My Family - My Foundation
There is an infinite amount of information to learn while on this life's journey. All of this critical data guides us along the way and helps us make every important decision that forms who we are. This month's issue includes an interesting article about family and how the generations can offer their experience and knowledge to help the next generational group succeed. The best thing families can do for each other today is to lay a moral and philosophical foundation, whatever the topic, by allowing the senior cohort to demonstrate their success to their children and grandchildren, by example.
With the advent of today's technological advances, like the Internet, the ability to gather information from a variety of sources gets easier and easier almost every day. Members of "Generation X," born between the years of 1965 and 1981, are becoming very comfortable with the information and terminology required to create wealth through investing that used to confound investors of the past. We've become a "do-it-yourself" investment community with online discount brokerage firms, banks, even insurance companies, allowing us to empower our dollars with the click of a mouse. But acquiring the basic knowledge needed to achieve success in the markets demands that we learn from the past and make the necessary adaptations that will give us the best shot at making a few more dollars than we started with at the beginning of the trading day.
I've learned much from my family about creating financial wealth, but it was so much more than that. I learned how and when to take a risk and when not to become involved in a shaky scheme. I learned about developing confidence and how to treat others empathetically. In short, my family taught me my value system, which helps me succeed every day of my life.
While reasons for investing are similar between the generations, the methods in which each generation invests their dollars can differ greatly. But the result should be the same, an increase in the value of the portfolio. The investment tools will continue to change due to revolutionary advancements in technical development, while creating more efficient ways of doing business.
The Dicks family continues to work together, play together and has found success as a close family unit and we want to share it with you. My family deeply believes in an entrepreneurial spirit that comes alive in the U.S. Tried and true techniques passed from grandparent to parent to child have allowed us to excel in a diverse business world. It's all about education and that's what we've tried to portray. Whether formal or informal education, the things we learned from our elders, good or bad, will last a lifetime and create an attitude that guides decisions throughout life. I hope you enjoy this month's issue and the story featuring Generational Investing with the Dicks family.
Originally published in James Dicks: Buy*Sell*Hold magazine.