7/29/2019 Advancing Liberty in 2013: Ten Rules of Thumb
http://slidepdf.com/reader/full/advancing-liberty-in-2013-ten-rules-of-thumb 1/2
$GYDQFLQJ/LEHUW\LQ7HQ5XOHVRI7KXPE7KH)UHHPDQ)RXQGDWLRQIRU(FRQRPLF(GXFDWLRQ
ZZZIHHRUJWKHBIUHHPDQGHWDLODGYDQFLQJOLEHUW\LQWHQUXOHVRIWKXPED[]]-G\M*OL
$1<7+,1*3($&()8/
$GYDQFLQJ/LEHUW\LQ7HQ5XOHVRI7KXPE$GYDQFLQJ/LEHUW\LQ7HQ5XOHVRI7KXPE)(%58$5<E\/$:5(1&(:5(('
´$1HZ<HDUVUHVROXWLRQµWKHROGZLVHFUDFNJRHV´LVVRPHWKLQJWKDWJRHVLQRQH\HDUDQGRXWWKHRWKHUµ7UXHHQRXJKIRUPRVWRIXVPRVWRIWKHWLPH
6RZKHQJRWXQGHUZD\,GHFLGHGWRVNLSWKHUHVROXWLRQULWXDO,QVWHDG,SODQQHGWRZRUNKDUGHUORQJHUDQGVPDUWHUWKLV\HDURQEHKDOIRI
VRPHWKLQJ,FDQ·WLPDJLQHOLIHZLWKRXW³OLEHUW\
$VLQGLVSHQVDEOHDVOLEHUW\LVWRWKHSURJUHVVRIKXPDQLW\LWVIXWXUHLVQHYHUDVVXUHG,QGHHGRQPRVWIURQWVIUHHGRPKDVEHHQLQUHWUHDWIRU\HDUV³LWV
OLJKWIOLFNHULQJDJDLQVWWKHZLQGVRILJQRUDQFHLUUHVSRQVLELOLW\VKRUWWHUPJUDWLILFDWLRQDQGSRZHUOXVW7KDW·VZK\LW·VDOOWKHPRUHLPSRUWDQWWKDWWKRVH
RIXVZKREHOLHYHLQOLEHUW\EHFRPHPRUHHIIHFWLYHVSRNHVSHUVRQV
7KH5XOHVRI7KXPE
7RZDUGWKDWHQG,RIIHUWKHZHOOZRUQ´WRSWHQµOLVW7KHVHUXOHVRIWKXPEGRQRWDSSHDULQDQ\SDUWLFXODURUGHU6R,OHDYHLWWR\RX'HDU5HDGHUWR
GHFLGHZKLFKRQHVDUHPRUHLPSRUWDQW%HFDXVHLW·VQRWPHDQWWREHDILQDOZRUGRQWKHPDWWHU,DOVRLQYLWHUHDGHUVWRDGGWRWKHOLVW
*HWPRWLYDWHG/LEHUW\LVPRUHWKDQDKDSS\FLUFXPVWDQFH,W·VDPRUDOLPSHUDWLYHZRUWK\RIHYHU\RXQFHRISDVVLRQWKDWJRRGSHRSOHFDQPXVWHU,W·V
QRWMXVWDERXWJHWWLQJNH\HGXSLQDQHOHFWLRQ\HDURUUHVSRQGLQJWRVRPHLVVXHRIWKHGD\,W·VDOZD\VWKHGLIIHUHQFHEHWZHHQFKRLFHDQGFRHUFLRQ
EHWZHHQOLYLQJ\RXUOLIHRURWKHUVOLYLQJLWIRU\RXDQGDW\RXUH[SHQVH,IOLEHUW\LVORVWLWPD\QHYHUEHUHVWRUHGLQ\RXUWLPHRULQWKDWRI\RXUFKLOGUHQ
DQGJUDQGFKLOGUHQ)RUVROYLQJSUREOHPVDYRLGLQJFRQIOLFWDQGEULQJLQJSHRSOHWRJHWKHUWKHUH·VQRZRUVHFRXUVHWKDQSROLWLFVDQGIRUFHDQGQREHWWHU
