This is a phrase I have often heard my father say. The origin and meaning are as follows:

Origin

From Robert Burns' poem To a Mouse, 1786. It tells of how he, while ploughing a field, upturned a mouse's nest. The resulting poem is an apology to the mouse:

But, Mousie, thou art no thy lane [you aren't alone]
In proving foresight may be vain:
The best laid schemes o' mice an' men
Gang aft a-gley, [often go awry]
An' lea'e us nought but grief an' pain,
For promised joy.

It is hard to plan for the unforeseen, because well...you just don't see it coming!

Clients expect me to watch out for them (and their money) by planning for the unexpected. However, in order to do that, they need to understand what is within our control and what is not.

Out of our control 

• When you will "expire"
• Disability or critical illness
• How stock markets will behave
• Global economy & inflation
• The weather
• War

Within our control 

• Insurance coverage
• Amount of savings
• Portfolio asset mix
• Our values
• What we buy

What we fool ourselves into thinking we can control

• Our children
• Our emotional reactions
• Amount of taxes we pay - we can minimize, but not eliminate
• Health - some of it is genetically inherited and cannot be altered
• Good investments - some companies are fraudulent and we can't always "smell a rat"

As your advisor, I cannot prevent all of the pitfalls of life, but I can help reduce some of the damaging effects with some strategic pre-planning. For example, sudden death or critical illness of a family member is a very heavy burden. However with proper insurance in place, extreme financial stress will not be added to an already very difficult situation. This is why working with your advisor and being totally honest about your goals and fears is the best way to ensure we do our job well.

So the next time I bring up the topic of Estate Planning, and you just don't want to discuss it because you think you are too young to die, or don't have enough assets to leave a legacy...remember the saying "The best laid plans of mice and men". I'm not saying this to scare you; I'm saying it because I care.

Finding the right balance

Prepare for the worse 

• Set up an emergency cash reserve

• Get life insurance and disability insurance (especially for the higher income earner)

• Maintain close support networks of family and friends

• Educate yourself (about investments, car maintenance, etc.)

Live for today 

• Set up a "Mad Money" account, where your savings can be spent on whatever makes you happy!

• Give yourself small rewards when you reach a milestone (for example: get a pedicure after running your first 5km)

• Fill up on life experiences, rather than stuff