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This is one
of the times each year that many people dread. It is the time
after Christmas and approaching February 28th, the RRSP deadline.
For many Canadians, the time after Christmas is a time of
reflection … reflecting on the VISA, Mastercard and other
credit card invoices. How easily we overspend! We then try
to figure out how we will pay for our overindulgences during
the Christmas season. It seems like we just get it figured
out and then we realize that we need to think about making
a contribution to our RRSP.
Have you ever
wondered if working hard to put some money away for retirement
is really Biblical? Simply put, the answer is YES. Look back
to Genesis 41-42. Here we have the account of Joseph. Joseph,
who had risen to a position of significance in Egypt, had
a dream where God showed him that they would have seven years
of plenty followed by seven years of famine. What was Joseph's
response? It was what I like to call, the "Joseph Principle",
which is simply this: He commanded the people that they would
give up some of the current gratification (by sharing some
of their grain) so that they would have supplies to meet their
needs in the future. It was the earliest form of putting wealth
away until later. Joseph knew that if the people were to simply
consume all they had at the present, they would not have enough
to sustain themselves through the forecasted famine.
That is much
the same with us today. It is unlikely that one entering into
retirement in the future would expect to rely on the government
to support them. We need to save some of our current money,
so we will have some in retirement.
So, as difficult
as it seems, we need to dig deep and find the funds to make
that RRSP contribution. Better yet, start putting a small
amount away on a regular basis.
In 1928 a group of the world's most successful financiers
met at the Edgewater Beach Hotel in Chicago. The following
were present: The president of the largest utility company,
The greatest wheat speculator, The president of the New York
Stock Exchange, A member of the President's Cabinet, The greatest
"bear" in Wall Street, The president of the Bank of International
Settlements, The head of the world's greatest monopoly. Collectively,
these tycoons controlled more wealth than there was in the
U.S. Treasury, and for years newspapers and magazines had
been printing their success stories and urging the youth of
the nation to follow their examples. Twenty-five years later,
this is what had happened to these men: The president of the
largest independent steel company, Charles Schwab, lived on
borrowed money the last five years of his life and died broke.
The greatest wheat speculator, Arthur Cutten, died abroad,
insolvent. The president of the New York Stock Exchange, Richard
Whitney, served a term in Sing Sing Prison. The member of
the President's Cabinet, Albert Fall, was pardoned from prison
so he could die at home. The greatest "bear" in Wall Street,
Jesse Livermore, committed suicide. The president of the Bank
of International Settlements, Leon Fraser, committed suicide.
The head of the world's greatest monopoly, Ivar Drueger, committed
suicide. All of these men had learned how to make money, but
not one of them had learned how to live.
Source
Unknown.
When a person with experience meets a person with money,
the person with experience will get the money. And the person
with the money will get experience.
Leonard Lauder, president of Estee Lauder.
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