4 Comments
Mar 28Liked by Michael Magoon

I agree with the merit of that success sequence being relatively embedded in the culture, although I suspect the counterculture portion of the Boomer generation was smaller than the media portrayed it.

We need to remember that "the pill" also became available in the early 1960's and was probably pretty well used and accepted by women and their doctors into the 70's and beyond. The cultural impacts from that technology on behalf of women are not always mentioned or made explicit.

For our modern age, I would add two elements to the success sequence:

1) provide a decent course in personal finance and investment to all students in HS. Probably at least 8 hours of instruction, but perhaps a few weeks worth. Help them understand that they eventually need to amass a chunk of money that will "throw off" 3 to 4% for them to live on if they want to be independent of a boss's control, along with greater political freedom, etc. Today that translates into $2M to $4M, not the under $300K levels far too many people may have achieved, even with the best of intentions. It sounds insurmountable, but that is what the course has to show is doable with the right mind set, discipline, and drive, etc.

2) provide a cultural alignment to promote saving and investing, with the goal of becoming financially independent as soon as practical [perhaps as early as 35 to 45, but by 55 to 65 at the latest]. That means different things for different people in various circumstances, but would include incentives to use IRA's and 401K's, plus developing portfolios beyond those vehicles, etc. The ability of people to avoid living paycheck to paycheck because they have 6 to 12 months of income saved up would be a powerful mode to reduce the "something for nothing" attitude promoted by too many, and many on the Left. Then expand that initiative and capability to savings programs for mortgages, kids education, healthcare and insurance, and retirement.

The somewhat hidden message in all of that is that there is no guarantee of absolute security and protection from life events and trials, but wise planning and preparation can help reduce the pains (great or small) that come our way. If it was easy, it would be more common -- but it is common enough that many more folks could achieve that level of independence if they understood what was required and what the real benefits are or would be.

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I agree with you, but remember that this post is about before the 1960s. Investments and personal finance was not a big thing back then.

I am also talking about what people believed, not necessarily what they should have believed.

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That's one beautiful car and I know that beer has to be good as hell the way he's drinking it.

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Yeah, I saw that photo and knew it had to be the Lead!

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