But none of these great assets will be possible to enjoy unless you have the highest form of wealth, namely, peace of mind. No amount of romance or fitness, or even fame, compares with having a peaceful, calm heart and soul.
But none of them would mean a serene, peaceful heart if you were worried about having enough financial security to put food on the table, have a roof over your head, keep your home cool in the summer and heated in the winter, and to know you can pay for your car, your insurance and your gasoline, and any reasonable unforeseen expenses.
In these times, most especially in these COVID times, financial security seems like a mirage, an unattainable mountaintop silhouetted against the horizon that you cannot ever reach, and that recedes every time you get close to it. You start to save in one asset and it seems like suddenly it gets hit by a plague.
For example, you invest in a great, well-managed airline and a world-class hotel chain. Then, Wham! The value of those investments plummets and all of the work you did and sacrifices you made to buy them are largely or maybe entirely for naught. The stock skyrockets. Then a clerk at the FDA notes some anomalies in the tests for that drug and approval is withdrawn, and the FDA cautions that people have died taking early versions of the drug.
Then, the price plunges. Or, you buy a duplex and look forward to a steady stream of rentals. Then, there is a riot and severe looting one block away and you cannot get tenants for love or money. Life is full of uncertainty.
The examples I just gave do not even reflect serious nationwide crises like hyperinflation or depression, not to mention war. Mississippi was one of the richest states in the USA in When The War Between The States ended, it was the poorest and still, years later, it is one of the poorest although it is a beautiful state with many wonderful people. First, you need a readily marketable skill. You have to know something, know how to do something, for which there will always be a high demand.
Their hourly pay shows it. Think back to. Then, you have to develop good habits of work. That is, your first priority should be to save at a rate which, compounded at a historically reasonable rate of growth, will give you enough savings to live off in retirement, allowing for the usual possibilities of calamity or even for the UNUSUAL possibilities of calamity.
What do you invest in? You invest in stocks, especially highly diversified portfolios of all of the largest, most historically successful companies. The most sensible way to do this, just in my humble opinion, is to buy US Treasury bonds. If we as a group those of us who are still employed and have some money put aside buy a lot this season, we could just kick-start this economy into a higher gear.
That would be a lot faster than the public works projects that Mr. Obama is talking about. We, our own little selves, could keep big retail chains in business and provide a lot of employment for sales clerks, just for starters. Most of all, we can share with people and animals in need.
When times get tough, donations to homeless shelters and animal shelters collapse. Those of us still able should really dig deep this Christmas and give all we can.
The whole country is vaporizing. Look how desperate the system is for money! No, the "smart" investor is far too busy looking for reasons to run for cover and thinks he can outsmart long-term trends. The stupid investor knows only a few basic facts: The economy has not had one real depression since , a span of an amazing 66 years. The first three of these were times of seriously flawed monetary policy that allowed stagflation, and the last one was on the heels of the tech crash and the worst peacetime terrorist attack in the history of the Western world.
That sounds pretty good to him. The "smart" investor, in a bunker in the Montana wilderness, keeps his money in gold bullion. After all, he's heard that home prices are falling slightly nationwide and a lot in some areas he ignores areas of rising prices like San Francisco and New York City. He says that this will discourage the consumer and lead to a severe, bottomless recession. He even has bald people on TV telling him he's right to worry.
The global economy might be forever changed, too. Companies both large and small are racing to develop a new virtual universe where individuals can play, socialize, and work together. Oftentimes, when I respond to letters like yours, where the person has millions of dollars saved, I get feedback from other readers who are frustrated because they think all that money will make retirement an absolute breeze. With the new year right around the corner, it could be the perfect time to consider some explosive new opportunities.
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