We are our own worst enemy and I have the proof

I now have proof that we are our own worst enemy and no matter how much information is put out there that requires people to take responsibility for themselves, the vast majority are unlikely to do so.

Hurricane Ike’s devastation of Galveston and Houston and the surrounding area brought that fact home to me.

Okay I exaggerate. Most people left, but would they have left if the authorities hadn’t made it compulsory to do so? More on this at the end of the post.

Over the weekend I reviewed this Blog and according to the visitor count it is going to be hard going to get significant numbers of baby boomers to take a serious interest in protecting their nest egg in retirement.

A blog is part of the new Web 2.0 concept of socially interacting on issues and interests that affect different groups of people. I have failed to get any real social interaction on this blog.

I knew even though about 63% of baby boomer regularly use the Internet, not many think about their retirement very much at all. My mission was to try and awaken some interest and get some social interaction on my blog. It hasn’t worked.

I also failed to get financial commentators to take some interest in the potential crisis facing baby boomers as the wealth managers continue to gouge fees and charges and ignore the need to protect a nest egg when people are in retirement.

I don’t think I have even seen one article that talks about baby boomers and the need to protect their nest egg when they are not contributing to it any more.

With all the market turmoil over the last year most baby boomers do not appear concerned enough to want to take control of their nest egg and protect it. Maybe they have resigned themselves to what has happened and are hoping the market will come back in time for them to retire.

The wealth mangers have done an excellent job of convincing us all that over the long term all will be well. As I said in a previous post many baby boomers actually expected positive returns from their retirement funds at the end of June 2008.

The financial advisers one good piece of advice is to diversify our portfolio. After Bear Stearns crashed and took much of their employees retirement money with it, you’d think people would get the message.

Apparently not because now we have Lehman Bros about to go to the wall taking much of their employees retirement money too.

If the people who work in the financial sector can’t be bothered to be prudent and financially responsible with their own retirement funds what chance has the average Joe got?

What are the executives of those firms doing that they allow their employees to put most of their retirement money in the company they work for?

At what point do people wake up and realise they need to take responsibility for themselves?

As I said we are our own worst enemy and here is the proof.

I read that approximately 140,000 Galveston citizens stayed in their homes even though they were told it was a compulsory evacuation and it would be certain death to stay. I really have to wonder about how some people think. Now hard-pressed emergency services are being wasted rescuing these people. I hope they bill them the cost of their rescue.

It get’s worse though. What possesses a parent to defy the evacuation order. Then to write the social security number, name and date of birth on their 11 year old son’s arm and tell him that is in case he is found dead after Hurricane Ike has passed? Why put their children in harms way when they didn’t need to?

I can understand it in Bangladesh but in Galveston most of them can just pack up and drive away on a four lane highway.

I think that speaks volumes for the collective thinking that goes on. This collective thinking spills over into all facets of life including retirement. Stop doing it. Be different. Take a different path to the masses if it makes good sense. Hang on to your capital at all cost. Know and accept you are responsible for your own retirement.

I will continue to write posts for this blog but I will be slowing down and trying to catch up on all the things I have let go around the house. I need to recharge my batteries and put my energies into some other projects I want to do.

Thank you to my subscribers and regular readers and to those who have contributed and commented on my blog. I hope it has been helpful.

2 Responses to “We are our own worst enemy and I have the proof”

  1. Geo says:

    Hi, interesting here, have been concerned, ever since I began investing in a Ira several years ago. Before that I was totally investing in growing my business which BTW is still doing ok. Very concerned about the future of my small investments that I have worked so hard to make, even one year placed a portion in a 5 year cd. I plan to continue to invest this year to the tune of 6,000. just for retirement. Ditto for the next 14 years (I’ll then be 67 if I make it) my life calculator says I’ll live to 81. I wonder where would you place this money if you where I, without to much complication. I have so much to do with the day to day operation of my business that the time is just not there for me, any help would sincerely appricated

  2. admin says:

    Geo,

    Thank you for your comments.

    I am not a financial adviser so cannot offer you any advice.

    However I have posted information on this site about several financial advisers you might want to contact including Greg Heiple and Jeff Voudrie.

    They realize the need to protect your retirement funds as the most important thing and then help you get returns.

    I hope that helps.

    David

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