I'm in the middle of reading The Millionaire Next Door for an executive summit I am attending tomorrow. It has led me to ponder on what financial preparation means to people today. If an emergency happened to you today, would you have cash on hand to purchase items that will probably have spiked in price?
Do you have your money in investment vehicles that are helping you weather the temporary inflation from food and gas? How will your investments fare when deflation hits and the value of real estate plummets? The stock markets have officially reached bear territory by going down more than 20%. Investors keep hoping for an uptick based on today's reports while ignoring the overall indicators that credit saturation has been reached. Do you have your fingers in your ears, or your head in the sand?
What will it take for people to be prepared for financial hardship? Does it always have to end miserably for those who have personal emergencies before they wake up to the reality that life is not always prosperous? Can you take the lemons of today and make lemon torte because you saw what was coming and were ready for it?
I hope so, but I will be discussing this further as I continue to discuss physical preparation.
- Mark
Value is based on perception.
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