This could have been titled “Attitude is (nearly) Everything” just as easily. Both begin to develop very early in life, shaped originally by our parents/guardians followed soon by peers and circumstances. Attitude can make us generally optimistic or pessimistic. Perspective can be the framework within which our general attitude develops.
I feel fortunate to have had parents who always compared our circumstances to those “less fortunate”, as they always put it. Sometimes this was prompted by complaining (whining!) about not getting something we wanted. “Do you realize how much better off you are than 99% of the rest of the world?” Other times it was seeing someone (in person or on tv) “less fortunate”, such as someone with a noticeable physical challenge, which might prompt “Wow, really makes you thankful for the blessing of (fill in the blank).”
To this day, my bad attitude resulting from (usually temporary) woes can’t last long before echoes of my parents’ voices compel me to change my attitude to one of genuine gratitude for what I have rather than aggravation for what I lack. (It isn’t coincidental that I’m writing this when the power is out at home, the generator isn’t functioning properly…and we have two families coming for supper.) I suspect it to be human nature to compare ourselves to others, but when we do, are we begrudging those who “have more” or feeling thankful for how much better off we are than others?
Perspective and attitude have significant influence on how we manage (or not!) our finances, too. Two people can be in very similar financial circumstances, yet one feels hopeless while the other believes it worthwhile to work towards a better future. We firmly believe that EVERYONE in ANY situation can create a better future for themselves. Will that future be their “wildest dreams”? Maybe not, but will it very likely be a better future through the effort than it would have otherwise turned out to be? Undoubtedly! One might be facing a mountain of debt and take such a fatalistic approach that they don’t even try to pay it off, virtually guaranteeing that result. Another might face the same amount of debt, create a plan towards paying it off, and, failing that, still achieve a noticeably improved level of stress, if not a significantly more manageable cash flow.
Experiences influence our perspective, too. A classic example was The Great Depression; so influential to an entire generation as to have coined the descriptor “He is a child of the Depression”, meaning very frugal. More recently The Great Recession left an indelible imprint on a large segment of our population. Ironically, however, due partially to governmental intervention (bail outs, quantitative easing, and the money giveaways), it did NOT result in frugality. In fact, some would say that these things had the opposite effect.
Each of us has experienced unique circumstances that left indelible impressions on us. When I was around 25, I spent every dime I made instead of creating at least an emergency savings account. My transmission went out and my only recourse was to max out my credit card (a whopping $500!). I was so angry at myself for allowing that to happen that I have had an almost visceral hatred for debt ever since. Some clients have undoubtedly felt the effect of this, for which I (kind of…) apologize.
Our financial planning process sits on a mathematical chassis, but the client experience is personal and customized, taking into consideration each client’s personal perspective. Our objective is never to change someone’s perspective but rather to incorporate it into the Plan and ultimately to reflect it in the investment portfolio.
Perspective
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This could have been titled “Attitude is (nearly) Everything” just as easily. Both begin to develop very early in life, shaped originally by our parents/guardians followed soon by peers and circumstances. Attitude can make us generally optimistic or pessimistic. Perspective can be the framework within which our general attitude develops.
I feel fortunate to have had parents who always compared our circumstances to those “less fortunate”, as they always put it. Sometimes this was prompted by complaining (whining!) about not getting something we wanted. “Do you realize how much better off you are than 99% of the rest of the world?” Other times it was seeing someone (in person or on tv) “less fortunate”, such as someone with a noticeable physical challenge, which might prompt “Wow, really makes you thankful for the blessing of (fill in the blank).”
To this day, my bad attitude resulting from (usually temporary) woes can’t last long before echoes of my parents’ voices compel me to change my attitude to one of genuine gratitude for what I have rather than aggravation for what I lack. (It isn’t coincidental that I’m writing this when the power is out at home, the generator isn’t functioning properly…and we have two families coming for supper.) I suspect it to be human nature to compare ourselves to others, but when we do, are we begrudging those who “have more” or feeling thankful for how much better off we are than others?
Perspective and attitude have significant influence on how we manage (or not!) our finances, too. Two people can be in very similar financial circumstances, yet one feels hopeless while the other believes it worthwhile to work towards a better future. We firmly believe that EVERYONE in ANY situation can create a better future for themselves. Will that future be their “wildest dreams”? Maybe not, but will it very likely be a better future through the effort than it would have otherwise turned out to be? Undoubtedly! One might be facing a mountain of debt and take such a fatalistic approach that they don’t even try to pay it off, virtually guaranteeing that result. Another might face the same amount of debt, create a plan towards paying it off, and, failing that, still achieve a noticeably improved level of stress, if not a significantly more manageable cash flow.
Experiences influence our perspective, too. A classic example was The Great Depression; so influential to an entire generation as to have coined the descriptor “He is a child of the Depression”, meaning very frugal. More recently The Great Recession left an indelible imprint on a large segment of our population. Ironically, however, due partially to governmental intervention (bail outs, quantitative easing, and the money giveaways), it did NOT result in frugality. In fact, some would say that these things had the opposite effect.
Each of us has experienced unique circumstances that left indelible impressions on us. When I was around 25, I spent every dime I made instead of creating at least an emergency savings account. My transmission went out and my only recourse was to max out my credit card (a whopping $500!). I was so angry at myself for allowing that to happen that I have had an almost visceral hatred for debt ever since. Some clients have undoubtedly felt the effect of this, for which I (kind of…) apologize.
Our financial planning process sits on a mathematical chassis, but the client experience is personal and customized, taking into consideration each client’s personal perspective. Our objective is never to change someone’s perspective but rather to incorporate it into the Plan and ultimately to reflect it in the investment portfolio.