No More Gold Watches: The End Of An Age – How Retirement Is Now Your Responsibility
So many things change with time. The way we make money changes, how we talk, what we wear, what we think, and how we live our lives changes with time. Even the way we tell time changes, and something that I have noticed is that that there are no more gold watches today.
You know what is really interesting in this day and age? The telling of time. Throughout history, the calculation of time and the tracking of it has remained a common sight.
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Why? Is it because there are no physical attributes to this universal law called time? Sure we see the effects it has on us as we grow older and how it is something most cannot manipulate, but is that really why we care so much about it?
I believe the reason time means so much to us is that even when we have nothing to our name, we still have time.
I don’t know why, but watches have been mentioned several times throughout my articles and I can’t help but feel like there is something significant about clocks and watches that most don’t see.
Let me explain…
A Gold Watch & A Golden Age
It was common in the 1900’s to give a retiree a gold watch when they had worked for you for a set amount of time, and this would usually include a retirement plan to cover their living expenses.
Unfortunately, after government laws changed, a person’s employers were no longer responsible for their retirement and that responsibility shifted to the individual.
This is outlined in Robert Kiyosaki’s Rich Dad Poor Dad.
While companies were providing retirement plans for their employees, this was called the “Industrial Age”, due to the change in economy, living conditions and working class status during this time period.
After companies no longer took care of those who worked for them, we quietly transitioned from the Industrial Age to the “Information Age”.
I’m not saying that the Industrial Age was a “golden age” by any means, but it certainly seemed simpler.
When Time Flies… No More Gold Watches
It’s a sad fact that people are still living with the belief that a job is going to set them up for retirement. The reality is, that along with few companies supplying penchant plans, the cost of living today has gone up exponentially.
Many people found this out the hard way when they realized that receiving academic education followed by a career was no longer sufficient to retire with stability.
I know it is a touchy subject, but this is why we have the elderly working as Walmart greeters when they should be reaping the rewards of their labor.
Time flew! One minute you’re working to secure retirement with a company you’re working for, the next you’re being told you have to plan your own retirement. Sad to say many people were not prepared.
Industrial Grade Workers In A Digital World
Young people today are graduating High School and College thinking that they are going to get a job, work on their career, and retire when they are 65 or so.
Hate to break it to you college students and grads, but many have estimated that it would take at least roughly 10 Million dollars to retire well today, and that’s being conservative!
I’m not going to quote sources on this, but the math makes sense. Food, taxes, health care, savings, household expenses, bills, car payments(s), and vacations, added up in monetary value applied to say, 25-30 years of life after the age of 65 leaves a very large fiscal responsibility.
How am I going to save 10 million dollars in today’s economy and jobs? I better be a brain surgeon or a very well-educated specialist to even think of achieving those kinds of savings.
People are ready to “work hard” for their retirement, but today people need to “work smart”. If the same strategy doesn’t work, it’s time to change plans.
I have never met a single person, save for my own dad, who actually carried a pocket watch. Everything is on your wrist or in your phone these days.
That’s not to say that modern technology isn’t more convenient or that it doesn’t have its perks, it’s just different. Change is nature, but I can choose to resist the winds of change and hold on to what I know, or I can improve my strategy.
How A Watch and A Bunny Became A Life Lesson
In the story of Alice and Wonderland, the protagonist, Alice, comes across a bunny with a gold watch. He could be heard saying, “I’m late, I’m late for a very important date”.
This rabbit had an enormous pocket watch to tell the time. Yet, ironically, was always seen late wherever it was he was going. Why? He had the tools, he should have made it to his appointments fine, but could never seem to do so.
It should be noted that this rabbit was very well-dressed and his watch very nice; it was an absolute tragedy to see this watch destroyed in the Disney film based off the original book. His loss of property and lack of punctuality are an excellent example for us!
The truth is, many of us are just like that rabbit. We are late for a very important date, it’s called the “School of Hard Knox”.
We are late to acquire new habits and tools after our old ones stopped working.
The reason people aren’t doing well in today’s age is not because they don’t have the education. Indeed, the tools or the resources are available. It’s because they are holding on to an outdated strategy.
It’s like the rabbit’s watch, it will probably never work again.
There are so many ways to start businesses, invest and get ahead financially. The only thing stopping most people from achieving their goals is themselves! People aren’t stupid, but they are stubborn. It’s time to move on and take charge of our money and retirement!
Smart Looking, Inside and Out
I can be very professional looking like that rabbit, but I can have bad habits as well. It’s best not to judge a book by it’s cover.
There are people who did not come from a wealthy background or have financially literate parents. But through passion and dedication, they have created successful empires!
Built for themselves and their decedents.
The key is to learn, grow, and take action.
Let me know if you have any questions, and leave me a comment. I will get back to you asap!