Clinton’s Top Economic Advisor Has Some Advice for Boomers

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Larry Summers, an influential economist and public figure, has offered many different insights that resonate deeply with the experiences of those who have lived for decades. While not all of his quotes are accurate today, many do speak of deep truths that remain true permanently.

These quotes reveal key principles that are especially pertinent to economic discussions. However, they also offer some life lessons, too.

For those who are in a hurry, here are some of the most important takes from these quotes:

• Larry Summers highlights the importance of patience and long-term thinking. Progress and change often take longer than you might think, but they can accelerate rapidly once they get going. Persistence and patience are key, as gradual efforts can lead to huge outcomes.
• The human intellect has only become more important over the years. Even in your 70s, it's important to invest in continuous learning and personal growth. You may even have more time to do this during your retirement than you previously did.
• Summers is a huge believer in interconnectedness. A strong global economy is necessary for all of us. It's important to consider the broader economic forces at play in our nation's economic health and our own lives.
• Research is essential before making decisions, especially when it comes to investing. You also need to discern which information is right and what isn't, though. Not all viewpoints are equally true. This often means reading a few different perspectives before making a decision. For instance, before investing in NVIDIA, you may want to consider reading our free report on " The Next NVIDIA ."

Why Are We Covering This?

Larry Summers is an economist who's best known for serving as the 71st Secretary of the Treasury. However, he's a lot more than that. He's also served as the President of Harvard University and as the Chief Economist of the World Bank. He's massively important in the world of finance, and his wisdom-filled quotes deserve a look.

We've already covered Larry Summers quotes for 40-year-olds , so we'll look at Larry Summers quotes for 70-year-olds in this article.

1. Ownership and Investment

Larry Summers's quotes tend to be very witty, which is one reason they're so fun to read. One of his famous quotes is, "In the history of the world, no one has ever washed a rented car." However, underneath this quote, there's a deeper idea about ownership and care.

People tend to take better care of things they own or have a personal stake in compared to things they're only temporarily possessing for a time. For instance, when you rent a car, it's a short-term agreement. Because you don't own it, you're less likely to go out of your way to take care of it.

Remembering What Truly Matters

Many people interpret this quote negatively, but that isn't the underlying message. It doesn't make sense to take care of a rental car because it isn't really yours. In the larger scheme of things, it doesn't really matter.

In your 70s, it's important to invest your time and care into things that really matter. Whether this means maintaining a strong connection with family or staying involved in community activities, you should choose the things that matter and care for them. At this stage in life, the things you "own" — not just materially, but emotionally and spiritually — are what will bring lasting satisfaction and fulfillment.

2. Taxation and Social Behavior

Larry Summers' perspective on the role of taxation in society can be summed up as: "All taxes discourage something. Why not discourage bad things like pollution rather than good things like working?"

Taxes create disincentives. People try to avoid taxes as much as possible. So, the government can use taxes to create a certain outcome. For instance, instead of racing income, which discourages work, Summers suggests to tax harmful activities, like pollution, to encourage positive behavior.

Your Legacy

In your 70s, you're likely becoming more aware of the legacy you're leaving behind. Many retirees are deeply concerned with the world they'll pass on to their children and grandchildren. This quote invites them to consider how economic and environmental policies can influence the world.

By advocating for taxes that target "bad things" like pollution, Summers emphasizes the importance of creating a sustainable and livable world. For older adults, this resonates as they think about the impact of their lives and choices on the planet. Even if you aren't concerned with environmental factors specifically, the world you're creating will be inherited by your children.

It's important to start thinking about what that world is!

3. The Paradox of Life

There are many things in life that are particularly complicated, including the unpredictability of time and progress. Larry Summers summed it up as: "A good rule of thumb for many things in life holds that things take longer to happen than you think they will, and then happen faster than you thought they could."

Often, we're working toward a goal or waiting for something to happen. During these times, it can seem like everything is progressing very slowly. Once things begin to fall into place, though, they can accelerate quickly, often catching us off guard.

Patience and Persistence

In your 70s, you've probably come to understand this quote deeply. You may be able to look back on your life and see how true this observation really is. Often, personal achievements and societal changes build extremely slowly and build up to important movements. Then, suddenly, everything changes all at once.

This quote serves as a reminder that even when progress seems very slow, it's important to stay committed. The results can arrive suddenly and unexpectedly. It's also a reassurance that this is exactly how things are supposed to be!

4. Not All Perspectives are Valid

Larry Summers had a unique perspective on perspectives: "The idea that we should be open to all ideas is very different from the supposition that all ideas are equally valid." Being open to considering different perspectives is essential for growth and understanding, but it doesn't mean that every idea holds the same weight or truth.

Discernment is vital. You must be able to evaluate an idea on evidence and logic, not automatically accept every idea that comes along.

Staying Open-Minded

By this stage in your life, you've probably encountered a vast number of ideas, and you've had plenty of practice trying to determine which ideas hold up and which do not! It's important to remain open-minded and curious, but you also need to trust your hard-earned judgment to distinguish between ideas.

While being receptive to new ideas is valuable, it’s equally important to rely on the wisdom that comes from a lifetime of experience. It's a hard balance to strike but an important one.

