I closed out my 50-year investment career in April of last year and have been directing my attention toward family and charitable efforts in the Pine Creek Valley. As time goes by, I am getting a better perspective on my career and what now matters in life, at least for me.
Over the years, I have been successful increasing the wealth of many of my clients. As we get wealthier we have more possibilities open to us to do the things that money facilitates. That said, what I’ve learned from observing the rich is that just having money is not enough. What matters is those things you are committed to (other than just being rich) that having money makes possible or easier. The really wealthy among us have the ability to create the money they desire in order to pursue the other commitments they have in life.
I have learned that the distinction of rich and poor is not a matter of enlightenment. In my opinion, the distinction is quite simply that some are competent and some are not when it comes to the domain of wealth and money. That is to say, there is no amount of money you can give to simply make people competent in this realm. Taxing or confiscating the assets of wealthy people serves only to make all of society poorer.
My successful investment stories focus on what my clients created for their lives and the lives of their families. One in particular started an IRA with the help of the company with which I was working. Years passed and the bi-weekly deposits from payroll along with profit sharing from the employer allowed the employees to begin to amass some funds for retirement. It was then that I was approached by one employee requesting to withdraw most of his IRA money long before it was time to retire. “Why?” I asked. He said that he had set aside enough funds to put a down payment on a house for his family. Even after the penalty for early withdrawal, he was moving from being a renter to becoming a homeowner and creating a family estate that would be an asset for his heirs after he was gone.
Moreover, he kept right on making bi-weekly deposits to his IRA after he closed on his new house. He ended decades of being a renter because he got enough capital together to become a long term investor in real estate: a homeowner. That is how investing can really make a difference for those just getting into the business of investment.
I was also a small part of the Bob Potter era at the Centre Foundation, when it was growing like a weed. I encouraged a number of my clients to make donations of appreciated securities to the foundation to get a nice tax deduction and simultaneously benefit the local community. A larger and more vital community foundation benefits many other local charitable organizations that support our community. That effort is ongoing and continues to make a positive difference in the State College area.
We arrive in this world with two things that are gifts from our Creator. The first is time. The second is the gift of being able to create your future for yourself. I believe I have made pretty good use of my time by carrying on the company created by my father that allowed me and others to make a contribution to our community. Always, but particularly at this time of year, it is appropriate to acknowledge and be thankful for what we have received in life and for what we have been able to contribute to the health and welfare of others.
Best wishes to you and yours for a happy holiday and a healthy and wealthy 2017.
