The Twelve Tables formed the basis for Roman law. The twelve suggestions below form the foundation of a sound financial plan. It should be devised and agreed upon by you and your partner and should result in a secure financial future.
1.) Believe you can succeed
No enterprise, be it financial success or otherwise, can succeed without a belief that it is possible. Much else goes into accomplishing your goals but without a belief you can succeed, they are doomed to failure.
2.) Agree on the definitions of the terms in your financial plan
You and your partner must have the same idea of what wealth, risk, budget and a lot of other terms mean or you will be working at cross purposes.
Are the Baby Boomers part of the Ageless Generation?
Many of us seem to act as if that were the case but there’s little doubt most of us feel younger than we appear. To me, the poster child for this ageless generation is Jane Fonda, whose famous workout videos appear to have held her in good stead in her personal twilight career.
(Technically, since she was born in 1937, Jane Fonda is not a post-war baby boomer but her spirit certainly seems to epitomize the zeitgeist of the generation that came soon after her).
If you get Netflix check out the recently released series Grace & Frankie, where Fonda plays a 70-year old recent divorcee: even though she herself is actually 77! Equally vibrant are her aging costars: Lilly Tomlin, Martin Sheen and Sam Waterston (best known as the prosecutor on Law & Order). Tomlin is 75 and the two male co-stars are 74.
Medical advances will transform the global economy
Amazon.com
The Ageless Generationalso happens to be the title of a recent (2013) book by Dr. Alex Zhavornonkov, director of the Biogerontology Research Foundation and founder of the International Aging Research Portfolio. It’s one of about a dozen books I read in recent months in preparation for a talk on Longevity that I gave on Monday to the National Elder Planning Issues Conference in Niagara Falls.
The book’s subtitle summarizes the gist of it: How advances in biomedicine will transform the global economy. Since the focus is on the United States, it will come as no surprise that Zhavornonkov believes breakthroughs in extending Longevity can only make a shaky Social Security and Medicare system that much more fragile in the United States, and by extension their equivalent programs in other advanced nations.
For the majority of young adults, the most common New Year’s resolution is to earn financial freedom. Unfortunately most of them fail to achieve what they set up as a goal on New Year’s Day.
That’s because they have only a vague idea about what financial freedom is all about. For most of us, financial freedom means having enough money that we can us spend on whatever we want. While earning a lot of income and enjoying control over expenses are important financial objectives, this by itself cannot be a true definition of financial freedom.
A precise definition is not universal, as many pundits have different takes on the subject. Here ’s what I think about ‘Financial Freedom’:
On Wednesday, the Financial Post ran the first of seven articles by me that we’re calling The 7 Eternal Truths of Personal Finance: Eternal Truth #1: Live Within Your Means.
Some of the background and rationale for the series ran earlier this week here at the Hub. I believe the series will run online and in the paper once or twice a week over the summer. Each episode is accompanied by a one-minute video.
Note that this is being housed under the Post’s “Young Money” category, which makes sense because the need to live within your means is especially apt for millennials and younger folk.
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