The world is changing and it’s our responsibility to prepare. The news cycle tells us that no one should count on traditional social safety nets. People should anticipate that they’ll diminish, because voters elect leaders who don’t support them. No reason to complain about the change. Better to prepare.
I learned the importance of preparation very early in my journey. While incarcerated, I read about the average Social Security benefits. Since I knew that I’d serve decades in prison, I knew that any benefits I received would be low. Today, I read that those benefits are somewhere in the $1,600 range. In California, it would be difficult for anyone to live on that amount.
Instead of relying on the government, people should build a personal net egg. I read average savings, and median savings averages. They’re vastly different. Depending on a person’s age, the average savings account varies in a range of between $100,000 to $700,000. But those averages are misleading. Some people have tens of millions in savings, and they skew the averages. I read that more than half of people aged 55 to 66 have no retirement savings at all.
Turning Adversity into Opportunity
During my decades in prison, I recognized the formidable challenges awaiting me upon release. With a felony conviction, I anticipated employment discrimination and understood that securing a traditional job might be improbable. This foresight encouraged me to develop skills that would enhance my ability to earn an independent living.
Books on personal leadership transformed my perspective. Instead of lamenting my current circumstances, I embraced the philosophy that I could always work to develop new skills. The more skills I acquired, the more value I could offer in the marketplace.
This lesson isn’t restricted to people serving a sentence. It’s never too early or too late to prepare for a better future. Investing in oneself is the most reliable strategy for financial security.
While incarcerated, I couldn’t work in a traditional career. But I could invest in myself by learning. I read authors like William O’Neil, founder of Investor’s Business Daily. He helped me become more fluent with technical analysis, fundamental analysis, and the stock market. This knowledge bolstered my confidence in business and I relied upon the lessons I learned once I got out of prison. That information helped me become more successful in both business and investing.
When people ask me for financial advice, I’m candid about my limitations. I’m not a financial advisor and I don’t offer financial advice. Instead, I encourage people to invest in themselves, just as I did. Learning from leaders and developing new skills can lead to a better life. Every decision carries an opportunity cost. By investing in ourselves, we can create more value and build independence.
This philosophy opened opportunities while I served my sentence, and also when I got out. It prepared me for retirement so that I don’t have to depend upon the government, or anyone else. Yet, even in retirement, I work daily, as evidenced by these blogs. Continuous self-improvement is a lifelong journey.
Consider your future and the steps you can take today to secure it. Invest in yourself, acquire new skills, and embrace lifelong learning. By doing so, you not only prepare for a more secure retirement but also enrich your life in the present. Those are the lessons I try to teach through our nonprofit.
Self-Directed Learning Question:
- What skills can you develop today to enhance your value in the marketplace and secure a more prosperous future?