SDWKWKDQOLEHUW\IRUSHDFHIXOH[FKDQJHDQGFRRSHUDWLRQWRIORXULVK
/HDUQ0RUHSUHFLVHO\QHYHUVWRSOHDUQLQJ7REHDQHIIHFWLYHSHUVXDGHUWKHUH·VQRJRRGVXEVWLWXWHIRUFRPPDQGLQJWKHIDFWVDQGWKHIRXQGDWLRQV
.QRZRXULGHDVEDFNZDUGVDQGIRUZDUGV<RXFDQQHYHUUHDGRUOLVWHQWRWRRPXFKHFRQRPLFVKLVWRU\RUSKLORVRSK\WREHWKHEHVWSHUVXDGHULQ\RXU
QHLJKERUKRRG/HWWKHRWKHUVLGHWDONLQEXPSHUVWLFNHUV&RPHDUPHGZLWKVXEVWDQFHDVRSSRVHGWRVORJDQV
%HRSWLPLVWLF ,W·VWLULQJDQGGLVKHDUWHQLQJWRKHDUWKHGHIHDWLVWVWDONOLNHWKLV´,W·VRYHU7KH5HSXEOLFLVORVW7KHUH·VQRWXUQLQJEDFN2XUJR RVHLV
FRRNHG ,·POHDYLQJWKHFRXQWU\µ:KDW·VWKHSRLQWRIVXFKWDON",WFHUWDLQO\FDQ·WEHWRLQVSLUH3HVVLPLVPLVDVHOIIXOILOOLQJSURSKHF\3HVVLPLVWVRQO\
GLVDUPWKHPVHOYHVDQGGLVSLULWRWKHUVWKHUH·VQRWKLQJWREHZRQE\LW,I\RXWUXO\EHOLHYHDOOLVORVWWKHEHVWWKLQJWRGRLVGHIHUWRWKHSRVVLELOLW\WKDW\R
PD\EHZURQJDQGOHWWKHRSWLPLVWVOHDGWKHZD\7KDWPHDQVOHDYLQJSHVVLPLVPDWWKHGRRU
8VHKXPRU(YHQVHULRXVEXVLQHVVQHHGVPRPHQWVRIOHYLW\6HDVRQLQJ\RXUFDVHZLWKKXPRUFDQPDNHLWPRUHDSSHDOLQJPRUHKXPDQ,I\RXFDQ·W
VPLOHZKHQ\RX·UHPDNLQJWKHFDVHIRUOLEHUW\³LI\RXFDQ·WHYRNHDVPLOHRUDFKXFNOHIURPWKHSHUVRQ\RX·UHWDONLQJWR³WKHQ\RX·UHRQWKHZD\WR
ORVLQJWKHEDWWOH+XPRUEUHDNVWKHLFH
5DLVHTXHVWLRQV<RXGRQ·WKDYHWROHFWXUHHYHU\SRWHQWLDOFRQYHUW/HDUQWRGHSOR\WKH6RFUDWLFPHWKRGHVSHFLDOO\ZKHQ\RX·UHFRQYHUVLQJZLWKD
ULJLGVWDWLVWLGHRORJXH0RVWRIWKHWLPHVXFKSHRSOHKROGWKHYLHZVWKH\GRQRWEHFDXVHWKH\·UHZHOODFTXDLQWHGZLWKOLEHUWDULDQWKRXJKWDQGKDYH
UHMHFWHGLWEXWEHFDXVHWKH\MXVWGRQ·WNQRZRXUVLGH$VNLOOHGOLQHRITXHVWLRQLQJFDQRIWHQSURPSWDSHUVRQWRWKLQNDERXWWKHLUSUHPLVHVLQZD\VWKH\
QHYHUKDYHEHIRUH
6KRZ\RXFDUH,W·VEHHQVDLGWKDWSHRSOHGRQ·WFDUHZKDW\RXNQRZLIWKH\GRQ·WNQRZWKDW\RXFDUH)RFXVRQUHDOSHRSOHZKHQ\RXDUJXHIRUOLEHUW\
