“The Eleventh Commandment: Thou shall not spend principal”
Great-grandfather
This was financial advice that my great-grandfather gave to his kids and grandkids.
“If investing is entertaining, if you are having fun, you are probably not making any money. Good investing is boring.”
George Soros ― Investor
The thrill of ups and downs is often tempting. It’s the nature of mankind to seek excitement. But so often it’s the flamboyant stuff that lacks investment value. The crowd could be so blind that...
“Wealth is not measured by how much you have, but by how much you give away.”
Native American Saying
This was said in the context of a Native American village I visited where living conditions were extremely poor, but the man who gave the most to the community to help it thrive was considered...
“If there is a place that is warm in the winter and cool in the summer, and you do what you love doing, you will do fine. You’re rich if you are working around people you like. You will make money if you are energetic and intelligent. This society lets smart people with drive earn a very good living. You will be no exception.”
Warren Buffet ― Investor/CEO of Berkshire Hathaway
This quote resembles many of the other “do what you love...” nuggets of wisdom. I specifically like Buffet’s advice since it is practical and realistic. It reminds us that as long as we stay true...
“Always remember the miracle of compound interest.”
Grandfather
The idea that saving today will make you richer is an idea I like to live by. Working hard and sacrificing today will pay off in the future. Also, this reminds me to be smart...
“Compound interest is the eighth wonder of the world. He who understands it, earns it, he who doesn’t pays it”
Albert Einstein (1879-1955) ― Theoretical physicist
Save early and often, compound interest will do wonders for your financial security if you take advantage of it.
“Chase the vision, not the money; the money will end up following you.”
Tony Hsieh ― Entrepreneur/Venture capitalist
Financial reward is fleeting and breeds a myopic approach to seeking short-term gains. Sacrifice is imperative in order to receive true fulfilment and even greater reward. If there is a cause or idea that I...
“I want to give my kids just enough so that they would feel that they could do anything, but not so much that they would feel like doing nothing.”
Warren Buffett ― Investor/CEO of Berkshire Hathaway
I read this recently in an article about Warren Buffet. I think it hit home, not because I have kids now, but because I’m at the point in my career where I’m making the kind...
“Measure your wealth in relationships, learning, and travel.”
Mario Avila ― Academic, Vanderbilt University
This resonates with me because the first time I met Mario I was trying to figure out how to find a job in Mod 2 of our first year since I was broke. He didn’t...