In my book A Mid-Life Challenge–Wake Up! I council individuals to target a personal “lottery winner’s mentality.” As positively renewed and focused men and women each one of us can look, act and feel like a million dollars without winning or inheriting a dime. We do so by crunching the numbers in advance, developing disciplined and comprehensive short and long-range budgets and plan of attack, making necessary sacrifices up front then launching without delay a purposeful journey to our chosen destination.
All of this sounded a lot better on September 30 than it does today. Since the end of last month, the U S stock market has surrendered 27% of its value. How do we maintain a lottery winner’s mentality when our personal pool of assets keeps shrinking? I can’t raise stock prices but I can offer this bit of advice:
1) Set aside time for periodic asset review and goal adjustment. Perodically recrunch your projections–then move on to better things. Do not squander time every day worrying about where the stock-market will open, the price of gas or what new tax might be imposed. Personal note: in light of recent portfolio declines, I recently redid our family financial plan based on worst case scenario projections; my wife and I determined that with certain modest adjustments, we will be just fine. I will re-visit my finances at the beginning of November.
2) Take charge of those events you can control and stop fretting over those you can’t. None of us alone can will the stock market go up. Each one of us has only one vote in the upcoming Presidential election.
3) Stop listening to politicians and the media who keep telling us we are in the worst shape since the geat depression. Fear and depression feed upon themselves. Ask yourself personally how you , your family and those in your circe of inluence are doing. Concentrate on helping the less fortunate among your friends and community. By concentrating on solutions for others where we can make a difference, we will spend less time worrying about ourselves or the world at large.
4) Always remember, you are striving for the same positive goals you sought last month. The world may have changed, but your ultimate objectives don’t need to. Be on constant look-out for favorable signs of a better tomorrow. Financial set backs in America have always been and will continue to be finite.
I trust during the present financial turmoil we all will remain the confident, postive individuals God intends us to be. Please post your response if or e-mail me at: