Economic success in this country is overwhelmingly due to education (or the attainment of specialized skills), work, saving and risk-taking. Yet millions of able-bodied Americans today are choosing to stay home and collect state and federal unemployment benefits. That helps explain why the U.S. currently has 7.4 million job openings and 9.8 million unemployed. This doesn't just hurt businesses trying to come back from the pandemic. It prevents men and women from achieving the American Dream. Work is essential. So is saving and investing. We hear a lot these days about "equity" but not enough about how to realize it with equities. With even a modest amount of money - most investment firms now have no investment minimum - an individual can accumulate a stake in any of thousands of the world's greatest businesses. And it's easy. A click of the mouse - and zero commission - and you're in. Another click - still no commission - and you're out. (Compare that with your typical real estate closing.) And owning a piece of a company is a whole lot simpler than running one. You don't have to sign personal guarantees, hire or fire employees, grapple with an avalanche of federal mandates and regulations, pay lawyers and accountants, or even show up for work. How great is that? Financial freedom requires personal responsibility, however. Here's the basic action plan used successfully by millions: - Maximize your annual income.
- Reduce your monthly expenses.
- Save a greater proportion of your income.
- Invest in a smart and disciplined way to achieve higher returns.
This is the nuts and bolts of achieving the American Dream - or at least the financial part of it. And it helps explain why investing is such a serious business. Getting it right is the difference between a retirement spent in comfort (or luxury) and spending your golden years counting nickels, worrying about whether you'll have enough. The difference could hardly be starker. But there's an even bigger issue at stake. Studies show that what people who achieve the American Dream value most is not the stuff they can buy, the experiences they can enjoy or even the people they can help. It's the feeling of "earned success." It's gratifying to work hard, live within your means, take prudent risks and enjoy the rewards. And that's a feeling that government is powerless to bestow. Good investing, Alex |
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