Money Is To Be Respected
Money is to be respected; one of the worst things you can do is handle another person’s money without respect for how hard it was to earn.
T. Boone Pickens Jr. – Business Magnate and Financier
We noticed this quote by T. Boone Pickens Jr. the other day while looking over some investment material and were somewhat surprised. Not because we don’t totally agree with his sentiments, which we do, but because we had always envisioned Mr. Pickens as a free-wheeling investor who was willing to toss the dice if there was any chance of making a great financial coup.
T. Boone Pickens, if you are not aware, is a rather illustrious and colourful American oil billionaire who is now well into his 80’s, still manages a group of hedge funds based in the oil industry. During the 1970’s and 1980’s, he orchestrated a number of very large business takeovers where his much smaller firm attempted to garner control over several much larger firms. Despite losing more times than winning, he still managed to orchestrate some sizeable gains for himself and other investors and move his personal net worth into the billionaire category.
However, regardless of his success, business practices or entertaining personal life, (he is now with his fourth wife and once ran for the US presidency), it is still very interesting to see him express this basic attitude; after all he does live on a $50 million dollar estate just down a Texas block from the Bush family’s primary residence. We say Texas Block because the property is 48 thousand acres, big by even Texas standards.
Yet, his point is well taken and is too often pushed into the background by those who manage our money, tax our income, charge us for their services or sell us products. With all the obligations we have today, it is important to respect how hard money is to earn and possibly even more important how hard it is to keep.
If we are to generate any meaningful security in our later lives, there are three groups who have to take responsibility for the money we earn.
First, we have ourselves. If we don’t personally take accountability for our own financial welfare by making sound financial decisions about our future needs and day to day sustenance, we will find little sympathy in blaming others.
Secondly, we have to be aware from who we take financial advice. If your well being is secondary to their personal security and their lifestyle requirements, perhaps you need to find someone with the requisite skills to make your financial prosperity their first priority.
And thirdly, the governments, organizations and companies that make up our economic community also have a responsibility. With personal debt being the highest in Canadian history, perhaps banks and other lending institutions have a role in teaching individuals the real cost of borrowing. Governments that incessantly seek out new nuances of taxation and the levying of incremental fees should have an appreciation of how these policies eat away at not only the current life standards of everyday Canadians, but also the ability of individuals to look after themselves in the future.
And finally, corporations should have a healthy respect for the well being of the consumers who provide the ongoing fuel for their growth and profits.
Perhaps all of us should give some thought to what T. Boone Pickens Jr. said, even if he is a billionaire and lives down the street from the Bush’s. After all, he is wise enough to refrain from giving us marital advice.
A resource for finding recommended accountants and lawyers
As proactive financial advisers, we continually interact with accountants and lawyers. Some of these contacts come because these individuals represent mutual clients, and some we source because we need specialized information on taxes, estate planning, corporations or other financial matters.
As is understandable in any profession, some of these individuals are wonderful, some are just good and lamentably, a few are probably less than they should be. When working with these individuals, it does not take very long to tell the difference. However, there is an advantage here for our clients. This interaction puts us in the enviable circumstance of being able to recommend professionals who really know their â€œstuff.â€
Consequently, if you need some guidance in these areas, we can undoubtedly give you the right contact.
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