We are a commune of inquiring, skeptical, politically centrist, capitalist, anglophile, traditionalist New England Yankee humans, humanoids, and animals with many interests beyond and above politics. Each of us has had a high-school education (or GED), but all had ADD so didn't pay attention very well, especially the dogs. Each one of us does "try my best to be just like I am," and none of us enjoys working for others, including for Maggie, from whom we receive neither a nickel nor a dime. Freedom from nags, cranks, government, do-gooders, control-freaks and idiots is all that we ask for.
"When I look at the wealth I have lost over the past two months, what I think about is the hours of work I put in to build it. That money, to me, is now lost time that, in retrospect, I could have spent better with my wife, family, and friends because my work is just a good job to pay the bills, and not a mission. My family is my mission."
So, if markets fail to go up in perpetuity, the system has failed everyone? Give me a break.
I wonder, when his portfolio is in the black, does he write missives about all the time that the markets have given him and his family? Does he ever think about the quality of his life in comparison to those who lived only fifty years ago? Or, does he take it all for granted?
Free markets create incredible wealth, but they also create excess, that's part of the bargain. Stop whining. Don't forget who we are as a people. Be thankful for all the opportunities this system gives us.
Perspective: In '87, the market "broke" with a 20% dive in one day, Black Monday. That was a real jolt. It's taken 10 days to lose nearly 50% this time around so, which is worse psychologically? Just pray for the bottom today, a rebound, and a close up for the week-end to carry into next week.
As Clinton used to say, "I feel your pain," Barrister. But the investment and time and money is not permanently lost, as we found out during the last recession. Just sort of temporarily mislaid at the moment. If we all can just manage to remain calm for the next months, and not make any panic sales of assets, things should rectify themselves somewhat. Ask yourself this: is there any other country on the globe where you would rather be riding out this financial crisis?
Pap had finally piled up a whole bunch of money and he was ready to travel the world and meet his children. Then the cancer got him. As I drove him home from the hospital to die at home he said, "It's so beautiful outside today." I told him it has always been that way.
He sat in a lounge chair--I think so he would not go gentle into that good night--I held a pillow for him to lean on through the night. In the morning I whispered to him that I loved him and I told him I was tired. I laid down at his feet and he died before my head hit the floor. He had made a lot of money, but I'm the richer man.
Jephnol - Today is the 7th anniversary of Dad's death by cancer. He, too, had just retired after working late into the night for forty years, and yes, a pile of money was made. He had plans to open a pub with my kid brother, while he and I were going to start a company inventing stuff that made life easier for rich people (that's about as far as our beer-soaked strategy sessions ever got!)
I had a very similar last few moments with Dad to what you describe... very similar. Thanks for sharing.
I used to talk to Dad a couple times a week. Now, I talk to him several times a day.
Working less to spend time with family...this ignores the fact that money & status are tremendously important to most women...if a guy cuts back on work to spend more time with his wife, he'll likely find that said wife is now constantly dissatisfied and angry with him, and will quite possibly leave him for someone more successful.
There ARE exeptions, but that's what they are..exceptions. At least in our society, one of the main social roles of women is holding male noses to the grindstone.
A friend - how much of your portfolio did sell over the last two months? That, and ONLY that, will tell you how much REAL wealth you have lost.
If you have NOT sold any of your portfolio you have NOT lost any real wealth - the PAPER value of of portfolio may have gone down. You will not lose REAL wealth until you sell at a lower price than what you paid.
Only two prices matter in ANY commercial transaction - the buying and selling price. ANY price other than than these two is a PAPER price and has NO effect on you REAL wealth.