by | | The Blog
As a country, nation and even globally, we are in the middle of one of the biggest financial crisis since the great depression. The folks in Washington can’t seem to balance our budget. As each year passes, our national debt that is now in the trillions of dollars keeps increasing. Investors have suffered yet another major setback in their financial planning goals with the most recent stock market crash. Questions abound with seemingly little answers about how to solve the social security crisis. Unemployment is at near historic levels and the average worker has very little savings to speak of and is basically living paycheck to paycheck.
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by | | The Blog
This week I read a story entitled…
“After FCAT Scores Plunge, State Quickly Lowers the Passing Grade”
The particular state, test, nor circumstances in the story were relevant to the all too familiar point that popped into my head. In this instance, the state may very well have had their reasons for doing so. Individual student aptitude, after all, is nearly impossible to accurately nail down by one all-encompassing standardized test. Nevertheless, I was troubled that the immediate response was not rising to the challenge of improvement, but lowering the minimum standard.
From the days of “Everybody gets a ribbon” in little league, to higher education today, it seems the mind-set of educators and parents alike has evolved (or devolved) from learning from one’s failure, to a perplexing and futile attempt to eliminate it from the curriculum altogether; thereby supposedly protecting their feelings and keeping self-confidence intact. The results, unsurprisingly, is a generation largely consisting of individuals who not only lack the mental capacity to handle real failure when they’re thrust into the unforgiving real world, but are also sadly unable to see the valuable opportunity failure presents itself as a tool to learn, improve, and grow as a human being.
Parents naturally want to protect their child from pain and suffering. And yes, failure does somewhat involve those experiences. But if you look at it as a case of instead of “protecting from”, to “building an immunity to”, it’s easier to understand. For instance, when you immunize your children from disease, what are you actually doing? You are giving them small harmless doses of the disease until the body incorporates it and develops the anti-bodies to protect itself from greater exposure to the disease in the future. Same concept. If you let your child deal with the painful loss of a basketball game or experience the repercussions of seeing a red “F” at the top of a math quiz when it’s not a matter of life and death, they’ll be better prepared as an adult when faced with the reality of a job layoff.
Is it any wonder why there are more and more stories about fired employees returning to the office with a gun?
by | | Financial Guides, Financial Independence Coach, The Blog
That’s right I said it…Fire Your Advisor! If you have one, pick up the phone right now and do a Donald Trump on him or her and let that person know “They’re Fired!” And if they ask you why, tell them Ike, The Financial Independence Coach told you to do so. That’s right I’ll take the blame for you. And you know why? It’s because I am convinced that the financial planning industry has failed you the consumer. And, since I am a part of the industry that failed you, I want to take the blame. (more…)
by | | Financial Guides, Financial Independence Coach, The Blog
I would like for you to view “retirement” as the dirty “R” Word. I know a lot of those in the financial services industry help clients plan for retirement but all of them are missing the boat. You should not be planning for retirement but instead should be planning for financial independence. (more…)
by | | Financial Guides, Financial Independence Coach, The Blog
Ever feel the weight of the world coming down on you? That’s the way anyone feels when they are buried under the rubble of what I call “bad debt.” So what is bad debt? Bad debt is any consumer debt that does nothing to increase your financial position but instead further deteriorates your financial position. (more…)
by | | Financial Guides, The Blog
Most people have three possible sources of retirement income: (1) Social Security, (2) pension payments, and (3) savings and investments. The income that will have to be provided through savings and investments (which you can plan for) can be determined only after you have estimated the income you can expect from Social Security and from any pension plans (over which you have little control). (more…)
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