I stumbled across Ric’s Edelman’s online content as most of us find things online, following an internet rabbit trail. He was promoting his new book, The Truth About Your Future, and after listening to some of his online shows, I wanted to understand more. Through self-education, I have a general grasp of the broad bush ideas of financial management for people like me, the working class, take care of my family and do not have a lot of extra time to manage a portfolio. Ric was talking about some ideas that seem so far out of the box; I nearly stopped viewing his material. One day, I dawned on me, that I have been developing a stale attitude towards Ric’s work. Afterall I had begun this quest for more information on financial planning and felt comfortable with what I had learned and ideas that were reinforced by multiple sources. Ric was different. He is very successful in this field, and then I remembered some information about him. His firm manages over $20 billion and has over 30,000 clients, or numbers close to those. I needed to open my mind up and listen to what he has to say.
When the book was delivered, the first thing I noticed was the pages of endorsements from notable people supporting Ric’s work. His credibility was high, but it went higher. Ric talked about the Laws of Exponential Technologies. He then systematically walks through Big Data, Robotics, Nanotechnology, and 3D Printing. Ric talks about the impact of technology on Education, Leisure and Recreation and Financial Services. There is a dark side to technology, and each topic is explored. Part two of the book explores what this technology means to us and its impact on retirement, investments and what life may look like for us in 40 or 60 years. One point that struck me was the importance of being prepared to live a lot longer lives than what our expectations are today.
To put Ric’s book in perspective, one should not approach this thinking Ric has acting as a Magic 8 ball. Rather, his book is well researched, there are 48 pages containing lists of his source material. He methodically walks the reader through his supporting evidence such a tracking billions in Research and Development money being spent by corporations. Frankly, I found it to be a little overwhelming. After I finished the book, I picked it up about two weeks later and read about half of it again, skipping some parts and reading other parts multiple times, with the goal of disgesting key information. The bottom line, our retirement and the life paths that previous generations took, are not going to look the same. We need to strong challenge our assumptions on which we base our life plan. This book provides us the opportunity to peak into a generic future and begin preparing now for each stage of our retirement lives.
In the last few months, I have spent time with some associates that would be considered insiders in their various fields. I was able to have good conversations about nanotechnology and artificial intelligence. These discussions paralleled the information in this book. Where I previously said I was a little overwhelmed by the book, there are people in these industries that do not find these ideas to be far-fetched. The overwhelmed feeling was sourced in my lack of understanding of where technology is at today. Since reading this book, I filter information today through a different prism. I am thankful for this book and if for nothing else, helping me to open my eyes and move past what could be considered a stale attitude.
I would strongly recommend reading “The Truth About Your Future.”
For full disclosure, I do not currently have any personal or professional relationship with Ric Edelman or any of his organizations.
Ric Edelman is a Chairman and co-founder of Edelman Financial Services. He has authored several personal finance books and hosts a weekly financial radio show. Here is the profile of Ric’s book from his website www.edelmanfinancial.com:
“Award-winning financial advisor Ric Edelman reveals how exponential technologies will alter virtually every aspect of your life — with profound implications for your personal finances.
Ric radically upends traditional financial planning, showing that you need not just one financial plan, but three – one for now, one for later and one for much later. You’ll learn:
Why you’re likely to live much longer, and enjoy good health much longer than you realize – and the impact on your financial future;
- How you must alter your plans to shift from the familiar linear lifeline (school-job-retirement-death)to the new cyclical lifeline;
- The importance of Career Planning – even if you’re in your 50s or 60s – and how to manage this transition without damaging your savings and investments or incurring debt;
- The one investment strategy you need in the 21st century, including how to invest in companies that are leaders in exponential technologies and how to generate income from your investments;
- Why nursing homes are becoming obsolete – and with them, long-term care insurance policies, and what this means for you;
- How to deal with new complexity in estate planning – including the handling of such new issues as protection of digital assets; and
- How you’ll spend your time – and money – in retirement, and why the future will be the happiest time of your life.”
Since we are talking about the future, I will sign off this post, in anticipation of the future, saying “Beam Me Up”.