This is a special edition of the Estate Planning War Chest. One year ago today we first noted that historically, a war chest was used to store weapons and assets to be used in times of war. This conceptual War Chest seeks to arm its readers with an awareness of the embattled political and economic landscape. For the last 12 months we’ve explored notions on competitive wealth accumulation and financial security.
Pondering economics can elicit anxiety and sadness. Economics is the Dismal Science, a term inspired by T. R. Malthus’ gloomy prediction that population would always grow faster than food, dooming mankind to unending poverty and hardship. Facing economic reality can be unnerving, but for my clients and family, it’s enlightening. We are fortunate to be in the wealth demographic we’re in, while millions of families struggle for a meager existence, with no real power or control over their lives.
There is a fierce battle of ideas raging. Capitalism is criticized because it results in so many economic “losers”. Stay away from the intellectual fray. What’s important is practical financial security and awareness. There is no need to participate in that nasty ideological war, just recognize that it’s being fought, save up some money and protect your lifestyle with insurance and proper legal documents.
Some writers feel passionately, like Slovenian philosopher Slavoj Žižek, that Capitalism has failed and is nearing its end. His book, Living in the End Times (2010), sees Capital as an impersonal, relentless force that reproduces itself, and that cares nothing about ecology or people. Žižek is viewed by conservatives as “the most dangerous philosopher in the West”. Well, our economic system is not in any danger; unless and until the U.S. Constitution is repealed, we live under free market capitalism and will continue to do so for generations to come. Your money is safe and you have enough (unless you’re a billionaire or welfare dependent on government, in which case – wrong blog/wrong tribe dude).
This Blog is a beacon of reassurance to the hardworking, fortunate Mass Affluent. Be secure and informed. Ignore the political rhetoric and ideological propaganda. Close the lid on you Estate Planning War Chest and smile. You and your family are going to be just fine.