Why it's time to move on...

Somewhere in the world today at this very moment, a middle-aged husband and father of young children is being told by his doctor that he has only months to live;  a mother is learning that her child has died;  and somewhere in the world today, someone will come within a heartbeat of death and have a completely different perspective on life...

Do you think any of those three people are concerned about the "financial crisis?"  Do you think they are thinking of money, material wealth or social status now?

Often it takes some kind of shock for us to realign our priorities.

Let's reflect on a few thoughts from historic figures, both ancient and modern, that have been faced with extreme challenges that make our current financial fears seem like just a speck of dust to be flicked off of our shoulders...

"I tell you that virtue is not given by money, but that from virtue comes money and every other good of man." ~ Socrates, from The Death of Socrates, as quoted by Plato.

Socrates was known for his belief in the virtues of contentment and self-awareness.  He lived a very frugal and simple life and could often be spotted observing Athenians at the market making their purchases.  When his students asked about this, he replied, "I love to go and see all the things I am happy without."

Socrates' pursuit of virtue and his strict adherence to truth clashed with the "might makes right" and increasingly immoral path of Athenian politics and society of the time.  Socrates was given an ultimatum to denounce his philosophies or be forced to die by drinking a cup of hemlock.  Socrates chose death...

"When we are no longer able to change a situation -- we are challenged to change ourselves." ~ Viktor Frankl

Victor Frankl, Jewish psychiatrist, author and Nazi concentration camp survivor, observed human behavior in the concentration camps.  He noticed some people died, others didn't -- and it was tied in no way to physical strength.

Frankl concluded that the most important driving life force for man was the search for meaning. Every human being has to have a task, it doesn't matter what it is but it must be his own.  Without meaning to live for, the energy to pursue life is diminished.

"If your kids want to paint their bedroom, let 'em do it. Don't worry about the resale value on the house." ~ Randy Pausch

Randy Pausch, after given a six-month sentence to live, gave a moving speech to his colleagues and students at Carnegie Mellon University. There was not even one mention of money, material wealth or social status in his last lecture…  He mostly spoke of his life's adventures, passions and relationships.

"What is important in life is life, and not the result of life." ~ Johann Wolfgang Von Goethe

If you do anything today and this weekend, please take a moment to recognize your greatest priorities.

Would you rather have health or wealth? Would you rather have strong personal relationships or strong personal finance? 

We were born with nothing and we will die with nothing.  Now go hug someone you love, embrace life and thank God for the opportunity to realign your priorities today. Do it now.

Turn off the media noise and tune in to your life…

Related Posts:

Dying to Live

Mind vs Brain Part 2: Priorities, Pursuits & Productivity

Weekend Wisdom: The Interview With God

Comments

[Next Gen Politics]

It's so strange that you wrote this today. I have been thinking about this same thing recently. I think that one of the things that got us into this mess is that we as a people were trying to find meaning to our lives in material items, to the detriment of our the lives we were already living.

To those who don't live off of credit cards and who didn't buy more house or car than they needed, this "crisis" probably isn't effecting them very much. This financial event gives us a great opportunity to reconnect with the people and things that are important to us, not because of what they say about us, but because of how we feel about them.

Thanks Kent for once again writing something profound. I look forward to your next post.

Jerame Clough
-Next Gen Politics

[The Financial Philosopher]

Thanks, Jerame...

I do not mean to judge those who are feeling panic in these times; however, this display of panic reveals the displaced value for money ahead of other things in our life that provide true meaning, such as personal relationships.

You make a good point, that if our priorities were properly aligned with our pursuits in the first place, our economy may not be in this mess.

Again, the extreme morning over the "loss" of money expresses a "love of money," in much the same way as one would react to the loss of a loved one...

I hope people will take the weekend to reflect and refocus.

The storm will pass and we will rebuild. Hopefully, however, our complacency will not rebuild along with our economy...

