Category Archives: Law of Attraction

The 5 Steps to Buying Your Happiness in Recessionary Times

President Harry S. Truman once said; “Recession is when a neighbor loses his job. Depression is when you lose yours.” While you may not have lost your job, more than likely, there’s a good chance you have lost a lot of money in your portfolio and are probably wondering what to do. It doesn’t matter if you are a business, individual, or charity, it seems as if all groups have lost faith in the buy and hold philosophy, and many are beginning to wonder if their advisers are actually doing anything to help them. Before you fire your adviser, put everything into cash under your mattress, and hunker down for nuclear Armageddon, there are a few things you should understand about how investments ideally should work within your plan, the role of advisers on your team, and important questions you should be asking whether you invest on your own, or you have someone helping you.

Revisit Your Goals
What’s important to you? If you found out you only had 6 months to live, what would you want to do in your life? Try writing your own eulogy. How would you want to be remembered? What would you want people to say about you? By starting with the important questions of life, you can get a really clear gut check and determine if you are actually doing what you want to do in your life. What are the things that came up? Often, we have limiting assumptions about what is possible in life. We use phrases like; “Some time, some day, if only blah, blah, blah”. When you take the time to have these conversations with yourself (or an adviser), frequently our real values get uncovered and we identify things we’ve always wanted to do. For example, many people say, “I’d want to spend more time with family”, or “I’d want to travel”. Once you have a list of these things, then then think about the reasons or excuses you’ve been making on why now isn’t the time. Usually this sounds like “I don’t have the money”, or “I’m to busy”.

Prioritize Your Goals
OK, so if not now, when? How much is enough? When will be the day? Perhaps you’ve achieved success in your business but you simply just don’t want to be bored with a “traditional retirement”. The important thing to consider here is WHEN. While some goals might seem crazy, no worries, just write them down. Ideally, when would you want to spend more time with family? What would you do? Where would you travel? Start to create some ideal time frames for the things that you said were important to you. Don’t worry about whether you think they are realistic at this point, just recognize that spending more time with your family WOULD make you happy, and write it down. Keep doing this exercise until you have at least 10 items on your list. Once you have the items listed, then prioritize them in order of importance. I like using index cards to do this since it allows you to move things around as you think of new things. Now ask yourself which of your goals you would be willing to give up in exchange for achieving the most important ones. Once you have completed this exercise, you have the foundation of a very powerful life plan for yourself. Now the question becomes how to pay for it.

Buy Your Happiness
OK, so how the heck do you do that right? “But I always thought…,blah, blah, blah”…Stop. Yes, money CAN buy happiness. I know,… I had you at hello, right? Here’s the thing about that…Having money will NOT make you happy, however figuring out what makes you happy, (as we discovered above in the “eulogy” exercise) formed the basis of your new plan. Now that you know what DOES make you happy, (spending more time with family, giving back to society, etc., now the question becomes, how do I use my wealth to buy those things for myself? Before you go postal on me, ask yourself, how much would it cost to leave your job so you can spend more time with family? What’s preventing it now? Perhaps you answered that making a difference in the world would make you happy? Well how much does it cost to make a difference? How much time do you want to spend making a difference? What’s preventing you from doing that now? OK, so your job is preventing that, how much do I need to have in order to “retire” so I can do the things that are important to me. Are you following all this? The point of this is to start to think about what it will cost, both personally, and financially to achieve your most important goals.

Position Your Finances
More than likely, taking less risk with your investments was one of your goals, (aka “Sleeping at night). During our exercise with the index cards, I asked you to prioritize how important your goals were to you. Where did investment risk fall in that conversation? The question really is, “What are you willing to do to reduce the risk in your portfolio?”. I think an even bigger question is, “How much risk do you really need to take in order to achieve your objectives?”. In my experience, investors are quite familiar with the question, “What’s your risk tolerance”, but most people have no idea how to answer that objectively. I have good news for you. Now that you know exactly what makes you happy, what your priorities are, and what you are willing to give up in order to achieve them, you’ve just answered what I believe is the most important question in planning; “How much, by when”.

Get Help when Needed
The fact is, we as investors usually don’t take the time to do these exercises, but now more than ever is the time to start. You have to know where you are, and what corrections you can make to get you back on track to achieving what’s important. If you don’t know how to do that, find a good adviser who can. If you have an adviser, talk to them about what you discovered about your goals and see how they can help you achieve them. If you don’t feel comfortable discussing this with your adviser, perhaps it’s time to find another.

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Filed under Current Events, ECONOMY, FINANCIAL PLANNING, INVESTING, Law of Attraction, NON-PROFIT & CHARITY, SOCIAL ENTREPRENEURSHIP

Believe In This Thing Called “The Universe”? Strange Things Happen In Chicago; Part 2

So the rational skeptical guy starts wondering about this thing called “The Universe”. People say (not me of course), that when you figure “it” out (whatever the hell “it” is), that “the universe” will start sending you signs that you are on the right track. Okey dokey people…Have you visited you astrologer for a palm reading lately, I thought…So how do you explain the bus and the United 93 thing within a week of each other? Blahhhh, mere coincidence, right? Come on folks, we went to college, let’s grow up. There is no Tooth Fairy and no Santa, sorry to rain on your parade. Jump forward a year or so.

