it was important to them to have a place for themselves and their families to go in Vermont, they ran the numbers, found a spot they liked, and jumped. I know they’re going to enjoy some great memories there (especially when it warms up!).

I also got to see another close friend and their two kids – the guiding principle for naming the kids was that their name couldn’t show up in the “baby name book”. Not initially knowing this was the case with kid #1, I thought their name was “Colin” for a while based on what I misheard, but I’ve got it now. He’ll probably have to spell it and explain it a bit more than most people, but it’s hopefully going to be a good reminder to him that he can just do things! And if he doesn’t happen to like the uniqueness once he’s old enough to choose for himself, his initials are a very common male nickname.

Lest I give the impression I believe this is just a Vermont thing, I came back to Colorado to a very thoughtful holiday note from a co-worker. There are many reasons I admire them both personally and professionally, but the common thread is bravery – moving halfway across the world where they barely knew a soul, working in a field where they have a very non-traditional background (and being self-aware enough to know both what unique perspective they bring as well as the blind spots this creates), advocating for themselves and their people the whole way.

The point is – the people I love and respect, but that aren’t so different from me, can just do things. They’re all smart, responsible people, and I know they consider things in full. But then they act. So – I can too.

So – if I’m going to remember that I can just do things, what should I do in 2025?

Professional

1. This is probably a “up or out” year for me at work, and that means it’s a good year for a “re-underwrite”. I’m going into it with some good momentum / feeling more than ready, but just like an athlete in a contract year, I need to execute. Just as I’m probably being more closely scrutinized before someone makes a longer-term commitment to me, I should be doing the same. And it’s not just about whether I think my employer has the right strategy / focus.

I go back to what I learned from my MBA internship (and the advice I give most MBAs when they ask me) – take a second and ignore the industry, prestige, strategic alignment, compensation, path to partner, etc. Is this something you’re going to want to do for the next 5-10 years? Whether you call it “compounding” of knowledge, experience, and relationships, or more practically recognize the role of long-term compensation and vesting as you get more senior, it pays to be somewhere for a long time, but that means you have to be there for a long time. And in the span of a 40 year career, 5-10 years is a long time.

So in an “up or out” year – it either needs to be up, or out to something I’m more excited about. Time to play offense.

2. Every so often, I stumble upon someone online who appears to have no business running the business they’re running (let’s be honest, half the time it’s a HoldCo). Beyond “just doing the thing”, when it’s not a “famous last name” situation, it seems like there’s often someone very senior, accomplished and well-connected that has taken a shine to this person. I’m not sure that’s exactly what I aspire to, but in general I could do a better job finding this, particularly outside of my employer (neutral 3^rd party). Maybe this ends up looking more like the “personal board of directors” concept – but I do need to take the time to actually think about this, and ensure I’m fostering these relationships and filling gaps.

3. I think the easiest way to get onto a non-profit board is to write a check / find others to do the same. While the “pay to play” aspect doesn’t really sit right with me, the world is what it is. I got to see some of the head-slapping stuff in non-profits at the kitchen table growing up, so I’m pretty sure that some of the budgeting and presentation skills I have will be applicable in many settings. Something within healthcare would be a logical place to focus – Erica’s hospital has a bunch of the “who’s who” of Boston PE and VC on its various boards. I admit I have done zero diligence whether there’s anything similar in Denver, but that’s probably a good place to start.

Financial

1. Since I graduated college, my personal annual budget has been 100% vibes. I generally know how much money I spend and on what, but my general measure of wealth has been that if I don’t have to budget, and I get the things that I want, I’m in a great spot. This has served me well. However, I’ve generally found myself shying away from “just doing the thing” and buying something I would probably use / enjoy, maybe in part because I’ve never really looked at this data. So, in the service of some of the other things on here, I think I need to step back to move forward and give myself a specific allowance for fun-enhancing capital goods, among other things. Key will be to have some quarterly discipline around variance to actuals and reforecasting.

2. Delaying gratification comes easily to me. But I’ve also spent too much time in the various FIRE-related subreddits recently. ChubbyFire is my favorite – somewhat grounded in my reality versus private jet travel, but not the “I live in rural Wisconsin, bike everywhere, and only eat rice and beans” crowd. I bring it up because I’m recently finding a bunch of folks who wish they weren’t previously so focused on delaying gratification, particularly because the “RE” part of FIRE, retiring early, isn’t that interesting. As previously discussed, I realize I have very little desire to retire early, but a strong desire to align my time with interesting problems, good people, my values, and tell everyone else / everything else to pound sand. I have a mental block around not delaying gratification, so this year I’m going to eat a marshmallow or two.

3. I admit that I have no idea what a “backdoor roth” is but I keep hearing about them. One of my big boneheaded financial decisions was trying to optimize taxes by holding a stock I should’ve sold. Peak to current on the stock was way way more of a hit than the difference between short-term and long-term capital gains. Lesson learned – if I ever get meaningful carry in stock again, it’s getting sold. But that doesn’t mean I should stop looking for ways to pay Uncle Sam a little less while also simplifying my financial setup – so it’s figuring out some of these tax-advantaged accounts, ensuring I’ve got them nailed down, and then putting some simple investments in there.

Personal

1. I’m a sporadic reader at this point in my life. In some ways this is something to do in lieu of doomscrolling – but with anything, it’s better to run to something you’re excited about than just run from something you aren’t excited about. Erica read over 40 books last year, I can do 25% of that. The real question is what percentage will be fiction…

2. Last year, I had this in the financial category. I realized that even if this is a questionable financial decision (or at the very least, influenced by so many variables that it’s hard to say whether it’s a good or bad financial decision), that it is still something that I want, for the peace of mind of having somewhere I won’t have to leave, to feel grounded, to make my own aesthetic decisions. It’s just as much consumption as investing. Maybe if rates go back down, I can count it as investing.

3. Wanted some continuity, had to choose between seeing 10 concerts and this one. I kept this one because it requires a bit more planning. I’m still going to see a bunch of concerts, but if I only make eight because that’s what worked with my schedule and were things I wanted to see, that’s fine. Whereas if I can’t take a weekend for a race and another for a new state, that’s on me.

Health

1. It’s not really about the time, it’s just about planning and working backwards. Generally I find racing more fun when there’s no expectation of finishing up front and when I’m doing it with someone else. Maybe I’ll just find somewhere I want to visit, with cool merch. Denver in May and Minneapolis in October are definitely options, but I’ll see what I can find before that.

2. Maybe it’s Denver, maybe it’s just wanting to be in my early 20’s again, maybe it’s wanting to find a happy medium between (my perception of) brewery run clubs and (my perception of) the annoying hardos I’d expect to find in certain parts of Colorado. But it’s probably worth going on some “first dates” particularly as one of my favorite days in 2024 involved a group run down the West Side Highway – maybe I’m not as much of a lone wolf as I think I am.

3. This is kind of cheating, but ties into the marshmallow test comment above. If I buy something, I’ll use it. After taking my nearly 20 year old XC skis out for the first time in a bit and immediately breaking one of the boots when trying to tighten it, I had a bit of an “oh shit” moment. Actually waxing my skis might also help with the enjoyment, but spending money on hobbies is not a bad thing.  

OK – that’s what I have for 2025. Will probably check in on both progress and appropriateness of these KPIs in a few months. Happy New Year!