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Missed Fortune – Banishing Fear and Frustration

Posted on | November 4, 2012

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You Have the Power

In our time, there’s no shortage of people who feel powerless to do anything about the events and trends around them. This is especially true when they contemplate the economic landscape.

For instance, our national debt has nearly doubled in the past few years from just over $9 trillion to well over $16 trillion. If we stay on our present course, it will likely top $20 trillion in the next 24 months. That almost certainly means that taxes are going to go higher.

Right now our government, in order to run, has a budget of about $1.3 trillion. But the $2.3 trillion in revenue collected in income taxes is already spent just to cover the interest on the national debt as well as entitlements like Social Security and Medicare. At the rate we’re going, the $1.3 trillion it takes just to run the government will have to be borrowed.

Why don’t more Americans raise a fuss? It’s because they either aren’t being told the truth, or they’re being fed deceptive information that paints a false picture. This is why David Walker, the former head of the Congressional Budget Office, chose to resign. He wasn’t being allowed to tell the American people the whole truth because it was feared that it might cause panic among the populace.

But the key to overcoming that sense of powerlessness is found in facing the truth and then taking ownership. Those who are willing to do this will find that their future is still very bright.

Even in the face of rising taxes, higher inflation and continuing economic uncertainty, there is much that we can do. But it’s a lot easier when we know what we’re doing.

Losing the Fears that Cripple Us

Frustration and fear are common emotions that arise when we consider the challenges that lie ahead. They may be rooted in the prospect of having saved enough money for a comfortable retirement, or they may be found in concerns over the financial future of our children and grandchildren.

Many people who were using a 401(k) or an IRA for their retirement savings found themselves frustrated at the end of the so-called “lost decade” when their nest egg lost 40% or more in value. They wonder if they’ll ever make up the lost ground or whether it will be safe to have hope once again.

Many people fear the prospect of depleting their retirement nest egg and outliving their savings. They worry about the triple whammy of higher taxes, rising inflation and ongoing market uncertainty. These are three very real threats that could bring a very unwelcome wakeup call to those who fail to address them.

A lot of people have faithfully followed the advice of their financial advisors or they’ve followed the crowd and accumulated their retirement savings in a 401(k) or an IRA. They haven’t realized that there are far better, and safer, ways to accumulate savings for the brighter future they envision.

By learning and implementing the right strategies, they can enjoy the peace of mind that comes from having liquid assets safely earning predictable rates of return. Best of all, these strategies are not dependent upon who is running the country. They’ve worked for many decades and they’ll continue to work for those who understand and use them.

If you’d like to face the future without fear or frustration, your next step is to visit with a Missed Fortune advisor today.

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*Life insurance policies are not investments and, accordingly, should not be purchased as an investment

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