Many have experienced financial losses over the recent years. Many have seen friend and relatives losing homes, cars and jobs. Many have seen their businesses fail as a result of the credit crunch that strangled much of our economy. Fingers have been pointed in every conceivable direction.
Yet the finger should be squarely pointed at the root cause of the problem: Us!
Ouch! In a world that’s accustomed to beating up on Wall Street, the banks, the Federal Government, globalization and Free Trade, the concept of self-flagellation seem highly inappropriate. Nevertheless, when the blame-game finally comes to a halt, the ones left standing are the true disciples of greed and reckless consumerism. It is time to recognize the true emissaries of financial ineptitude. Let’s expose the real guru’s of our failed economic policy.
Yes America, it’s “We, the people”!
Or more accurately “We, the collective persona of a fiscally irresponsible generation”!
And now we have to pay the piper. Piper Paul no doubt! But first we’ll have to borrow from Peter to pay Paul. And Peter doesn’t have any money either! What a mess!
We live on credit and that’s insane! The value of our individual economic output, aka our personal income, aka our pay check is being pledged as security against an ever-increasing debt load of credit cards, consumer loans and mortgage payments. We’re trying to keep our head above water while drowning in a sea of red ink and swimming with the loan sharks. We’re living the American Dream in equal monthly payments that require multiple incomes to maintain. We are mortgaged to the hilt with little or no equity left.
It’s time that we foreclose on the past and create a new perception for the future that will focus on the management of our wealth, instead of its depletion.
Creating a proper strategy for Wealth Management starts off with the assumption that you want to be wealthy. While at first glance may sound rather obvious, one of the principal tenets of creating financial freedom is that it has to be an absolute MUST, and not just a wish or desire. If you’re going to develop a solid strategy for Wealth Management you must want to create wealth, but you must equally want to manage and maintain it. Don’t plan to build your nest egg through reckless gambling at the local casino. Wealth Management is exactly that; the managing of your wealth! Squandering your wealth is not a lofty goal!
Wealth Management applies equally to start-up investors with a few hundred dollars in their account and multi-millionaires who wants to stay on top of their game! It allows your “internal Leader” to recognize the opportunities for investing and leveraging, while making the informed decisions of a successful money manager. Your financial disciplines must be molded from the same clay that produced the sharpest and most sophisticated wealth managers of all times and require the same analytical thinking that produced their results.
So spit-polish your leather shoes, put a red carnation in the lapel of your navy blue suit and take a firm grip on your monogrammed briefcase. If you’re going to be a millionaire, it’s time to dress the part.
Our grandparents were frugal. They only spent what they could afford which, in most cases, was not much! Your financial freedom strategies must draw on that frugality and the wisdom of the ages to structure a foundation for wealth management that transcends the penny-wise attitudes of our forefathers with the savvy technology of the modern investor. If our political and financial Leaders that brought our global economy to the brink of collapse could only change their obsolete ideologies and bring them in line with today’s fiscal reality, we may see a turn-around to the prudent wealth management that have served us well in the past!
© 2014 Allan N. Mulholland, CPC
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