What’s your plan?


My biggest fear is that I won’t teach my children to work. I feel that a work ethic is one of the most important attributes in life. I have received the value of determining to work for something and then going and earning it. David O. McKay (1872-1970) said, “Let us . . . realize that the privilege to work is a gift, that power to work is a blessing, that love to work is success . . .” Joseph B. Wirthlin (1917-2008) is attributed with, “Work is therapy for the soul.” I have experience that this is the case. Please forgive the pun, but a lot of life’s ups and downs have worked themselves out!

I have crossed paths with Dr. Ben Carson several times in my comings and goings. These haven’t been personal, but I believe talking with him face to face would be a learning, worthwhile experience. He was born and raised in the slums of Detroit and has gone on to achieve some pretty remarkable things. I would argue that the one of most worth is that of honoring his mother. She told her sons early in life that they would not be idle and that they were expected to go to the library and read and then report back to her. Carson credits this with turning his life around. Information gleaned from these books helped him to answer a question posed by his Elementary teacher that would forever change his mindset. He impressed his teacher, his classmates, and himself. He had reached his low point; the sky was the limit from this point forward!

Work pays the bills and more money usually brings more bills. Contrary to popular political belief, the government is not going to be capable of giving out free rides for any extended length of time. Wasn’t this country founded on taxation issues? The quickest and most satisfying way to get something is to work and earn it! Carson declares that the only person who can limit one’s success is the individual themselves.

A job provides a paycheck and is the first step for building wealth for most of us. Financial planners will use terms such as earned and unearned incomes. They are not referring to the legality of the methods used by their clients to obtain the money. Earned income is a result of labor, the job. Unearned income is not derived from our direct efforts. You might have heard it called passive income; interest, dividends, rental income, and royalties. This money is now making you money.

Risk management is said to be the first major component of a good financial plan. Insurance is the primary tool used to protect personal income. Hospitalization, major medical, dental, vision, critical illness, cancer, disability, and long-term care are all areas that need to be addressed in your plan and insurance will help provide the means necessary to keep you cash-flowing when the need arises.

It’s not a matter of if; it’s just a matter of when. I sit here with my leg elevated and the crutches leaning against the wall. A rather uncomfortable situation. I am glad that I am covered. I can rest comfortably as the Grad shares war stories of conquering college. ■

— Scott Arens is a lifelong resident of Arbuckle. To contact Scott email scott@arenscp.com