Labor Day was officially declared a national holiday by Congressional action and after being signed into law by President Grover Cleveland on June 28, 1894. Stemming from poor working conditions and mistreatment of workers, the law was intended to repair ties with workers and employers and the general public. Labor relations and respect for the American worker has clearly and thankfully made great positive strides during the past 127 years.
In my profession, I all too often meet folks who do not value their own labor appropriately or adequately. Without all of us contributing our work, we can’t accomplish the great things. Truly our accomplishments are only limited to our thoughts and dreams. When any of us reflects back on the magnificent accomplishments during our lifetimes, it is awe-inspiring. Even over just the past ten or twenty years, the advancements and inventions and progress have been astounding. In shorter time still, the past eighteen months have brought us some unbelievable discoveries. Space travel in a commercial jetliner and the COVID-19 vaccine are two examples that instantly come to mind. Our dreams and hopes truly do become reality when we work together for a common good.
My practice promotes that all who labor should bear the personal responsibility to save for our own future. Some folks have an easier circumstance in which to save. A wealthy client and friend of mine who has no children often comments that he certainly should be wealthy: He has no children. True enough, I speak as a parent of three grown children. All of us who work need to value our labor, and do so in a way that rewards us for that labor. Many of my most financially secure clients did not start out with large sums of money. They started saving in a disciplined manner. They began to save as much as possible for the future while still living life well in the present. These folks valued their labor enough to pay themselves first. They also understood that the discipline of saving means sacrifice. Sacrifice means they can’t always do what they might want to do – at least not right at that moment. Most of the readers of this column have seen the printouts showing how much a dollar will grow over time when invested wisely. Most have also seen what happens when that dollar is added to by others over time. The value of compounding is phenomenal. Smart investing must begin with the discipline of saving. There is no other way to accumulate financial security for the majority of us who labor. The odds of money falling on us from the sky are pretty remote.
I certainly hope you have a great Labor Day. I also hope you take some time to reflect on the value of your labor – and that you will pay yourself first to help ensure your own financial security. Thank you to all those who labor. Our great nation has been built on the foundation of hard work. If we can be of help to you or your family, please call on us.
-by Ben Smith
Registered Principal, RJFS
313 East 10th Ave. • Bowling Green, KY 42101 • Phone: 270-846-2656
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Ben Smith Life Compass Financial is not a registered broker/dealer and is independent of Raymond James Financial Services, Inc. Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory services offered through Raymond James Financial Services Advisors, Inc.
