2035 and Your Grandchild is Broke!
Disturbing to even consider, isn't it? Want to look away? Feel a tinge of anger towards ME for the mere thought?! (It is just a tinge, right!...whew.)
Or maybe you may share the reaction I relate with:
"Nope, not going to happen to me. Not my grandkids. No chance."
But in the final analysis, we can't really know this. A great deal can happen in 25+ years and we can certainly never guarantee the future success of our grandchildren.
But I do want to challenge us all with a simple question, particularly if you have the reaction I did...(not going to happen to MY grandkids).....and the question is:
Why not?
In other words, what are you doing today to avoid the tragic scenario above?
Most of us will NOT have a specific answer to the question. And internally, your brain is desperately fending off the suggestion:
- Not my responsibility anyway
- Nothing I can do about it
- I have no fortune to leave!
- I don't have time for this
- I was going to teach my grandkids about money, someday...
Of course, I'm being intentionally provocative to drive home a point. Perhaps YOUR grandchildren truly are well-equipped with financial lessons on how to earn, save, and invest their money. (Or that some day, they will be.)
While there are no guarantees, perhaps your grandkids are destined to be ahead of the game. And chances are if you're reading this newsletter...they are. An engaged and caring grandparent (or parent) is already much more than many of our youth can claim.
But the last 12 months have been a financial whirlwind. It's fascinating and scary at once to watch the storm rage in the economy and financial markets.
In 2007, over 34% of babyboomers felt confident they could live on their savings comfortably for 15 years post retirement. Today, that figure has dropped to 18%.
The numbers are staggering.
- 15% of the boomers have saved nothing for retirement.
- 50% have saved, but a negligible amount
- 70% have not even calculated what they need for retirement
And regardless of what's been socked away for retirement, just about all of us (myself included) took a 40% drop in the first few months of 2009. While I love the gut-tickling drop on a great roller coaster, this was not the fun type of drops!
Though we can certainly worry ourselves to no end by watching the 24/7 news cycle today...perspective can be re-assuring.
(Remember the No Rain - No Rainbow secret? )
In the final analysis, the storms will come. The lightning will flash. The thunder will boom. The rains will pour.
I noticed that a co-worker had this quote printed on her cubicle whiteboard...
Life isn't about waiting for the storm to pass...it's about learning to dance in the rain. (Author unknown)
Responsibility lies inside you.
Do not allow the external storms to fool you into thinking otherwise. Your happiness is a decision. Your success is a decision.
Perform a self-analysis of your financial habits. What are your greatest strengths when it comes to earning, saving, and investing? What are your weaknesses?
Left alone to the chance of the wind....which of these strengths and weaknesses do you believe your grandchildren are most apt to remember? To model?
Now IS it up to the wind?
If you don't have a plan, your answer is yes.
Think again about your strong financial habits. Did you come to those practices entirely on your own, or do you recall a key lesson or two from your parents, your grandparents?
Chances are you strengths stem from two areas:
1. A caring parental role or mentor who taught you the financial lesson many years ago
2. Later, when you ignored the lesson and failed miserably!
Ironically, you often need both education (#1) and experience (#2) to really "get it." It's often said that good judgment comes from experience and experience comes from bad judgment!
It's a funny secret of life.
There is not one right answer to how to prevent a penniless future for your grandchildren. (And, I certainly do not claim to have the answers!)
However, in line with our legacy building concepts, we know the answer is within YOU and inside your GRANDCHILD.
Want to connect with your grandchild? Your legacy lessons must "speak" to an internal interest of their own. And, it must come from your center...from your own strengths & wisdom.
Sure, in recent months the financial world is storming.
But, in retrospect, we live in unprecedented times of vast opportunity. In a land where freedom to pursue happiness contrasts with the much darker experiences of BILLIONS of others throughout history...who were largely granted none of the enormous liberties we are blessed with today.
The sky will not fall. And, your grandchildren will also thrive during a period of human history with great advantages.
To fail while surrounded by never-ending opportunities that surround us would indeed be a great tragedy.
Come 2035, some grandkids surely will go broke. But there's one thing I do know for sure...
If your grandchildren face their world and situation with the personal responsibility of their own success...
the chances your grandkids will be broke fall to nearly zero!!
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