Gaining Knowledge from the Experienced Generation
Kim Ciccarelli Kantor | Naples Daily News | January 23, 2014
Dealing with the financial histories of clients over the past 30 years has been a very valuable asset; a priceless treasure of experience and knowledge shared. If only these experiences and knowledge of our senior citizens, “the grandparents and parents” of our country, could be bottled and then digested by young adults, children, and grandchildren, it could be a very important step in the right direction.
This valuable source of information could alone help us make better decisions. No matter your age, the future starts right now, and the learning process never stops.
What advantages do our parents and grandparents offer us? They have gone past the idiosyncrasies that sometimes blind those of us in the trenches. When information is passed along to us from them, it is genuine. They are not motivated by an ulterior purpose.
I have noticed in my career that our senior citizens are not afraid to admit mistakes. They are honest and tell the truth inherent to affluence, to gaining knowledge, and to balancing our lives. Seniors are usually anxious to share, yet too few families benefit from this. Experienced investors and “survivors” have seen plenty of get-rich-quick schemes turn into quicksand. Today, in their later years, they understand the patience necessary to accomplish the goals they have defined for themselves. A wonderful attribute in sharing the retirement stage of my clients’ lives is that they know the difference between excuses and reasons; something the younger generation seems to have lost sight of. Our attitudes, as the younger generation, have to be re-cultivated and focused so that our perceptions are open to accept what life gives us, and to make the very best of it. Our attitude is most important.
Our parents and grandparents understand the necessity of sensible risk-taking. They lived through “the guarantees” of a proper retirement earning “good money” if they went to work at the local factory for X dollars an hour. They know they were taught wrong, only because of the lack of knowledge their parents had who did not understand taxes and inflation as the older generation does today.
Over the years, I have asked my older clients why they have not shared more of their experiences with their children and grandchildren. The answers were more common than unusual: “They have no interest” or “They haven’t asked.” In the process of estate planning, particularly open communications are vital. Sharing financial experiences can encourage
brighter more capable children.
I have asked younger family members why they did not “ask” or “have an interest.” I was surprised that in most cases they did not know how to ask and they do have an interest and a desire to learn.
Some suggestions for questions to open the door to meaningful communication with your senior mentors might be: What would you have done differently in your life if you had the choice? What were your goals when you were my age and how did you define them? Who were your mentors? What were the greatest tragedies in your life? What were your happiest
moments?
Balancing your attitude and financial decisions properly can be a difficult challenge; let’s seek all the experienced help we can and use it wisely. If only there could be a course on this.
I encourage you to seek experience and wisdom. Telephone your mom or dad, or grandparent today and schedule a breakfast. Ask questions that can lead to important research or homework necessary to make good decisions in our life experiences. You may find their primary purpose is for your happiness.
