by Boomeryearbook.com
The definition of “intelligence” is the ability to solve problems. Some people can solve math problems, some tech savvy gurus can fix a dead computer and great CEOs can take a failed company and turn in into a flourishing enterprise – the common ability of all such people is the knack to solve problems relating to a particular field.
The baby boomer generation may be exceptional Doctors, Engineers, Lawyers, Accountants and Teachers, but that certainly doesn’t mean that they are financially intelligent enough to weather the economic storm faced by them today. Today it has become an absolute must for the baby boomer generation to invest time, effort and resources in raising their ability to solve financial challenges – in other words to raise their financial IQs. To give a small sampling of how important this kind of intelligence is today, consider the following: national dept is on the rise, wages are drastically decreasing, unemployment is on a record high, jobs are being exported, the dollar is falling in value, billions (if not trillions) are being spent on wars overseas, social security and Medicare are going bankrupt and the rift between the rich and everyone else is rapidly expanding.
Many of the financial problems that exist on both, micro and macro levels, is because people have been made to expect the government to solve many of their personal financial problems – problems that could have otherwise been solved by themselves provided they were equipped with the financial awareness and skills to do so. The bottom line is that today’s financial problems cannot be solved using yesterday’s solutions. In a year or so if each of the seventy five million baby boomers begins to receive a social security payment of $1000 /month in Medicare and Social Security then the government will end up paying a staggering $75 billion dollars a month – this is equivalent to an Iraq war every month.
But all is not lost yet for the baby boomers and all that is primarily required is the ability to change from the entitlement mindset to the proactive mindset. The baby boomers have got to develop an interest in learning how finances work instead of just turning in their money to the experts and hoping they will make the right decisions. It’s an overall change in the mindset and attitude that is important – once people start looking at their life and its challenges through a positive and proactive frame of mind then possibilities (not problems) start showing up all around.
A major difference between the financially intelligent and the financially blind is that the intelligent have goals whereas the blind only have dreams. Unlike a dream, a goal has a process and a path that leads up to it. If you have a dream then turn it into a goal and chalk out a process by which you can achieve that goal. Gather knowledge and develop an interest in the process itself. Enjoy the process and the process will teach you more than the attainment of the goal ever can. When Henry Ford was asked what he would do had he lost his billion dollar fortune, he simply replied that he would “have it back in less than five years” – and that is because the process of becoming a billionaire had made him financially intelligent – and that “intelligence” is the real wealth-generator.
Enjoyed this article? Share with us your views, thoughts and life experiences on financial intelligence by visiting www.boomeryearbook.com.
[CENTER]
[/CENTER]
www.boomeryearbook.com is a social networking site connecting the Baby Boomer generation. Share your thoughts, rediscover old friends, or expand your mind with brain games provided by clinical psychologist Dr. Karen Turner. Join today to discover the many ways we are helping Boomers connect for fun and profit.
Tags: baby boomer generation, Elderly Problems, marketing to baby boomers, Online Optical Illusions, Psychological Articles