Paul Meloan – Vested Interest

Looking back 15 years, it would have been somewhere between incredible and impossible to guess where I would be today.

Yes, I am still married to the same person (hi hon!), and live in the same community as I did on New Years Day, 1996.  However, professionally speaking I had no idea I would be doing what I am doing today.

Bob Veres makes his living thinking about things, with a focus on the financial planning profession.  In a recent newsletter, he speaks to professionals about all of the volatility, upheaval, grief, angst, and anguish over the past decade or so.  And then, he asks the pertinent, probing question: given what you know now, how many of you would rather have things like they were 15 years ago?

He says that when he asks this question to groups of professionals, hardly anyone ever raises their hand.

Obviously, Bob is dealing with an incredible case of selection bias: I seriously doubt he would get anywhere near the unanimity of response if he walked out on to the street and asked the first 100 people he met the same question.  Especially if those 100 people were over the age of 50.  Especially if that street happened to be located in Detroit.

Just the same, the thought to take away from the exchange is one of optimism.  Problems arise and are dealt with.  The law of unintended consequences remains in effect, and is unlikely to be repealed by the new Congress.

As a nation, we remain engaged in two wars overseas.  7,000 baby boomers became eligible for Medicare today.  7,000 more will become eligible tomorrow.

We move ahead.  Happy New Year!

Paul Meloan is the co-founder and co-managing member of Aegis Wealth Management, LLC, in Bethesda, Maryland USA. Before Aegis Paul was a practicing attorney as well as working in the tax practice of Ernst & Young, LLP.

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