“I’ll have what she’s having.” When Harry Met Sally, 1989
Bill and Kate are both successful executives. They are actively involved in the social life of their community, their children’s school, their church and several professional organizations. They each earn a healthy six figure income but still don’t have a substantial amount of money set aside to deal with the surprisingly unsurprising surprises of life, to pay for college for the children, to pay themselves when they retire or to leave any kind of legacy beyond debt.
Bill and Kate do, however, have what everyone else in their social circle has; a house that is far larger than they and their two children need and that requires a houskeeper to keep the many rooms they never use clean and a gardner to keep the grounds that they seldom walk manicured; two SUV’s and a luxury sedan – all leased to assure that the family will always have a new vehicle; private schools for the children, tutors to make sure they can keep up, and a nanny to watch over the tutors due to the parents busy schedule; membership in a country club that they are rarely able to use; annual vacations that cost more than most people earn; and on, and on, and on…
Bill and Kate have an investment program too. Like their possessions, however, it is cobbled together based on casual conversations with their co-workers, friends and family, the unabashedly self interested advice of their broker and their own insights based on the casual and occasional reading of the Wall Street Journal or spending an hour watching a TV shill touting his or her flavor-of-the-day investment strategy. Their ”I’ll have what she’s having.” portfolio is not performing well – as you might guess.
Many Americans in all walks of life and at all income levels make the mistake of following the advice of people they know; people who themselve know nothing more than they do - the blind leading the blind. This is what I call following conventional wisdom – doing what others are doing and repeating what others have said as if it were the gosple just because that’s what they are doing and saying.
There are strategies and tactics that work. If you embrace them, you will create a bright financial future for yourself that promises you an income you don’t have to work for and you cannot outlive, freedom from debt-to-others, ready money to deal with life’s surprises and a legacy of both wisdom and wealth to pass on to those you care about.
Bill and Kate gave up their foolishness, and within two years they were able to achieve all four of these goals.
You can too! –> www.TheMoneyForLifeBook.com
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March 26, 2008 at 1:33 am |
Good read! Thank you!