A Reflection on 30 Years.
Contemplating a Milestone.
WHAT IS A MILESTONE?
We have all seen the Mile Markers along the highways as we have taken road trips. They help us determine how far we have gone, how far we have left to go and, of course, where we are. Google’s Dictionary also defines a Milestone as an action or event marking a significant change or stage in development.
As we celebrate the 4th of July 2018, I have reached one of those milestones. Without much fanfare, I realized that I have been in this industry 30 years. I have been a CERTIFIED FINANCIAL PLANNERTM for 20 years. Both of which are milestones in my life and in the lives of the clients with whom I have worked over those years.
Many of you have worked with me and put your confidence in me for over 20 years. Some get close to those 30 years! While preparing for this missive, two words came to my mind that would almost certainly sum up my thoughts as I reflected back on the past 30 years: “Thank You”. I am grateful for the opportunity and the blessings that have been bestowed on me and I look forward to the next 20 years. Who knows? Maybe 30 years plus!!
SO WHAT HAVE WE SEEN OVER 30 YEARS?
Now, let’s look back on where we were in 1988,1998, 2008 and today. I thought I would just share some events and information and let you reflect on them as well. Rather than provide my thoughts and emotions, I will just list them and let you reflect in your own way. Certainly, I would love to hear your thoughts and share mine, but we can do that at our next meeting. So, here are a few of my reflections. If you have more, please share them!
On June 30, 1988, the S&P 500 – “The Market” – closed at 273.50
Before I entered the business, on October 19, 1987 (known as Black Monday) the Dow Jones fell 22.61% in ONE Day.
During 1988 to 1992, the Savings and Loan Crisis was occuring, The FSLIC Closed or Resolved 296 Institutions and the Resolution Trust Company Closed or Resolved another 747 Institutions
August 1990 Iraq Invades Kuwait.
In 1992 I went to work for one of those resolved institutions “First Gibraltar Bank of TX FSB”. The bank was subsequently sold to BankAmerica Corp and became a part of the Bank of America system.
In 1997 we had the Asian Financial Crisis or “Asian Contagion” followed by the 1998 Russian Financial Crisis and the collapse of the 126 billion dollar firm; Long-Term Capital Management (they lasted about 4 years).
Remember Y2K? That was shortly followed by the “Dot.com” crash of the market.
Of course, 9/11/2001 followed by Afghanistan and Iraq.
In 2005 Hurricane Katrina followed by Hurricane Rita.
Then, in 2007 we hit a market peak in October followed by the Sub-Prime Market Crisis sending the S&P 500 down over 50%.
In the past 10 years, we have had the Eurozone Debt Crisis, the Fiscal Cliff Worries and U.S. Government Shutdowns. Bailouts, Obama Care and the British Exit of the EU. and Donald Trump elected as President.
Over 30 years, we have seen families grow as well as losing loved ones. I had a Mobile Phone that I carried on a strap that looked like a suitcase. Now, I have a computer in my hand that can make calls.
On June 29, 2018, the S&P 500 – “The Market” – closed at 2718.37
We have learned a lot. At Williams Financial Planning, Inc., our process begins with a conversation. As I reflect on the last 30 years and look out over the next 30, I see many things that can begin that conversation. Contact Us today.
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