/DZVDQGSROLFLHVLQLPLFDOWROLEHUW\SURGXFHVRPXFKPRUHWKDQEDGQXPEHUVWKH\FUXVKWKHGUHDPVRIUHDOSHRSOHZKRZDQWWRLPSURYHWKHLUOLYHVDQG
WKHOLYHVRIWKRVHWKH\ORYH&LWHH[DPSOHVRISHRSOHDQGZKDWKDSSHQHGWRWKHPZKHQJRYHUQPHQWJRWLQWKHZD\RIWKHLUSURJUHVV7KDWVDLGGRQ·W
7/29/2019 Advancing Liberty in 2013: Ten Rules of Thumb
http://slidepdf.com/reader/full/advancing-liberty-in-2013-ten-rules-of-thumb 2/2
$GYDQFLQJ/LEHUW\LQ7HQ5XOHVRI7KXPE7KH)UHHPDQ)RXQGDWLRQIRU(FRQRPLF(GXFDWLRQ
ZZZIHHRUJWKHBIUHHPDQGHWDLODGYDQFLQJOLEHUW\LQWHQUXOHVRIWKXPED[]]-G\M*OL
GZHOORQWKHQHJDWLYH%HMXVWDVJHQHURXVLQFLWLQJH[DPSOHVRIZKDWVSHFLILFSHRSOHKDYHDFFRPSOLVKHGZKHQWKH\·YHEHHQJLYHQWKHIUHHGRPWRWU\
6HL]HWKHPRUDOKLJKJURXQG /LEHUW\LVWKHRQHVRFLRHFRQRPLFDUUDQJHPHQWWKDWGHPDQGVKLJKVWDQGDUGVRIPRUDOFKDUDFWHU,WFDQQRWVXUYLYHLI
SHRSOHDUHZLGHO\GLVKRQHVWLPSDWLHQWDUURJDQWLUUHVSRQVLEOHVKRUWWHUPIRFXVHGDQGGLVUHVSHFWIXORIWKHOLYHVULJKWVDQGSURSHUW\RIRWKHUV7KLVWUXWK
VSHDNVYROXPHVDERXWWKHPRUDOVXSHULRULW\RIOLEHUW\RYHUDOORWKHU´V\VWHPVµ+XPDQLW\LVFRPSRVHGRIXQLTXHLQGLYLGXDOVLWLVQRWDQDPRUSKRXV
FROOHFWLYHOXPSWREHSXVKHGDURXQGE\HOLWLVWVZKRIDQF\WKHPVHOYHVRXUPDVWHUVDQGSODQQHUV$Q\DUUDQJHPHQWWKDWSXUpHVRXUGLVWLQFWOLYHVLQD
FROOHFWLYLVWEOHQGHULVDPRUDORIIHQVH8VHWKLVDUJXPHQWWRVWULNHDWWKHYHU\KHDUWRIDQ\RSSRQHQW·VFDVH
'HYHORSDQDSSHDOLQJSHUVRQD$OLEHUWDULDQZKRNQRZVDOOWKHIDFWVDQGWKHRULHVFDQVWLOOEHUHSXOVLYHDQGLQHIIHFWLYHLIKH·VFRQGHVFHQGLQJ
YHQJHIXOFRDUVHRUFUXGHVHOIULJKWHRXVRURIWHQLQ´DWWDFNµPRGH7KLVLVZK\'DOH&DUQHJLH·VFODVVLF +RZ7R:LQ)ULHQGV$QG,QIOXHQFH3HRSOH
VKRXOGEHRQHYHU\OLEHUWDULDQ·V´PXVWUHDGµOLVW'R\RXZDQWWRFKDQJHWKHZRUOGRUMXVWEHDW\RXUEUHDVW"7DONWRRWKHUVRUWDONWR\RXUVHOI"
$QGVORZGRZQRQWKHQHJDWLYLW\6RPHOLEHUWDULDQVRQO\WDONDERXWEDGQHZV7KHVHDUHWKHIRONVZKRVHHQRWKLQJJRRGKDSSHQLQJDQ\ZKHUH7KLV
