We’ve been talking about making and saving money, investing the excess in stock, learning how to use the tools necessary to do all of that, and career choosing and building. In case you haven’t noticed, IFO’s bias on the career issue is freelancing.
We know that many of you prefer to have jobs, or are afraid of jumping out into the economic void that can be the freelance world, and we sympathize. Our arrival in that world was totally by accident. We admit that freely. But now that we’re here, we love being self-employed.
But let’s talk a little bit about fear. Our DDH was full of fear – he said it was necessary to be a good engineer. Besides, it wasn’t really fear, it was realism; preparing for the worst while hoping for the best; looking out for our family and trying to avoid costly mistakes.
He was particularly troubled by all the doom and gloom he encountered in the financial newsletters he subscribed to. It is hard to remember when he had what turned out to be a brilliant thought.
“What if they are wrong?” he asked himself. From that day forward, our financial fortunes turned up. Sure he lost money on some investments, but he was no longer looking for a full-bore world-wide economic catastrophe. He just put one foot in front of the other, figuratively speaking, and began to manage his portfolio.
He no longer looked for personal perfection among his investments. He just read background information and made his own best guess as to which were the most prudent investments. Do you see the difference in mindset?
This is what we advise you to do for yourself, and what we strive to do for ourselves. And we continually remind ourselves, as he always used to say, “Any idiot can make money in a rising market.” [That’s our variation on the Wisdom, wise sayings, on the righthand column of this blog.]
So, what do you think of this item in Street Talk? It’s about a month old, but it could be and probably has been recycled many times with only a few dates and facts changed to update it. Personally, we think that while their overall thesis has some merit, the hype and over-excited language makes us suspicious that this site had other motives than wanting to improve our financial well-being.