The Roaring ’20’s: A New Decade

James Duffy

Stop and think for a moment of all the changes in this past decade.

In 2010 I bet none of us had the Uber or Lyft app on our phones. Now you are in the minority if you don’t. In 2010 we were reeling, some more than others, from the effects of the Great Recession. People were still losing homes, and investors were scooping them up in the deal of a lifetime. Most of us still had cable or satellite television. I am not sure of the number, but anecdotally more and more people I speak to are streaming only or streaming + an antenna for local HD programming.

And, I know you can think of a lot more changes, some quite significant.

My 8, 7 & 5 year olds all added a ‘1’ in front of that age. Just that is a shift. I know you have some personal and family tectonic shifts as well.

I think the next decade will bring more rapid change than the previous, in many areas of life. Let’s take a quick broad view, then get personal.

One area that is worth mentioning at a macro-economic level is the amount of government debt that keeps rising. We hear about it on the news, and see politicians wringing their hands over the growing national debt. And, of course, dutifully doing nothing about it when in office where they actually could promote change. (Don’t worry, I am not going to get political. That’s just a passing observation I think any casual observer would agree with.)

A side effect of such staggering debt is that interest rates, including mortgage rates, will stay low for quite some time, certainly the decade of the ‘20s, and inflation will stay tame.

Thinking of buying a home? Interest rates will continue to go down to around 3% for a 30 year fixed rate, which is great. That drop will also continue to push home prices higher as well. So, I would caution to buy soon, if you are in a position to, and just be ready to refinance when rates do drop in the next 9 – 24 months.

But that is my field. What about you in the next 10 years?

I really love the phrase that Tony Robbins repeats often, that we tend to overestimate what we can accomplish in one year, and underestimate what we can accomplish in ten years. True. So long as you have a direction.

And that would be my hope for you. That you pick a direction, some field that you want to master, and begin.

If you haven’t yet read it, I highly recommend the book “The Compound Effect”. The premise is simple, that if you make subtle but steady improvements, the compound, and over time you will excel in that area. You should read the book if you have not already.

That can be the story of your next decade. Whether you want to make more money, lose more weight, master a skill…you get the idea. If you begin today and improve just a little every day, every week, you will master your skill before long.

And, the only thing I would caution: don’t try to be the master of all skills. I see this often in business – and I am in the real estate world, where both Realtors and mortgage lenders try to take on too much and are spread too thin. They don’t want to give up any of the pie they are making. But because they won’t give up any, by hiring the right people to help in every area, the pie remains very small.

In your chosen area, play bigger than you are comfortable doing. Hire team members, and coaches, and network with those better than you, and grow and stretch and expand. Get uncomfortable.

That’s how, when you look back at the roaring ‘20s come New Year’s Day 2030, you will be amazed at just how far you have come and how much you’ve grown. You will have underestimated what you were capable of in these ten years.

About The Author

For years, 18 as of this writing, I have walked beside average men and women of all ages on a specific journey. The journey of home ownership.
And what I have discovered in opening up the financial reality of thousands of individuals & couples is a constant mix if fear, hope, confusion and achievement. It really is an exhilarating journey!
And I have read innumerable books on personal finance, read the blogs and listened to the podcasts, and spoken to the experts. And there always seems to be a bit of a disconnect between the theory of ‘personal finance’ and the lived reality of what is, truly, personal finance.

This is a place where real life meets real money. I hope you will come along on the journey to explore Finance, on the Front Line.


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