Calamity howling is always in style with some folks, every year.
1974 was 50 years ago this year! I was fresh out of high school bright eyed and earnest about all things JW and Watchtower. I was earning $10 an hour working full time manufacturing tiny parts for those new-fangled computers. Every talk from the platforms at my Kingdom Hall, and Conventions warned of the END OF THE WORLD as we know it!!! WOW!! 1975 was the END OF 6,000 years of man’s existence on the planet-according to JWs!! (My non-JW dad rolled his eyes about Watchtower’s teachings and prodded me to go to college, save 10%+ of every paycheck, and buy a house. He said: if you don’t go to college, at least do the same work for Hewitt Packard Corp., buy a house, save, get a decent pension and benefits, and you will be set in your old age!)
BUT… At the time all the calamity howlers, preppers, and Watchtower seemed right! The US had just lost the Vietnam War to China’s and the USSR’s proxy North Vietnam. The Soviets seemed unstoppable. Nixon had just resigned in disgrace. The inflation rate was 11.1%! 1974 was a Bear market, and stocks tumbled 43%! The Dow was down to 570 on Dec 9, 1974 (42,124. 9/24/24). Watchtower predicted that people would soon be “throwing their worthless money in the streets!”. Mom and many JW relatives ran up credit card balances, or sold homes, or quit jobs expecting to “never have to pay back debts in this system”!! (Meanwhile, Dad rolled his eyes and invested in more real estate and stocks).
Who did I listen to in 1974? Calamity howling JWs, “EXPERTS” and WATCHTOWER!! After much prodding from the magazines, books, the platform and local elders, I quit my full-time job and started to pioneer!! A year later I went to Bethel!! After returning from Bethel, I pioneered and went to where the need was great! I didn’t save a penny! Always out in Serve-us. Poverty ensued, while THE END did not arrive in 1975,76,77,78,79,80,81, or 1982 and on and on. The 1914 Generation DID pass away by the 90s! (Meanwhile Dad had just kept his corporate job, and kept investing, while politely rolling his eyes at me).
Had I ignored Watchtower, AND popular press Calamity Howlers of 1974, and simply listened to my “Worldly” Dad, how much money would I have now by simply investing $166 per month ($8 work day) in a retirement account with an average S&P stock return of 11% for 50 years??? $3,354,829.90. Yes, folks, THREE MILLION DOLLARS. Lesson? Simple 6th grade math, compound interest, and common sense would have beat Watchtower and all the calamity howlers of 1974….and 2024.
https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator