What lies ahead?
"The only thing we have to fear is fear itself." - FDR
Are you ready for a wonderful Wednesday?
I hope so…
In my thinking - and writing - the unknowable and uncertain future we all face every day is the single biggest fear we each must confront.
Sure, the type of fear and its intensity will ebb and flow from day-to-day and year-to-year.
But it’s always there with us — in many aspects of our lives.
A quote from H.P. Lovecraft explains this idea succinctly,
"The oldest and strongest emotion of mankind is fear, and the oldest and strongest kind of fear is fear of the unknown."
We’re scared, anxious, worried, and fearful of the things we CAN imagine:
What if we - or our child, spouse, or friend - gets really sick?
What if I get in the car to drive to the office today and never make it there?
What if my employer lets me go?
What if I’m not a good Mom?
What if I pass up on an opportunity and regret it for the rest of my life?
What if I’m planning for a wonderful retirement but die only 12 months into it?
What if my friends and family find out I don’t really have a clue? (see impostor syndrome)
When we consider things that might be more unimaginable, or things that perhaps we CAN’T as easily envision… well, that’s the stuff of nightmares:
What if the US Dollar collapses?
What happens if Silicon Valley, Signature, and First Republic Banks are just the tip of the iceberg?
Are we headed toward a recession, or worse?
Is another ice age around the corner?
What if Artificial Intelligence unleashes new, unfathomable problems we can’t even comprehend?
OK, stop right now and take a deep breath.
And another.
If you know me or have been reading my articles for any length of time, you’ll know that I consider myself an optimist. In all things.
While I’m not naive or pollyannish and recognize that we all - individually and collectively - have challenges and obstacles to overcome in our lives, I choose to see the good in people and circumstances.
And I would encourage you to do the same.
It’s just no fun constantly waiting for the sky to fall.
The real reason that we don’t all have 6-pack abs and abundant wealth - financial and otherwise - is the simple fact that we have to decide how far we’re willing to delay our own gratification into an uncertain and unknowable future.
Unless, of course, you’re a nihilist.
Assuming you’re not… you have to decide, not just once, but many times every day which decisions you’ll make for your present self and which you’ll make for your future self.
And here’s the challenge:
You have multiple future selves.
If you’re 55 years old today, you have a 56-year old self, a 66-year old self, a 76-year old self, and so on… as well as every year and potential circumstance in between and along the way.
And whether you’re conscious of it or not, you’re making decisions - some small and some big - every day that will impact not just your present self, but all of your future selves as well.
A lot of these are financial decisions like:
How much to save today, and related - how much to spend?
When to retire?
Should I consider leaving my high-pay, fast-paced work for something more fulfilling?
Can I afford to take less risk with my investments?
Should I give more?
What happens if my spouse were to suddenly pass away?
Am I supporting my children financially, or am I actually enabling them?
But they’re not all financial decisions. And even the financial decisions will impact other areas of your life.
I’ll let you think about some of the many possibilities here.
Please hit reply and share your thoughts.
Back to uncertainty and the unknown for a moment:
We don’t know how long we’ll live.
Or what investment markets will do in the short-term.
What our health will be later in life.
The outcome of the war in Ukraine.
The next Presidential election results.
You get the idea…
So, there’s clearly A LOT we don’t know.
In fact, we don’t even know everything we don’t know.
Thankfully, we’re not completely in the dark.
There are some things we - at least our present selves - actually can control in the midst of all the uncertainty swirling around us.
I’ve talked and written about the financial choices in our control before.
These haven’t changed and most likely won’t change in the future.
Again, though it might not be easy, it can and should be simple.
But beyond just the money decisions, there are lifestyle decisions largely within our control and since we only get one shot at living our lives, it’s worth being aware of and making the appropriate choices.
Read this for more about the work and research of Bronnie Ware.
And know that despite the fear and uncertainty that seem to increasingly be part of our daily lives, there’s a deep well of courage and confidence to be found in focusing on the things within our control.
And letting go of all the nonsense, noise, and news over which we’re powerless.
I know… easier said than done.
One final quote for you:
“We suffer more in imagination than in reality.” - Seneca
Links & things
Podcast recommendation
I recently was introduced to the interesting and relevant “An Arm and a Leg” podcast. Here’s what it’s about:
In a recent episode, my friend and colleague, Cindi was featured. Cindi works with Caribou who often helps my clients make more informed healthcare decisions.
You can listen to the interesting - and scary - episode with Cindi here:
Some things Morgan thinks
Morgan Housel - quite possibly one of the most talented writers I follow - shares a long but worth-your-time list of ideas and concepts. I agree with most of them and they’re timeless. Might be worth bookmarking this one to revisit in the future:
What’s the worst that could happen?
I’ve shared this in the past but think it pairs nicely with my comments above about fear and uncertainty. It comes from Mr. 4-Hour Workweek, Tim Ferriss, and includes his TED Talk and some instructions on an exercise that can prove to be a nice complement to more traditional goal setting. It’s called:
Thank You!
I’m grateful to have you as a reader.
If you have any questions or an idea for a future newsletter, blog post, or YouTube video, I'd love your input.
Just hit reply - I read (and truly appreciate) every email you send.
Until next Wednesday,
Russ