[Grace]

I recently resubscribed to the Wall Street Journal and now am reconsidering my action. Do I REALLY want to know excruciating details about a melt-down that I am powerless to control? I think your approach is much more healthy. Thanks for letting me think! G.

[Kent @ The Financial Philosopher]

Grace:

I generally like the WSJ but I believe I would turn down a free subscription.

I much prefer to read books, especially classic and ancient philosophy. It's much better on the mind and the soul. More importantly, when I read something like "Meditations on First Philosophy," by Descartes, I know there is no pretense or opinion or noise to steal my attention with the incentive to sell advertising or more books...

As with a diversified portfolio of investments, it is prudent to "allocate the attention" in such a way that we prevent its theft...

Thanks for stopping by and sharing your thoughts...

[Narendar Kumar]

Listen to the Exhortation of the Dawn!
Look to this Day!
For it is Life, the very Life of Life.
In its brief course lie all the
Verities and Realities of your Existence.
The Bliss of Growth,
The Glory of Action,
The Splendor of Beauty;
For Yesterday is but a Dream,
And To-morrow is only a Vision;
But To-day well lived makes
Every Yesterday a Dream of Happiness,
And every Tomorrow a Vision of Hope.
Look well therefore to this Day!
Such is the Salutation of the Dawn

[Sara R]

I agree that it's good to have a larger perspective. Of course money isn't the most important thing. Of course tragedies refocus your perspective. I am a two-year stage 3 breast cancer survivor and 35 year old mother of 3, so I completely understand this. Even if the financial markets completely shut down, we go on living life. I have a rich family life and we can happily live frugally.

However, that thought does not address the point I made in the other thread. The goal of financial planners should be to not lose their clients' money, and to educate them so you can help them make good investment decisions. The stock market is no longer behaving the way it has historically. In the interests of giving the best service to your clients, this change in the stock market should be fully disclosed to your clients, so they can change their investments to something safer.

For example, your earlier post was written on Monday. Between Monday and Friday, the market went down 18%. Your clients who were in the market will need a 21% gain by October 5, 2009 just to break even from the losses that week! These kinds of numbers should be disclosed to your clients so they can make informed decisions.

Also, cancer patients do care that the balances of their 401Ks are down. They too hope to get to retirement. Their health conditions can make it more difficult to earn money and save for their futures (or, if they die, for the futures of their children). Losing huge amounts of retirement money in the stock market is additional stress at an already stressful time.

[Kent @ The Financial Philosopher]

Sara:

Thanks for adding your perspective...

I have spoken with my clients, by the way, not that it has a place on this blog.

Also, as I stated, any money needed within 3 to 5 years, especially near or in retirement, should not be in stocks, not matter what the economic or market environment.

My clients and I were prepared for this before it began.

Of course, I did not know the shape or size it would take, but each of my clients nearing (or in retirement) have more than three years of income needs in safe places (cash, high quality bonds).

I must say that you are placing me in a stereotypical mold of all other financial advisors in the universe.

Please read every one of my posts, speak with each of my clients, and call me on the telephone before placing judgjment on my skills, ethics or success as an investment advisor/planner.

I will also resist the temptation to judge you as well...

I wish you the best. Feel free to email or call me if you would like to discuss this further...

Kent

[Kent @ The Financial Philosopher]

Narendar:

Thanks for sharing the beautiful words! "Such is the solution of the dawn."

I really enjoyed that (and needed it)!

[Andrew]

“Never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.” - Buckminster Fuller

Change it, or change the way you think about it.

Each moment that passes changes you.
You do not, cannot possess even yourself.
How can you hope to possess anyone or anything else?
(The Silent Flute)

[Padre]

Now go hug someone you love.

Satyam Nadeen says, "... my only definition of Love is embracing whatever-is, just as it is, and only because it is--without conditions that it be other than what it is". Therefore, Love and Acceptance are equivalent to each other.

"It is only when you arrive at the deepest conviction that the same life flows through everything, and that you ARE that life, that you can begin to love naturally and spontaneously".