-Sep-
29
With All This Economic Unrest, Why Didn’t Anyone Offer Me a Golden Parachute? (Technorati) Technorati | (Del.icio.us) Del.icio.us | (Digg) Digg | (Blinklist) Blinklist | (Comment) Comments (4)

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It seems that everywhere we look this week we’re hearing talk of the troubled American economy. From national morning talk shows to local morning coffee shops, everyone seems to be talking about how the U.S. economy is in a state of emergency and action needs to be taken quickly.

An underpinning of all these discussions is the talk that an advantaged few have been escaping economic ruin by way of “golden parachutes.” In other words, they have an “ace the in hole” financial plan or company compensation plan that means they are exempt from the poor decisions or risky behavior going on around them, potentially leaving others to suffer while they ride off into the sunset unharmed.

While I’m not saying this situation is fair by any means, it does point to one of our favorite sayings here on 22Dollars.com that “no one cares more about your money than you do.” That is to say that regardless of whether outside influences positively or negatively impact your financial situation, ultimately you’re the one that is going to be paying the closest attention and keeping your own best interests most closely in mind.

The term parachute almost makes it seem like there’s some sort of financial salvation out there for everyone. However those that have these “golden parachutes” likely knew they had them all along as they are typically written into an executive’s initial contract and not something that is going to be handed out at random, simply based on luck.

For those of you that read 22Dollars.com regularly, you know that financial success is the result of long-term discipline and planning. In fact, another one of our favorite sayings is “no plan is a plan to fail.” So we encourage you to do your best to create your own “golden parachute” by not putting all your eggs in one basket, closely monitoring your finances, and questioning everything when it comes to your investments so that you become an informed participant in your financial life.

Perhaps this week, the saying “no plan is a plan to fail” could be modified to “no plan is like skydiving without any parachute.”

22Dollars - Personal Wealth Management
Stock Quotes and Growing Personal Wealth by Managing Your Own Money! 22dollars is your online source for investment ideas, stocks analysis, business and other worldly issues. Geared towards the young professional, 22Dollars is written by successful young professionals who are ambitious and driven to succeed in life, cause in the end - no body cares more about your money than you.
Article by Katherine Binsack | Subscribe via RSS | Join Club22 Free

4 Comments - Post your comment below.


Chris Hamilton
Sep. 30, 2008

Hi there,

I tried contacting you a while ago but never received a response, can you please email me so we can discuss my proposal?

Thanks


Andrew Abraham
Oct. 3, 2008

I am not sure if we only have to fear fear… what about all those unregulated derivatives floating around…On Myinvestorsplace.com one of the members spoke about 62 trillion dollars of these floating around.. this is scary stuff… no one knows what to do… everyone has a simple opinion… but in all sincerity…our members are scared… what do you suggest… what do you suggest for us personally…and what are the suggestions for the country…


Annonymous
Oct. 28, 2008

Good points on this blog. I like the golden parachcute. Lately I have just been listening to you guys.


Natalie
Jun. 12, 2009

What if you plan to not plan?

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