A few months ago, I presented my “Blueprint”, which addressed, among other issues, the financial “quality of life” of panmen and panwomen, especially in the “land of steel”, Trinidad and Tobago. In preparing the document, I took a comprehensive look at the financial stability of the local steelband member, and attempted to provide a proactive, rather than a reactive, approach to solving some of the “money worries” problems our brothers and sisters in the pan fraternity have to deal with. This is why, in addition to addressing “retirement”, I also highlighted other factors that are important to “financial independence”.
I’m sure we’re all familiar with the expression that it is “better to teach a man how to fish, than to give him a fish…”, however, I am not sure that, when it comes to money and finances, we really understand how that concept applies; indeed, I (myself) did not grasp that application. I have been fortunate that, in my “pursuit of happiness”, I have had to “try out” different fields, and one of them happens to be as a financial analyst representing a major American corporation. The first step to that “independence”, was knowledge, and what I mean by that: I had to read! I had to study and learn about money and how it works, what made some people “succeed” and some “fail”, and why most people are “dependent”, while a few are “independent”. I also had the fortune of comprehending the difference between a LEADER and a MANAGER; that the former creates other “leaders”, while the latter manages and directs “followers”. A leader is not threatened, for the more leaders he “creates”, the more his/her “worth” increases, while the manager is threatened, and will never choose to “duplicate” his/her self, for fear of being outcompeted for either position or business.
Dr. Lance Seunarine’s “putting his money where his mouth is”, is a move in the right direction, and the only thing that frustrates me, is that I addressed “retirement”, a long time ago (in my “Blueprint”). However, it is extremely important to understand that retirement is only one part of the financial independence equation, and is a reactive measure, not proactive. It can be compared to having one of four legs of a four-legged stool – there is NO balance, and the stool is sure to topple. If the other components – income protection (life insurance), medical protection (health insurance), and legal protection (pre-paid legal insurance) –are not considered, the financial quality of life for that individual will also not be stable. For example, if the “beneficiary” does not have a will, their “benefits” (or the “proceeds”) can end up in probate, and litigation could potentially destroy family relationships of the recipient’s heirs. Further, with the exponentially growing costs of health and hospice care, an individual’s funds can be literally wiped out long before the needs do. Or, as we are (unfortunately) seeing far too often lately, the intended recipient could die prior to the age where the retirement funds would become available, leaving their family to still have to look for money for funeral services, to still continue paying the mortgage or rent, and still having to care for the family.
The proactive approach includes educating our pan family about “entrepreneurship”; knowing what are good and bad “risks”, and understanding how to measure “risk versus reward”. For example, being a “worker” is relatively “safe”, however, when one looks at the statistics, being an “employee” is almost a guarantee to perpetual dependence, and the road to independence, goes through the towns of BUSINESS OWNERSHIP and INVESTMENT! Granted, many are self-employed, and believe they are “business owners”, when, in fact, all they are employees of themselves – slaves to their own “business”. I learned this concept studying the writings and words of Robert Kiyosaki (Rich Dad, Poor Dad), and it had helped me tremendously. As a body, we would be better served (and serve better), if we also understood the “Theory Of Decreasing Responsibility”, which basically theorizes that, in our younger years we have the time and energy to build “wealth”, and during those years, our potential earning needs to be “protected”. However, as we approach “old age”, our dependence on “protection” diminishes, as we have built and continue to build wealth, and by the time we “retire”, we would have amassed the amount of “wealth” necessary to retire “comfortably” and independently. My last point on “education”, is we also need to understand the POWER OF POSITIVE THINKING; how one “wills” their dreams and goals into REALITY! A former business partner, who happened to “make it big”, once shared with me, his “VAD System”, where he defined the difference between a “dream” and a “goal”, as the former being an intangible “fantasy”, and the latter, as being TANGIBLE – documented! A goal is written and has deadlines, whereas a dream resides in the realm of Peter Pan and the Tooth Fairy. The “V” is VISUAL, where one places objects of their dreams in plain view, records a living document known as a “dream list”, and literally “sees” their success. The “A” is AFFIRMATION! AFFIMATION! AFFIRMATION! In this world of intended and non-intended “dream-killers”, it is very important to affirm your goals, even if that means looking yourself in the mirror and repeating that you “will get it”. (Whatever, “it” is!) Finally, the “D” is DOCUMENT! DOCUMENT! DOCUMENT! We already touched that concept; write down your dreams and convert them into goals!!!
In closing, I hope that we come to an evolved time, where NO pan pioneer in retirement age would be dependent on anyone, including his or her peers. As more and more “baby boomers” approach retirement, this intended fund could end up in the same position as America’s Social Security system, where the hole in the bucket, is letting out more water, than the stan’pipe fullin’ it wit’. We must move toward the more proactive approach of teaching our pan fraternity how to fish, rather, than continuing to scramble to the river, when they need a fish. I say LET’S MAKE FISHERS OUT OF PANMEN AND PANWOMEN! Let’s end the age of dependence and financial ignorance, and enter a new age of INDEPENDENCE and FINANCIAL ACUMEN. And, by ALL means, let’s start these social programs like retirement funds, as well as life, health, and legal protection for all members of the steelband and pan world. Again, by the concept of “The Law Of Large Numbers”, we can collectively make these programs affordable, practical, and beneficial. Let us also look at the residual income from performance royalties that we continue to give away; money that should belong to the performers. And, let us understand our “collective bargaining power”, and our political strengths (and weaknesses), for unless we evoke our rights and properly articulate our demands, the pan personality in Trinidad & Tobago, will always be exploited, disrespected, and, in the end, needy and forgotten by all, but a few of his peers, who as the saying goes, "truly love pan”. Thanks again for your gesture, Doc (Lance); I think you’re on the right path.
Shem Em Hotep (May You Go In Peace).
George D. Goddard, B.A. Music.
Pan’tum – The Ghost Who Talks. Honoring The Legacy Of George “Sonny” Goddard.
Replies
Greetings: Pantum all what you have said is golden. But the fact remains we have not move one iota. We can formulate and we can educate and the Blue print can be the visionary document for those who are coming behind. (Education is lifelong HIM Selassie and Nyerere). A plan has to be devised as to how we educate the Panmen that they too must advocate for themselves. As of today 7/14/12, we have one shoot seen in the Retirement Fund. it is for $3.60 US or $ 23.04 TT dollars. The shoot is from Cecil Hinkson. Give Thanks. Dr. Lance Seunarine
Very useful posting.