DWWLWXGHFRPHVDFURVVDVLIWKH\·UHWHOOLQJ\RX´6WRSKDYLQJIXQ7KHRQO\JRRGQHZVLVWKDWWKHUHLVQ·WDQ\,I\RXWKLQNWKHUHLVJRRGQHZVZH·OOWHOO\R
ZK\LWLVQ·Wµ7KLVDWWLWXGHZHDUVEDGO\DQGUDUHO\ZLQVFRQYHUWV+HURHVDQGKHURLFVWRULHVDUHDOODURXQGXVGRQ·WLJQRUHWKHPE\GZHOOLQJRQWKH
VFRXQGUHOVDQGWKHGLVDSSRLQWPHQWV
'RQ·WGHPDQGWRWDODQGLPPHGLDWHDFFHSWDQFH+DYH\RXHYHUUXQLQWRDOLEHUWDULDQZKROHWV\RXNQRZWKDWXQOHVV\RXIXOO\FRQIHVVDOO\RXU
LQWHOOHFWXDOVLQVDQGUHSHQWRQWKHVSRW\RX·UHDSDULDK"7KHKLVWRU\RISURJUHVVLQLGHDVSURYLGHVIHZH[DPSOHVRIZURQJRQHYHU\WKLQJWUDQVIRUPLQJ
LQWRULJKWRQHYHU\WKLQJLQDPRPHQWDU\OHDS:HPXVWEHSDWLHQWLQYLWLQJDQGXQGHUVWDQGLQJ.QRZZKHQWKHFUDFNVDUHDSSHDULQJLQDQRSSRQHQW·V
ZDOODQGJLYHKLPURRPWRWHDULWGRZQKLPVHOI5HPHPEHUWKDWDOORIXVKROGYLHZVWRGD\WKDWZHGLGQ·WDFFHSWLQRXUSDVW1RQHRIXVFDPHRXWRIWKH
ZRPEZLWKDFRS\RI7KH5RDGWR6HUIGRPLQRXUKDQGV
0DNHD OOLHVQRWHQHPLHV$KDQGIXORIFORLVWHUHGLQHIIHFWLYH³EXWQRLV\³OLEHUWDULDQVIDQF\WKHPVHOYHVNHHSHUVRIWKHIDLWK7KH\EHKDYHDVWKRXJK
WKHJUHDWHUHQHP\LVQRWWKRVHZKRHPEUDFHQROLEHUWDULDQSUHFHSWVDWDOOEXWUDWKHUWKRVHZKRHPEUDFHPDQ\EXWQRWDOOOLEHUWDULDQSUHFHSWV6RZKHQ
WKH\ILQGDIHOORZOLEHUWDULDQZKRRQFHKHOGGLIIHUHQWYLHZVRUGHSDUWVIURPRUWKRGR[\RQDQLVVXHRUWZRWKH\VWDUWWRYLOLI\KLP,WPDNHVWKHPIHHO
JRRGEXWZRUNVDJDLQVWWKHODUJHUFDXVH,IZHVD\ZHZDQWWRPDNHWKHZRUOGDEHWWHUPRUHOLEHUWDULDQSODFHZHFDQ·WPDNHLWSDLQIXOIRUDQ\RQHWR
PRYHLQWKHULJKWGLUHFWLRQ
$%287
/$:5(1&(:5(('/$:5(1&(:5(('
/DZUHQFH:´/DUU\µ5HHGEHFDPHSUHVLGHQWRI)((LQ3ULRUWRWKDWKHZDVDIRXQGHUDQGSUHVLGHQWIRUWZHQW\\HDUVRIWKH0DFNLQDF&HQWHUIRU
3XEOLF3ROLF\LQ0LGODQG0LFKLJDQ+HDOVRWDXJKW(FRQRPLFVIXOOWLPHDQGFKDLUHGWKH'HSD UWPHQWRI(FRQRPLFVDW1RUWKZRRG8QLYHUVLW\LQ0LFKLJDQ
IURPWR
6+$5(7+,6
&RS\ULJKW)RXQGDWLRQIRU(FRQRPLF(GXFDWLRQ$OO5LJKWV5HVHUYHG
Top Related