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If you think you " ve had to meet some tough challengers in your time, consider the historic sales call made by Robert Fulton, the famous American who manufactured the world's first commercially successful steamboat. His meeting was not with the average, easy-going small businessman or head-of-house-hold trying to keep his head above water. His prospective client was Napoleon Bonaparte, who was busy trying to blast all the world's ships out of the water to become ruler of all Europe. Fulton made what he felt was a very effective presentation. Napoleon turned on him and screamed, "What, sir?
Would you have me make a ship sail against the wind and currents by lighting a bonfire under her deck? I pray you excuse me. I have not time to listen to such nonsense. " Fortunately, Mr. Fulton did make other sales calls. He produced the first money-making steamship between New York and Albany and changed the entire course of world history. And world history keeps on changing.
Surely it was sheer coincidence that Adam Smith's, The Wealth of Nations, was published in 1776, the year of the birth of the United States. His book proposed open competition, a free marketplace and the creation of wealth for the hardworking individual. That was some year, 1776. It produced the most effective political system in the world and an economic theory that produced more personal wealth than the world had ever seen.
Now here we are, 220 years later, undergoing a full-scale national debate about the purpose and role of this very government, tying with it dire warnings about the consequences of not balancing the federal budget soon and getting our country's financial house in order. As the debate continues - augmented by the energy of the current presidential election season - we stand on the last leg of the 20 th Century. The year 2000 will be upon us before we know it. The question is, will we be ready - as individuals and as a nation - for the challenges this new century will bring? We have a lot of work to do. First, savings are too low in the United States.
Far behind the savings rates of other countries. Japan's personal savings rate is 15 percent. The U. S.
personal savings rate is less than 5 percent. Second, savings must be increased in the United States if we are to pay our own way as a government, and to provide the investment capital we need for domestic corporate expansion and investment in overseas opportunities, all of which create good, well-paying jobs. Third, if money is the economic compost in which products and corporations grow best, it is also the natural nourishment nations need in order to flourish. We must pump new economic life into America and our future. To do that, we must commit ourselves to a national strategy of personal savings and investment.
This can be done through IRAs, stocks and bonds, simple savings accounts, and even life insurance and annuities. There is something for everyone. It's only a matter of doing it. Many people are, far too many are not.
For too long, Americans have lived their lives the way Joe E. Lewis, the famous nightclub comedian, lived his. He said, "I have all the money I'll ever need in my whole life... as long as I die at 4: 30 this afternoon. " Such a national commitment would re-inspire people to become more self-sufficient on their own. People could be freer to start businesses, get out of debt, and enjoy the liberating experience of economic freedom. They would prosper enough to give more to their churches and charities, and others in need.
America is ready for it. People are growing weary of a plastic life, paid for by plastic cards on revolving accounts that never get paid off. People are also growing leery of foreigners taking greater control of our resources - even to the financing (at a handsome profit) of our national debt. As a nation, we should make a commitment to do all the right things to put our country on a sound track financially (which public opinion polls show we all want), and to embrace as individuals a strategy of personal savings and investment, no matter how small. The results will not only be a good example to our children, who social scientists say have adopted our own free-spending habits, but will enable all of us to have greater control over our lives, financially and personally. Sure it will be a challenge, but like Robert Fulton found out, sticking with it will pay off in the end.
Free research essays on topics related to: world history, personal savings, investment, plastic, savings
Research essay sample on Personal Savings World History
