“Gary, your children’s altruistic careers were no doubt helped along by your and Merri’s own teachings and philosophy, but I have to assume that your own monetary success has played a part in their eschewing monetary goals.
It appears that you have provided the means for them to travel widely and pay some (probably significant) tuitions and the expenses to study at those institutions. Having a significant family net worth allows children the comfort level of choosing such careers (without having to look for $$ immediately upon graduation), whether you have already given them funds, a trust fund or are just leaving some or all in your wills. You mention your youngest’s school. Whether she started it from scratch or bought an existing operation, I would hazard a guess that you provided some or all of the funds for the startup or purchase of this enterprise. Right? (Otherwise she would have had to work for some serious money herself, which is contrary to what you say the kids are doing.) It’s nice and commendable that your kids are able to choose such careers, but I think you also might recognize that money somewhere along the line played a part, if I had to read between the lines.”
This reader is totally correct. We have happily helped them. The point I had meant to convey, but must have missed was that “mankind’s material success let’s our children evolve to a higher investing, business and lifestyle consciousness and this is good”.
We began thinking about this at this site clear back at the beginning of the decade. A 2001 article entitled “Dematerialization of Demand” said:
“The nature of our upcoming economy and social structure will be as different as the Information Era was from the Industrial Era. This is because each industrial era has been highly affected by human nature, the way we react as individuals and the way society reacts as a whole. This human reactionary path was described by Abraham Maslow in his ‘Needs Hierarchy’ which states that humans move through six steps in life if given a chance to progress.
“The first step in Maslow’s ‘Needs Hierarchy’ is to take care of one’s physical needs, the second is to gain security. After these two levels the third step is to focus on social needs before progressing to the fourth step of acknowledgement and finally to self realization. Maslow years later stated that there is perhaps a sixth step he called idealization or the need to find a purpose beyond oneself.
“Let’s put this into day-to-day economic terms. A person first makes sure he or she has food, clothing and shelter. If these needs are not fulfilled, not much else matters. Someone who is cold and hungry rarely thinks too much about how they look or about the social impact of their process of getting food. Enough hunger and cold will lead people to take great physical risks to be fed and warmed.
“But once the belly is full, the body warm and the larder filled, one begins to think about how to protect that food and how to stay warm. When secure and comfortable that the physical needs are and will remain satisfied we start to think about how we look, how we get along with others and how we fit into our society and family. We want to fit in! At least for awhile.
“Then we want to excel, to be acknowledged, in our society or family, as being special, being good, being more than just acceptable.
“When we reach a point where we have convinced others we are special and unique, we become driven to convince ourselves of this fact. We look for acknowledgement.
“Finally, if we prove ourselves to ourselves, we reach a sixth level of having needs that goes beyond ourselves.
“Our upcoming society will be dramatically affected by this hierarchy of nature and four other important facts. First the fact that parts of the world (industrialized society) have seen a six times increase in wealth in just one century. Today the average American is 40 times richer than ancient mankind, an amazing increase. Second, most of the incredibly rich
westerners are still not satisfied. Third, most of the world hasn’t enjoyed this increase in wealth. Fourth, most of the world, rich and poor can see the discrepancies in wealth between the rich and poor.
Western society’s evolution though this hierarchy suggest that the following economic events will take place:
Trend #1: The rate of economic change will increase.
Trend #2: The rate of private consumption will grow but mostly in services than in products and goods.
Trend #3: There will be more automation.
Trend #4: Age, gender and wealth are becoming increasingly irrelevant.
Trend #5: There will be a shift of attitude from our brain to heart.
Trend #6: Families will turn more and more of their responsibilities to the market place.
Trend #7: The growth in markets will be for stories, not products.”
The first key to any person’s success is the place where they were born. So today, children in the Western world have a much greater global view and financial assistance to do something better than just make money. They can tackle some of the higher consciousness problems of humanity.
This means a huge number of our (baby boomer’s) children (now aged 20 to 40) are in a position (in part because of our financial backing) to strive for their passion rather than just the money.
Many baby boomers did not have this benefit. I did not. This is the good part of our evolution. When mankind attains something, it becomes important to look for higher goals. Perhaps this eternal yearning will help resolve some of the messier aspects of life we as a race face today.
I think this is good. Thinking this way and observing the evolution certainly improves business and investing.
This is how I arrived at the idea of creating and tracking a green portfolio. My belief was that enough people are now concerned enough about helping the environment and they’ll do something about it. This has paid off. Here is the performance of that green portfolio that we started in November 2006.
2007 Dec 29 Mar 27 June 28 July 20 Aug 17 Sept 21
34.77% 86.86% 178.28% 214.15% 110.93% 191.10%
You can track the Green Portfolio and our other four multi currency portfolios when you subscribe to our Multicurrency Educational Service.
In addition I’ll send you the full report on how our 2007 portfolios are situated plus the short list for our 2008 portfolios.
Save Now Because of the performance of our portfolios one of the largest financial publishers will shortly begin a cooperative plan to offer our Multi Currency Educational Service. They are scheduled to begin marketing this week
and when they do, the subscription price will rise. This may be the last week to subscribe at the low, existing $149 price.
To take advantage and save during these last days simply go to http://www.1shoppingcart.com/app/netcart.asp?setCookie=TRUE&MerchantID=86635&ProductID=3136540&ProductID=3136540
Next message looks at a perfect example of how seeing this evolution and having parental backing can create a fortune.
We will introduce our new 2008 multi currency portfolios and much more at International Investing and Business Made EZ course in Ecuador. Join Merri, me and Steve with Jyske Bank this November 9-11 in Cotacachi Ecuador. See https://garyascott.com/catalog/IBEZec/
Stay on for our Ecuador real estate tour and shamanic Mingo and save $398.