money matters by sylvester clemente
I have seen many economic cycles in my life and not only is this one of the
worst, but there is more to come. What differentiates this recession from the
others is the lack of credibility of banking and other financial institutions. It
is as if the foundation of our home has a crack in it, but we just don’t know
how big it is yet. It is a time to be rational, unemotional and honest.
Your first step is not going to require math, as we will discuss budgets,
investments and risk reduction strategies another month. In this month’s
column I want to focus on the concept of ‘enough.’ How much would you,
personally, need to have to say that it is enough? Your wealth is determined
by your perception of what ‘enough’ means to you. Often, when people are
asked what would constitute enough, the most common answer is “just a
little bit more.”
I recently read John Bogle’s book covering this very topic. Mr. Bogle is
the founder of The Vanguard Funds, and is of great wealth. In the book he
describes a most interesting conversation at a dinner party he attended
hosted by a wealthy Wall Street type. Joseph Heller, the author of the book
Catch-22 was also invited and while having dinner, Heller was asked if it
bothered him that their host had made more money that day than Heller
had in his entire life. Bogle recalls that Heller paused and then replied that
he had something that the host could never have and that was ‘enough.’
“In the LGBT community, I believe that the
pressure to appear successful is as great as
it is to be attractive.”
Before you start adding up your money, stocks, bonds and subtracting
your debts, you have to think about what it would take in order for you to
feel that you had enough. That, and that alone, will be your measure of
wealth. For some it’s a number, like $1 Million. For others it could be owning
their home outright, and having no car loans as well. Sadly, most people’s
target moves over time… we get more and then we want that “just a little
bit more.”
In the LGBT community, I believe that the pressure to appear successful
is as great as it is to be attractive. There is pressure to wear the right brands,
travel to fabulous places and attend events that we often cannot afford. It’s
keeping up with Jones and in every case it’s followed by a day of reckoning.
The funny thing is that whole groups of friends can end up living above
their means, because each member thinks that he/she is the only one who
cannot afford to go to Puerta Vallarta or the rodeo or buy $200.00 jeans.
My final thought is that almost all of us can achieve having ‘enough’ over
How
time. The first step requires a little self-reflection. What’s really important to
you? How would you change your life in order to have another friend who
you knew love you unconditionally? I know that it would not be by buying
things you cannot afford or buying four rounds of drinks one night. Quite
mucH
the contrary in fact. All that you would be doing is going deeper in debt,
while possibly making a friend feel as if she/he has to spend money in order
to hang out with you.
Everyone I know is worried about his or her job, so start thinking about
what you would do if you had your hours cut or if you lost your job. Talking
is
with someone is a great first step. If the other person is a friend, they will
emotionally support you and may even have a few good suggestions about
preparation. This economy is still worsening; so spend your money on
things you need and spend your time with those who care about you most. enougH?
78 RAGE monthly | MARCH 2009
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