5. Standing Up for What You Believe In

Larry Summers firmly believes in confronting harmful concepts: "The only antidote to dangerous ideas is strong alternatives vigorously advocated." Instead of simply dismissing dangerous ideas, the most effective response is to offer a better solution. It's about being solution-oriented and not just problem-oriented.

If you don't agree with a solution, come up with a better one!

Remaining an Active Participant

In your 70s, you've probably had tons of experience standing up for what you believe in. You've seen both good and bad ideas over the years, and your hard-won wisdom can help you tell the difference. Now, though, the important thing is to remain an active participant in the conversation rather than remaining passive in the face of harmful practices.

Your voice is powerful and necessary. Whether it's in politics or social issues, advocating for positive alternatives is a way to leave a lasting impact. Using your knowledge and experience, you can still guide the younger generation.

6. Missed Opportunities

We all have missed opportunities in our lives. Larry Summers saw it amongst many of the investors he knew: "Most investors want to do today what they should have done yesterday."

In the world of investing, it's often easy to see what you should have done. However, it isn't so easy to see what you should do now. Many investors try to make up for lost time rather than having a thoughtful, proactive strategy now. The challenge lies in trying to stay ahead of the curve rather than chasing after what has passed already.

Embracing the Present

This quote moves beyond just the financial realm. It also reflects a broader life lesson about the importance of foresight and planning. By this stage of life, you've likely experienced moments of regret over what you might have done differently. However, this quote reminds us that a fulfilling life is not about focusing on what could have been. It's about focusing on what you can do now.

Use this quote to help you embrace your current situation instead of focusing on past mistakes. Whether it’s in relationships, health, or personal projects, the lesson is to act with intention and mindfulness today rather than being driven by regret over yesterday.

7. Accepting Reality

It can be easy to attempt to repeal the laws of reality, but that just isn't how the world works. Larry Summers explained it like this: "Start with the idea that you can't repeal the laws of economics. Even if they are inconvenient."

Yes, we'd love to circumvent the simple laws of economics, but they remain consistent and can't be avoided. If you do ignore them, you may end up with serious consequences! This quote is a reminder that reality must be faced, even when you don't like it.

Certain Principles Remain Solid

You should accept all truths in life, even when they're difficult. For instance, in your 70s, one of your big worries may be getting older. It's a simple fact that getting older is a part of life. However hard it may be, fighting it won't make you any younger!

Some realities cannot be ignored or wished away. Ignoring these realities can often lead to worsening circumstances. They tend to become elephants until they're dealt with head-on. For instance, illnesses tend to get worse when they're ignored, not better!

It's important to approach your remaining years with a practical, accepting mindset. You've had plenty of experience in life to understand that some things are out of your control.

8. Darkest Before the Dawn

There seems to be a basic understanding of things getting worse rather than better. Larry Summers acknowledged this too: "In politics, as in poetry, it is sometimes true that it is darkest before dawn."

In just about everything, the darkness seems the worst right before the light comes. This is a common poetic expression, but it shows up elsewhere, too. For instance, in politics, things often seem the most challenging or hopeless before positive changes.

Resilience in Turbulent Times

While this often shows biggest during large events, like political changes, it's also true for most things in life. Often, challenging circumstances get harder before they get better. Knowing that better times are possible even when things get dark is important for our mental wellbeing, though.

It’s a reminder that patience, perseverance, and faith in the possibility of change are vital, even when things seem bleak. This wisdom can be particularly comforting for older adults who are navigating a new landscape of aging and health. Your societal role may even be changing.

All of this can be a bit overwhelming, but it's important to remain an active participant in your social life. Your experiences are important and can help shape the dawn that follows the darkness.

9. Investing in Intellect

Larry Summers once said: "If investments in factories were the most important investments in the industrial age, the most important investments in an information age are surely investments in the human brain." There is a significant shift in what drives progress in our new era.

During the Industrial Age, the primary engines of growth were physical assets like factories, which produced goods and fueled economic expansion. We're now in the information age, though, where the most valuable assets are no longer physical but intellectual.

Maintaining an Active Life

In your 70s, it may seem like it's time to slow down. However, lifelong learning is hugely important, even in the later stages of life. It's important to invest in your mind through reading, learning new skills, and staying curious. It's crucial for staying fulfilled in our rapidly changing world today.

Hopefully, this quote inspires you to continue with your intellectual hobbies, even as you get older. There are countless opportunities to expand your mind. Your experience and wisdom matter, not just for yourself but for society as a whole.

10. Interconnectedness

Larry Summers understands that everything is connected. However, he understands that national and global economic health is extremely connected: "Our prosperity is linked inextricably to the maintenance of a strong world economy, an open international trading system, and stable global financial markets."

A strong world economy, open trade policies, and stable financial markets are important for everyone's economic growth and stability. However, this quote doesn't stop there.

Staying Informed

If our nation's economic health is related to the world's economic health, it only makes sense that this concept would work on a smaller scale, too. Our economic health is related to our nation's economy, which is, in turn, related to the world's economy.

That can seem like a lot of stuff to keep up with. However, many in their 70s have learned firsthand how interconnected the world's economies are. They’ve seen how economic downturns in one region can impact others and how international trade agreements and financial stability contribute to overall prosperity.

It's important to stay informed about the overall global economy and understand its implications. Thanks to your experience, you're in a good place to help others learn about and support global economic stability.

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