The 4th of July

Today is July 4th, Independence Day. Our great country is 243 years old. I have fond memories of block parties, barbeques, beach trips, and firework shows all celebrating the 4th.

The Declaration of Independence is an incredible document crafted and signed by our founding fathers. Written to stand for generations, it’s still going strong. The authors represented the original thirteen colonies who were ready to declare their freedom from British rule and join the Union. John Hancock said, “We must be unanimous; there must be no pulling different ways; we must hang together. Matthew 12:25 states, “Every kingdom divided against itself will be ruined, and every city or household divided against itself will not stand.”

The Constitution sets the foundation for our country and guides our steps, a great basis for democracy. E.B. White said, “Democracy is the recur­rent suspicion that more than half of the people are right more than half of the time.”

The Bill of Rights include the first ten amendments like the right to free speech, the right to bear arms, and the right to trial by jury. Amendments to the constitution have made it a stronger document. Abolishing slavery and giving women the right to vote are two that stand out. Thomas Jefferson said, “A Bill of Rights is what the people are entitled to against every government, and what no just government should refuse, or rest on inference.”

These three documents are the ultimate in planning documents. The original architects had the foresight and wisdom to think generationally. Were they thinking about you and me when they wrote it? Could they have envisioned Twitter, Facebook, Instagram and Snapchat when they wrote the first amendment?

The best, and hardest, part of the constitution is that we do have the right to free speech. Regardless of your religious or political beliefs, you’ll probably upset 50% of the people you know with your comments or posts. If you need proof, read comments on any Twitter thread. I don’t agree with all the people I follow online, but it does give me a perspective on what others are thinking. A healthy debate about issues is encouraged. Noam Chomsky added, “If we don’t believe in freedom of expression for people we despise, we don’t believe in it at all.” The Bible also has a view, “Love your neighbor as yourself.”

I do get upset when people complain about America. It frustrates me when they won’t stand for our National Anthem or attack (physically and verbally) our military personnel or first responders. My take on people who are disgusted with America have never lived in North Korea, Iraq, Venezuela or Sierra Leone. They probably have never set foot in Nicaragua, Haiti or Uganda. Our country isn’t perfect, nothing on Earth is, but it’s better than most.

These documents have survived dark times in our country like the Civil War and Civil Rights, but it has been there for the good times as well like creating our National Parks and giving us the right to vote.

If you’re looking for documents to follow for producing your financial plan, look no further than the Declaration of Independence, Constitution, and Bill of Rights. They were created to last forever, cross generations, and withstand multiple attacks.

Your financial plan should be designed to last generations as well. Is it written to protect your family members 243 years from now? Are you investing for future generations? The Constitution has been amended several times. It started with 10, it now has 27. Amendments are needed to accommodate for changing times. Your plan should be amended as needed. A rigid plan will not stand. Flexibility is a key ingredient for survival.

Anyways, that’s all I’m going to say about that. Happy 4th of July!

You will never know how much it has cost my generation to preserve YOUR freedom. I hope you will make a good use of it.” ~ John Adams

July 4, 2019

Bill Parrott, CFP®, CKA® is the President and CEO of Parrott Wealth Management located in Austin, Texas. Parrott Wealth Management is a fee-only, fiduciary, registered investment advisor firm. Our goal is to remove complexity, confusion, and worry from the investment and financial planning process so our clients can pursue a life of purpose.

Note: Investments are not guaranteed and do involve risk. Your returns may differ than those posted in this blog. PWM is not a tax advisor, nor do we give tax advice. Please consult your tax advisor for items that are specific to your situation.