Lesson IX: Money is not inherently stable or reliable.
Money can go away easily. Illness or injury, unemployment, the forceful appropriation of our assets, personal tragedy, recession, manipulation, theft and economic collapse can all threaten money. October '08 gives us new insights. For example, it taught us that it is not in the nature of money to provide reliable security. It also showed us how "more" is never enough in a world where "less" can happen overnight through no fault of our own.
Lesson X: Financial advisors have profound responsibilities.
If fiduciary advisors proclaim this domain of personal financial advice as our own, even though we don't have all the answers, we can be a source of practical wisdom for all our fellow citizens.
This is why we are here.
Look in the mirror. There is no one else.
Richard B. Wagner, JD, CFP, is the principal of WorthLiving LLC, based in Denver. He is the 2003 recipient of the Financial Planning Association's P. Kemp Fain Jr. Award, which recognizes a member who has made outstanding contributions to the profession.