Stick With the Basics

Staying current makes for a tiring pursuit.  I mean, there are so many avenues of information out there and we need discernment to know which path to take.  Nevertheless, I continue down some path each day that leads me to thinking about topics with relevance to both our generation and the next generation.

One such topic is making a living.  Yes, that thing we do upon finishing some level of education and enter the real world.  Maybe this is a Westernized notion, but we do need shelter and food on the table and the means to getting this here in the U.S. is through a job.

From some of my reading, I sense there is a redefinition of “making a living” in the works.  Particularly among the next generation, there appears to be a type of entrepreneurship going on that espouses linking a new startup venture with some technological discovery that will make millions.  For example, the rush to create new applications for the I-Phone seems to be a particularly ripe area for making money these days.  The number of new applications does appear to have a limit though.

Some like to refer to these entrepreneurs as “heroic,” that is, someone who ventures away from the common path to seek a new path of riches perhaps driven by a vision to make the world a better place for all of us.  Now this might be a stretch.  Can an I-Phone app make for a better world?  These things have a life span, you know, and they ultimately end up being replaced by something newer, faster, slicker.  Last time I checked my world was just fine even before the I-Phone.

This brings me to the point for the next generation—stick with the basics.  Begin by asking questions like, “What are the basic things needed in my life, the lives of the typical person or family here in this country?”  Or, “What are the basics for a successful business?”  We have pushed to the edge so much in recent years that I fear we have gotten away from an understanding of the basics.

Perhaps this is further clarified through a Proverb I read this morning.  “He who works his land will have abundant food, but he who chases fantasies lacks judgement” Proverbs 12:11.  Fantasies refer to schemes for making easy money.  Is that where we are today with the scads of schemes for making a buck on the web or with these unending myriads of applications for electronic devices?  Again, you can only carry these things out so far before they end up consuming the consumed.

The notion of “working the land” is what I would refer to as a basic.  Working the land implies a steadiness, a knowledge that there is a God who provides me something to do with my hands and helps me in this daily act of “making a living.”  If you work the land, you are dependent on good weather and regular attention to caring for the things you planted.  It seems that some of the next generation want to bypass the planting and get on to the reaping.  That is a rather short-term view.

Let’s return to the basics.  It may be more satisfying than you can imagine.

Thinking About Fertility Rates, the Economy, and the Next Generation

A factor that gets little attention in the press today is the relationship of fertility rates to the economy.  This point struck a chord yesterday when I had the opportunity to hear economist Stuart Varney address a gathering of near 1000 accountants and financial professionals in Atlanta. With a bit of humor and unsettling reality, Varney explained why he thinks the fertility rates of the world should be of top concern.

A little background here—for a country to merely remain even in terms of population, it requires a fertility rate of at least 2.1.  There are 45 countries in the world that are well below this rate.  These countries include much of Europe, Russia, China, and Japan among others.  Translated, this means that population growth is negative for these countries.  The U.S. maintains close to a fertility rate of 2.1 only because of the number of immigrants here.  Of all the countries, the lowest fertility rate according to one report I read was in Spain, which was near 1.15.

Think this through with me for a moment in relationship to the economy.  An older, graying population that is living longer these days will need healthcare, housing, pensions, and other retirement benefits.  The model for providing these needs includes economic input from the younger generations.  If the populations are declining, who will help fund these needs for the older generation?

The governments think they can help. But again, with declining populations the tax rates must be much higher to even make a dent in these needs. Today, the governments sit in the unenviable position of trying to figure out the current economic crisis and it appears they struggle each day to fix on a strategy that is elusive.  The quest for a solution lingers no matter what is done.

When I observe the next generation, I see a generation less concerned with wealth creation and more concerned with solving the world’s issues.  I might suggest to them that the economy is one of the single-most important issues.  This is not to say that we want to preserve certain negative aspects of wealth creation, but that we want to consider how wealth creation enables us to address some of the other issues we face. I would ask, “What are the positive aspects of wealth creation?” This might help us adopt a better way to solve economic issues while at the same time addressing other complex issues.  The world is changing, and the next generation needs to be in a position to wisely lead when the baton is passed.  Let’s make sure we help them understand the times and extend ourselves as counselors and mentors.