What your Financial Adviser is not telling you about Budget Pain - 3
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Most Financial Advisers are not disclosing the real causes of the current Budget Pain,
because it is much easier to either blame the current or previous Government.
According to the fictitious Financial Adviser , Jack Black (expert Golfer ),
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"Look it's the Governments fault that we are in this mess with escalating Debt,
I recommend that you immediately take a Tax-avoidance strategy,
and start vigorously blaming the Government like everyone else,
go ahead and demand your rights and entitlements."
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Why is Jack Black avoiding the real causes of Budget Pain ?
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By not exposing the real causes of the growing Australian Budget Debt,
which is the rapidly ageing Baby Boomer demographic,
there is no perceived need to create a Financial Strategy
designed to reduce Government dependence for the Clients.
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As the above cartoon brilliantly depicts,
Clients are caught between contrasting Political ideologies, neither of which is dealing with the real causes of burgeoning Debt.
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So instead of us all asking ,"How can we fix this Debt problem ?"
, the Baby Boomers are asking for their entitlements to be guaranteed.
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A recent Article deals with this issue in the Sydney Morning Herald entitled,
'Ask not what the Treasurer can do for you',
with a very pertinent sub-title,
'The Federal Budget is not about how the Government can maintain your lifestyle'.
It goes on to say,' The recent federal budget,
however, has uncovered a dimension in unpopularity.
I've watched and read with interest the commentary this week surrounding the budget
and there is a theme, phrase and question that seems to pop up regularly...
That theme or question is "How will I maintain my lifestyle ?"....
I'm curious as to why a significant portion of the population appears to support this notion that the government's job is to maintain our lifestyles....
there is a big difference between supporting those that are unable to support themselves
and helping people maintain their lifestyles.
I believe the wrong question is currently being asked of our politicians .
Instead of asking the Treasurer, 'How will I maintain my lifestyle ?' ,
the question should be pointed at majority of us to answer that for ourselves.
Perhaps the first question we need to ask ourselves should be,
' Is my lifestyle sustainable ?'
The second should be ,'will it give me the future that I want ?'.
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In contrast our 'character' Financial Adviser Jack Black is encouraging his Clients
to ask the Government to maintain their lifestyles .
The SMH article continues, 'If the answer is no to either of these questions,
then it's up to you to take control of your finances and do something about.
Not the government. Doing something about it means looking at your own budget,
what you are spending on and taking control of your own financial situation...
When we look to the government to maintain our lifestyles,
we are really setting ourselves up for disappointment and failure.
Instead, by becoming a conscious consumer with our own budget
who takes responsibility for our own lifestyles
then anything extra received from the government is a bonus
that matters little if it is taken away when the next government is ushered in .
Let's ensure our leaders face the tough questions
when it comes to the Budget and the public purse.
However , when it comes to money and maintaining our lifestyles,
let's decide to do something about that ourselves.'
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It is apparent from the above article
that something is wrong with the attitude of many Baby Boomers
who believe it is the role of Government to maintain their lifestyle.
What we are establishing is that some Financial Advisers have contributed
to this 'gravy train' mentality by themselves feeding off it.
