Wealth and value is a paradox. We all want more wealth, but really, we are seeking greater value; greater value to our lives and our family’s lives. The reason wealth is the primary driver in our decision making is because it’s easy: you can count wealth and you can easily plot wealth on a graph. Yet value, well, that is a more difficult concept. And it’s unique to each individual.
Yes, money is important; that goes without saying. However, money can prove controversial. In Argentina last week, the IMF agreed to bail out Argentina’s debt: all $66 Billion. The decision was met with protests on the street. Argentina has been down this path; amassing mountains of debt to rival the South American Andes, taking out huge loans from the IMF, failing to pay them back and watching their country spiral into an inflationary vacuum. Yes, the Argentinian people have seen these monetary decisions play out before. Yet all they want is greater value to their lifestyle.
Getting your finances in order is important; an intelligent and clear investment philosophy is the key. However, the first step should be to work out what is important to you? What are the financial goals that will help drive your investment decisions? You can’t start driving if you don’t have somewhere to go.
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Mark O’Toole CFP™