Anyone Can Grill a Steak!

By Mark Folgmann


In his most recent book “Outliers” Malcolm Gladwell states that his research shows you can be an expert in just about anything if you put in 10,000 hours. This applies to playing hockey, writing software, music and yes even brain surgery. If we do the math we find out that this would take up 5 years of full time effort or 10 years at 20 hours per week each and every year. Last year my wife and I were invited to Hilton Head to spend 4 days with my favorite Uncle and Aunt. Once we arrived we were notified that my cousin Brian was driving up from Florida to grill steaks. I was happy that I would get to see Brian but thought to myself, heck I can grill steaks, why was everyone so excited to have Brian grill steaks. Brian showed up at noon after a three hour drive and spent about 15 minutes preparing the steaks. I’m not sure what he did but since it only took 15 minutes it couldn’t be all that important, right? Anyway after he was done Brian and I shot off to play golf for the rest of the afternoon with no further thought about those steaks. Brian had them marinating back at the condo after he trimmed the fat and prepared for cooking. About 5 hours later we returned from golf and Brian started on the rest of the meal. Preparing the salad and cutting and washing vegetables. After taking everyone’s order on how they wanted their steaks prepared he left and returned with the best steaks I have ever tasted. I have to say the meal Brian prepared was the highlight of my trip. Sure it was great seeing everyone but to watch someone that is truly great at what they do was a pure pleasure. Most would not realize what went into that meal but I truly did. I knew Brian had spent his 10,000 hours becoming an expert and I appreciated someone who is great at what they do. Not only was it interesting to watch but I benefited from his effort. Even though the end process looked effortless I was fully aware that Brian had paid the price and pulled off an experience that was unforgettable. After all I am still thinking about that meal a year later.

The question is what does this have to do with your retirement? Everything. We can’t be expected to create a successful outcome with only one opportunity to practice. Sure retirement is far more important than grilling steaks so don’t you think the prudent thing to do would be find someone that has 10,000 hours of experience. Someone that understands how to prepare, monitor and evaluate the process. Wouldn’t you want someone that has burned a few steaks and has learned from that experience? When I grill my wife knows to have a glass of water handy at all times. Anyone that has ever grilled knows what the water is for. There are clearly two problems to this retirement dilemma, first is the accumulation stage which is by far the easier issue. The more difficult problem is once you retire and attempt to make your money last as long as you do. Brian knows exactly what temperature to grill steaks so they don’t burn and in my world I have to know what distribution rate and expense ratio’s are acceptable over a 30 year retirement so your money doesn’t disappear before you do. There is always a very fine line between a great meal and burning steaks. Oh, did I forget to tell you what Brian's profession is? He's a Chef.