WolfRetirement Navigation July 2017

904-232-8760 www.wolfretirement.com MONTHLY July 2017 RET IREMENT NAV IGAT ION

Born Hitting a Home Run When Negativity Blinds Us to Our Blessings

those who get the bad tickets

many things we can control. We get to decide how to raise our family and what kind of career to pursue. From an economic and business standpoint, we have significant control over our lives, compared to many throughout the world, because we are lucky enough to live in the United States of America. Warren Buffett, one of the most successful investors who has ever lived and the fourth wealthiest person in the world, highlights this fact with what he calls the “ovarian lottery.” In a speech to a group of MBA students, Buffett described this hypothetical situation: Before you are born, you are told to design what the world will be like. Everything, from political systems to economic structure, is up to you. The only catch is that you then randomly draw one of 7 billion slips — one for each person on the planet. This determines who you are in the world. Your intelligence, health, whether you are born into wealth or poverty, and even the country you’ll be born in is all decided by that slip. Obviously, since you don’t know who you will be in this world, you would want to create a place where everyone is treated equally. “You don’t want anyone to be left behind,” Buffett says. “You want to incentivize the top performers, don’t want equality in results, but do want something where

Fourth of July is a great time on the First Coast. With naval air stations in Jacksonville and Mayport, we see, firsthand, what patriotism really means. My paternal grandparents both served in the Navy during WWII and were stationed in Jacksonville themselves. When I think about the sacrifices of Americans in the past and what our brave service men and women are doing to protect us today, I’m reminded of what we stand for as a country. There’s a lot to be proud of and grateful for as an American, despite all the negativity we are inundated with right now. We have significant control over our lives compared to many ... because we are lucky enough to live in the United States of America. The way I see it, folks worry too much about things they can’t control and respond with negativity. When something happens, the only thing you can control is how you react to it. It’s your decision to be upset about something and waste your energy being angry about what is beyond your control. Meanwhile, there are so

still have a decent life. You

also don’t want fear in people’s minds — fear of lack of money in old age or fear of cost of health care.”

As Buffett points out, the United States is a really great system. Our country is relatively secure, we’re presented with opportunities for education, and we hold freedom and equality near and dear to our hearts. Americans are literally born hitting a home run. We even see this in our investment and retirement planning! With a flexible plan in place, geared toward what we want to have happen in the future, we don’t have to worry about what we cannot control. With the knowledge we can provide for ourselves and leave a legacy for our family members, we have the freedom to enjoy ourselves and celebrate our independence. Happy Fourth of July! – Adam Wolf, CPA, CFP ®

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