It’s a Wonderful Life-Lesson

Do you remember in the movie “It’s a Wonderful Life” when things got bad and there was a run on the banks?

George and Mary were about to go on their honeymoon. But it was clear that something bad was going on in Bedford Falls.

Mary didn’t want George to check it out. But George felt like he had to go see what was going on and potentially help with the situation.

It became pretty clear that people were losing it. They were panicking.

And they weren’t even sure why — most were just joining in with everyone else because that seemed like the thing to do.

Do you recall what the wealthiest man in town was doing?

Watching what wealthy people are doing isn’t always the answer. But it’s also true that the rich seem to get richer. Some of them may have stumbled upon something the rest of us don’t know 🤔

Old man Potter was the wealthiest man in town. And he wasn’t panicking and pulling his money out of the banks like everyone else. He was buying up investments for pennies on the dollar.

You know why? He was disciplined and patient. He understood the cyclical nature of things. He understood markets and the economy.

And instead of panicking, he looked at the situation as if there were a big sale going on…because there was.

Am I telling you to be like old man Potter? Not exactly—you can if you want to be. But I’m really telling you to be more like George Bailey.

George recognized the situation for what it was as well. He was also a smart businessman and investor.

He saw what Potter was doing, and he didn’t want Potter to win. He didn’t want the rich to get richer.

Or better stated: he wanted the people of Bedford Falls to build their own wealth. He urged them not to panic.

He even put his (honeymoon) money where his mouth was. By doing that he kept things from totally imploding on the people of Bedford Falls. He helped them realize selling out for pennies on the dollar was the worst thing they could do in that moment.

He kept it together for his family. He didn’t panic. He bet on his community.

And so it is with your retirement income plan. Many times, the worst thing you can do is join in when people around you are panicking.

Most of the time you just need to be more like George. Don’t join in on the hysteria. Don’t panic and sell out.

You calmly and rationally crafted a retirement income plan knowing your journey might get a little bumpy. Stick to the plan. Stay patient. FOCUS.

If you don’t, you’re likely falling into this cycle: