Dig a Well, Build an Asset

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We associate water with life. It is one of the most important elements for maintaining life.

I suspect that the African proverb, dig a well before you are thirsty, was literal. There are far too many villages in Africa without a convenient source of water.

However, it must have been figurative as well.

Although a well provides life sustaining water, it also would be proof of wealth in Africa.

Here in the States that old, wise African proverb almost always is figurative.

Would you agree with me that the average American is struggling with having enough cash flow?

And how many Americans are secure in what they think the future holds for them?

How would you advise the American still a decade or more away from retirement age?

I recently read a blog titled 7 Realistic Strategies for Retirement. Briefly they are:

  1. Don’t take on debt. If buying a new car would require a large loan, get the old car fixed up.
  2. Downsize your housing.
  3. Don’t subsidize your kids life style. If they move in with you charge them rent.
  4. Share housing. Move in with your kids. Or find a room mate.
  5. Move out of the country to a cheaper part of the world.
  6. Search out free entertainment.
  7. Take advantage of senior discounts.

These are all excellent advice if your financial future looks more like a dried up water hole in the dessert than the flow of water in the image above.

It also sounds defeatist to me. The economy sucks for retirees who don’t have a huge retirement plan to fall back on. I know that. But . . .

Is that what you want to accept in your life?

Are there other options?

I believe so. Today I worked on the slides for a presentation called, Dig a Well, Build an Asset. 

Dig a Well, Build an Asset represents a more positive, hopeful approach. It is an approach that might require some or all of these tactics while building that asset.

It would require that kind of discipline for sure.

But if you were willing to maintain that kind of discipline for a period of time, eventually you could live in a foreign country because you wanted to. You could choose where you lived and who you lived with.

The 7 Strategies for Retirement waive a white flag of surrender at the circumstances of the present economy.

I am not ready to quit. Not before I dig my well.

How about you?

P.S. I am actually building three wells. My presentation Dig a Well, Build an Asset will share the well I started digging first. Watch for an invitation to that presentation soon.

P.S.S. If you can’t wait, after all the proverb has a sense of urgency, email me at conniejosuarez@gmail.com and we’ll set up a time to visit.

 

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