Change terrifies people.
That’s why we worship at the altar of permanence. Unfortunately, this is a false God that will terminate our prayers in tears.
There is a reason the two most deeply rooted ideas in the human DNA are self-protection and self-preservation. We cope with these concepts in two different ways.
Many people flock to religion and pray to a God who provides protection and security. In regards to self-preservation there is the idea of the immortal soul which lives on in eternity.
Impermanence is too daunting to consider.
Buddhists take an opposing view. According to their theory of relativity, nothing in the world is absolute. Everything is conditioned, relative and interdependent.
There is only change. Since there is change every moment nothing permanent can pass from life to another.
When a person dies and is reborn it’s not the same person. It’s the cycle of continuous change following its natural path.
This is similar to a flame burning in the night. It’s not the same flame but it is not another.
Nobody still breathing knows 100% who is right in this eternal tug of war between self and emptiness.
We will all eventually find out the answer to this question but for now we can all look at our earthly lives and society as a whole and agree they’re composed of continuous massive revisions.
My Colleague Josh Brown applies this change theory to the markets and life itself.
This applies to markets and real life. I came across an old photograph of me with both kids on my lap. They must have been seven and four years old. In those days, we decided what time bedtime was and that was it. We called the shots on breakfast, lunch and dinner, weekend plans, family movie night, etc. It seems like it was so much simpler back then. Now those kids are 20 and 17. One of them is interning in Manhattan, taking a commuter train and then a subway every morning for the first time in her life. She’s in the world of adults, with all the conflict and confusion that comes along with it.
How about your financial plan? If it’s possible the self and ego are man-made concepts, your financial plan is no sure thing.
If a financial plan was included in the constitution, it would be located in the amendment section.
Think of all the things that could change from beginning to end. The factors that could rearrange all your well-thought out wishes and desires are almost endless.
What happens to your plan if….
You or your spouse face a chronic disease.
Your children face unforeseen financial difficulties.
A lawsuit arises out of the blue.
There is unprecedented turmoil in the markets.
You become a victim of a financial scam.
A relative falls on hard times.
Climate change upends your life.
The tax system undergoes a massive overhaul.
The point is everything is in constant flux both good and bad. The worst mistake is relaying on the status quo.
Including change as a feature and not a bug of your financial plan is the first step in navigating these turbulent retirement waters.
You don’t have to convert to Buddhism to accomplish this goal.
Plan for change or change will plan for you.
