About Mark Pace

T. Mark Pace

When there is an immediate need for cash at the time of someone’s death, it has been my experience that life insurance, when properly acquired and managed, is one of the best tools ever invented for the creation and transfer of wealth. However, life insurance is rarely acquired properly and, because it is mistakenly assumed to be a "buy and hold" asset, it is never managed. The resulting financial disasters are far too frequent and completely avoidable.

If you would like to learn more about any Pig-in-a-Poke blog posts or discuss any other life insurance issues, contact T. Mark Pace at Mark@objectivereview.com

 

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Pace’s Pig-in-a-Poke

About Pace’s Pig-in-a-Poke

Pace’s Pig-in-a-Poke, provides an arena for sharing the four great passions in my life. My three foundational passions are:

  1. Invest in yourself first;
  2. The genius in all of us, and;
  3. We can all live a long healthy life.

These three support my life work and my fourth passion; LIPM™ (Life Insurance Property Management).

As the blog title suggests, my focus is on debunking all of the myths, misuse, and muddled thinking that has accumulated in the life insurance industry. And, from time to time, I will go outside of the specific world of life insurance and share my views on my other three passions.

I hope you find my blog worthy of your attention, informative, and occasionally inspirational. I welcome your comments, questions and suggestions.

Mark Pace

Gratitude can break the bad news cycle

The Poke

While driving my car this past weekend, I turned on the radio and listened to a newscast. The stories went from bad to worse to bleak to near hysteria… the last being about the weather.

My destination was my bank and I sighed with relief as I turned off the car and the radio fell silent. While I waited for a teller to become available, a flat screen TV, tuned to a 24-hour news channel, brought me up-to-the-minute on the weather and stock market while simultaneously presenting news snippets on our sluggish economy, some decidedly partisan politics, a campaign contribution scandal, a murder, two wars, a train derailment, a flood, three riots, and hearsay dressed up as expert opinion about a pending major corporate bankruptcy.

A soon as I started the car for the drive home, the radio came on and I reached to turn it off but stopped. Even though I had already heard and seen enough bad news for one day, I felt compelled to listen. It was as if it was my duty to know everything the reporters had to tell me... after all, what if I missed something important?

The Poke Exposed

Conspiracy theories aside, I believe the overwhelmingly negative nature of the news is holding us back. Driven in large part by an obsession with politics – elections mostly – and a patronizing need to warn us for our own good about all sorts of impending disasters, the mainstream news media is adding to our personal sense of unease and fear.

I believe it is common knowledge that our mainstream news media embraces the principle that bad news sells. And, sociologists have long observed a frightened populace turns to distractions to allay its fears. The distractions we turn to are all forms of entertainment, consumer products, vices, home décor, fancy cars (or fancy things for our cars), electronics, travel, and even financial and insurance products; the stuff the news media must sell to keep itself alive.

But clearly, when we look around, we see something is seriously broken.

I think we have hit a point in our history where the fear-equals-shopping equation has run its course. I’m not proposing it is no longer effective, quite the contrary; I think it has become too effective. The fear driven economy has become so powerful, it has crippled the entrepreneur driven elements of the economy that have always sustained our nation.

Pace’s Poke Remedy

The mainstream media sells a 24/7 bad news cycle because it works for them.

But, if you are an entrepreneur, and most of us are in one form or another, it doesn’t work for you. Giving too much credence to the constant bombardment erodes your confidence and, as an entrepreneur, confidence is your most valuable asset. Without an intact and powerful sense of confidence, your ability to take risks, invest passionately in your beliefs, and do what it takes to create new value for your clients, employees and yourself, is critically harmed.

I am not recommending sticking your head in the sand and ignoring the news. You do need to stay on top of what is important to your business, family, community and your personal interests. But, you must temper what you hear with the knowledge that the world the mainstream news media presents is only part of the real world.

Based on the observed habits of the most successful people I know and my personal experience, the best way to counteract our growing culture of negativity and protect your confidence, is to approach life with gratitude and as much as possible, limit your exposure to the 24/7 bad news cycle.

Always be grateful.

The key is to stop whatever you are doing and think about where you are versus where you could be; we have a long ways to go before any other place in the world is better than what we have going here. Stop and think about what you did yesterday that was positive and think through how you can build on it today. And, most importantly, tell someone else how much you appreciate them.

Gratitude creates a positive mindset. Gratitude feeds your confidence. Constant bombardment by the media, from all angles all the time does the opposite.

OK, bottom line time: you must establish a habit in which you regularly take the time to be grateful.

The daily family dinner is perhaps one of the best times to do this as it helps your family acquire the habit (although for my family, this only works on major holidays and vacations as our children are now in college and out of the house).

Personally, in addition to a relatively brief daily meditation on what I am grateful for, I practice two forms of journaling. On Sundays I write and review what I am grateful for in my personal journal. On Monday mornings, I do the same in my professional journal and then share what I have written with my team as a way to start our week with a powerful positive focus.

I mentioned earlier that the news media only presents part of the real world. When I wrote that statement, I was tempted to say it only presents a small part of the real world. Regrettably, bad news has been growing because good news does not get its fair share of the airwaves. My fear is that bad news begets more bad news and the more bad news we as entrepreneurs hear, the less likely we are to create wealth.

Do not mistake this warning as more bad news.

In fact it is the greatest news ever… if we act on it! I believe that by embracing gratitude, we can turn the bad news tide that is threatening what we have and, even worse, threatening what we can achieve.

 

 

About the author

Mark Pace
Mark Pace
When there is a need for immediate liquidity at the time of someone’s death, it has been my experience that life insurance, when it is properly acquired and managed, is one of the best tools ever created for the creation and transfer of wealth. However, in my 35 plus years of experience, life insurance is rarely properly acquired and never managed… thereby creating a monumental financial disaster for many individuals that should never happen.

If you would like to learn more about this Pig-in-a-Poke subject or discuss any other life insurance issues, contact T. Mark Pace at Mark@objectivereview.com

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