Since I had the “Aha”, realizing clearly that I feel fulfilled and have a sense of purpose when I feel like I make a difference, I just started going out doing things that made me feel like I was making a difference. I started volunteering for boards, helping charities, and having a real interest in everything philanthropic. I felt for the first time that I was on the right track in life. Once in a while, these little “coincidences” would happen that made me realize I was doing what I was supposed to do.

Soon my business began to transition from just investment management, into one that was deeply focused on helping people figure out what’s really important to them, then helping them transition their finances toward their values. Before, it might have seemed touchy feeley, but having had these experiences, and also working with other folks who felt the same way I did, really gave me a fulfilled sense of purpose. Philanthropy became a much more important part of my practice and helping clients carry out significant gifts became extremely gratifying.

Chicago: Take Two
I discovered an organization called Advisors in Philanthropy which was made up of a diverse group of financial professionals who were committed to integrating philanthropy into their practices, just like me. I had become a member of the organization and signed up to attend their conference. The conference was to be held in Chicago. Great, I thought! I’ve been learning to love Chicago 🙂

As I got to Newark Airport early that morning, I decided I would treat myself to a shoe shine (something I don’t get to do much since I stopped commuting to NY daily). Jokingly, I said to the shoe shine guy, “Huh, I wonder what’s going to happen this time. Strange things always happen when I go to Chicago.” We laughed a little and I didn’t give it much more thought. After I tipped the guy, I went into the newsstand to get my gum and water for the flight. As I was paying, there was a book above the register that caught my attention, as it looked out of place and it also didn’t seem like they sold books here since it was such a small stand. I glanced at the title, “Beyond Success” it was called. Hmmm, sounds like something I might like to read I thought, I wonder who wrote it? I looked over at the author’s name and nearly fell out of my chair (or at least my place in line). Randall Ottinger! HOLY CRAP!!! HE”S SPEAKING AT THE CONFERENCE I”M GOING TO RIGHT NOW!!!” While that may not seem like a big coincidence, there were only about 200 or 300 people at this conference. What are the odds of that I thought! “Do you sell this book?”, I asked the woman at the register. “No, someone left it here”, she replied. HOLY DOUBLE CRAP!!! (sorry for the profanity but sometimes I just can’t help it). Now someone was playing with me, I thought. Must be that “universe” mumbo jumbo…”May I see the book?”, I asked. Now I will do away with the vulgarities since the rest of the story speaks for itself and you can fill in with your own if you like…

I took the book from the woman and opened it up. Inside the book was a page of hand written notes with a bunch of illegible things and some stock quotes. The only thing I was able to make out on the page said; “Chapter 21: Advisors in Philanthropy”. Now I could hardly contain myself. I told the woman my shock and disbelief and she just chuckled when I told her why I was so taken back. I handed her my business card and told her I was taking the book and if anyone came looking for it, she should give them my name and I would be happy to return it to them.

As I read the book, I couldn’t help think I was reading my life story. The book was about building a personal, financial, and philanthropic legacy and it dealt with the very same issues I began to adopt in my wealth management practice. It was amazing that I had been handed this book, on the way to this conference, dealing with the very same issues, higher purpose, blah, blah blah…I just couldn’t believe it and I couldn’t wait to tell Randy this story when I finally saw him in Chicago.

Telling Randy
As I tell Randy this unbelievable story, he just begins to shake his head. “That falls into one of those THINGS YOU CAN”T MAKE UP category”, we said to each other. Thinking we had just closed the chapter on a truly remarkable story, we went about our business and attended to the other conference matters.

The next day, Randy comes up to me and says, “Rich, you are NEVER going to believe this…I sit down at dinner last night and introduce myself to this guy and he looks at me and says OH, I BROUGHT A COPY OF YOUR BOOK FOR YOU TO SIGN, BUT I LOST IT AT THE AIRPORT…” Randy tells me he just looked at the guy and said “I know”. Kevin replies, “What do you mean YOU KNOW?” Randy says to Kevin, “Because that guy over there has your book”.

That’s how I met Kevin. This is a story I will never forget. I’m starting to think there might be something to this “Universe thing” after all. Oh, and by the way, Kevin and I are working with Randy in starting a new organization in NY called the Metro New York Philanthropic Advisor Network. You might just say “The Universe made me do it”. Check out my post: “The Good Apples: The Rise of the NY Philanthropic Advisor Network here.

Have to run now, I have an appointment with the tarot card reader…

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Filed under A WORK IN PROGRESS, Law of Attraction, NON-PROFIT & CHARITY, RANDOM STUFF