Recently, the family spent a day together visiting downtown Chicago. One of the things we planned was a visit to the top of the John Hancock building, which rises 1,127 feet from the heart of the shopper’s paradise known as Michigan Avenue.
For those of you who haven’t been to Chicago, it’s a city with a remarkable concentration of skyscrapers. In fact, 4 of the 7 tallest buildings in the United States are in Chicago. The John Hancock building comes in at #4 in the city, but offers arguably the best views, with a clear look at Lake Michigan, and the city in all directions.
We got to the observation area on the 94th floor, and then proceeded to take in the views. It was a real thrill for me, despite having seen this several times in my life, because I got to take my 7-year old for her first visit to a true skyscraper.
As I was excitedly showing her all the sights, such as the lake, and all the rooftops, and how you could squint and see Michigan across the lake – I then pointed to the tallest building in Chicago. “See that”, I exclaimed, “That’s the Sears Tower!”
“No it’s not”, my daughter calmly said.
“Sure it is, sweetheart”, I said. “It’s the tall black building over there”.
Then – to my surprise – she said, “It’s the Willis Tower. It used to be the Sears Tower but now it’s the Willis Tower.”
“Well, I like to call it the Sears Tower”, I said. “You can call it the Willis Tower if you want to.”
“Why do you want to call it the Sears Tower when that’s not its name anymore?” she then asked.
I had to stop and think about that. Why would anyone call this building by an old name? Well, the building was called the Sears Tower from its opening in 1974. From the time I was a kid, I had always known that the tallest building in the United States was the 1,451-foot tall Sears Tower. But on July 16, 2009, after 35 years of being known as the Sears Tower, this iconic building was officially renamed the Willis Tower.
It dawned on me that I was totally holding on to what was familiar, what fit into my comfortable view of things. Clearly, for many in my generation, that building is the Sears Tower; it’s what we know. But to a whole new generation of people, it’s the Willis Tower. For now, that is. It could be altogether something else in the future, who knows. But it’s no longer the Sears Tower.
As I think about this, I wonder just how often we hold on to old beliefs, clinging to what makes us comfortable, because we are resistant to change.
Could this apply to personal finance?
I think it could, in many situations.
For example:
- Clinging to old views on real estate: “you won’t lose money on a home over time, homes are always a sound investment”
- Holding on to investments too long: “I know this stock has dropped, but I don’t want to sell it until it comes back up in value”
- Staying with the same job too long: “My employer will always take care of me”
- Resistance to learning about new techniques: “I don’t want to pay any bills online – I only want the old-fashioned way of writing checks”
- Refusing to explore diverse investment opportunities: “I’ll just stick to what I already know”
Things change, and we have to adapt to the times. It’s important to keep our core values and beliefs, but also accept that it’s important to keep an open mind and learn at all times. These positive, open traits can lead to a more positive orientation toward wealth preservation and creation.
What do you think? In the world of personal finance, do you know anyone who sticks to long-time beliefs, but could benefit from fresh thinking and an open mind?
I have to remind myself to change with times every once in a while. Otherwise, I’d never have discovered ING and that would have been sad. 🙂
So, did you ever answer your daughter’s question on why you call it the wrong name? Maybe you should thank her for reminding you that things do indeed change, lol. 🙂
I think I said something to the effect of “that’s what I like to call it”. Which is true. Yes, I was sticking to my way defiantly.
But she was right, and I’ll find a way to weave that into a converstation at some point soon. Important to let kids know that they’re right about things.
I think it’s smart to change with the times, and be flexible. I’m cool with saying Willis Tower, though at times, depending who I’m with, I’ll say Sears Tower.
There are some good things though. Like know how to cook, how to knit, sew, how to use a slide rule.
Regarding property, it’s a myth that it ever went up. here a graph on Dutch property prices in Amsterdam since 1650. There have been lots of ups and downs
http://www.huizenmarkt-zeepbel.nl/images/huizenprijzen_300jaar.jpg
This post brought back some memories for me. Back when I used to travel for a living, I always had to visit the tallest building in every city. Chicago was one of my regular stops and I wanted to see the Sears tower. Being a Californian, I walked from the Mart Plaza in a t-shirt on a sunny day. By the time I got to the Sears tower, rain was pouring on me. I still have a Chicago sweatshirt I had to buy from one of the tourist shops.
Bret – did you make it to the top of the Sears Tower? Now, at the Sears (Willis) Tower, there is a glass floor at some part of the observation deck area, for a different experience altogether.
I have yet to do that, though I might have to one of these days. It’s interesting because it’s one of those things that if you live here – you don’t think about visiting, for whatever reason. I’m sure there are places like that in many cities – like Alcatraz. Tourists love it, but it’s not exactly a place locals in San Francisco flock to.
Anyway, thanks for the comment and for coming back!