What is Success?
“Success lies in one simple thing, and that is your ability to make decisions. And not just to make decisions, but to make them fast.” Tony Robbins
How many decisions do you make that are truly life or death?
How many decisions do you make that are truly irreversible?
My guess is not many
What is the worst thing that can happen if you make a bad decision?
Now take a look at this graph on public debt and interest expenditure in the US.
Can you see a trend?
What about this one….again….it’s all about debt.
What do I want?
I want you to look at these charts through the windscreen and not the rear-view mirror.
And make a decision.
Remember, you can always change your mind.
At some point this debt is going to be so big that there is going to be an event rather than a decision to be made. But if you’ve made the right decision ahead of that event, you are likely to be in a better place. Potentially a much better place, than making the decision AFTER the event.
Before the event you can prepare. After the event, you react.
The two are very different.
Let me explain.
I was recently watching one of those rather gruesome TV shows that deal with Accidents and Emergencies. The stuff these medical teams deal with is truly humbling.
During the show they interviewed an A&E consultant and asked:
“What is different about A&E?”
I thought his answer was brilliant.
He said this:
“No-one plans to go to A&E”
Think about it. It’s so true.
Any other hospital department would require some form of preparation. You have an appointment to have your treatment or operation.
You can prepare.
Get things ready if you’re going to be incapacitated. Book time off work. Get someone to help with the kids.
There are no appointments in A&E. Bang — you’re there.
My point is very simple.
I think now is a good time to prepare for an event. It may not happen. And if it doesn’t you can always change your decision.
But if it does, that decision to prepare — could be the best thing you ever did.
How do I prepare?
That’s very much up to you. I repeat. NOTHING may happen. But if it does, and those charts suggest we may not be in the best of shape. Then having at least say 1–5% of your portfolio in a physical asset may be a smart move.
Personally, I like physical gold. You may prefer something else.
All I would say is make a decision and look at the situation through the windscreen.
Don’t wait until it’s too late.
There’s a saying “Fail to Prepare — Prepare to Fail”
The choice is yours.