People ask me my forecast for the economy when they should be asking me what I have in my portfolio. Don’t make pronouncements on what could happen in the future if you’re immune from the consequences. In French, they use the same word for wallet and portfolio.
I have never, ever borrowed a penny. So I have zero credit record. No loans, no mortgage, nothing. Ever. When I had no money, I rented. I have an allergy to borrowing and a scorn for people who are in debt, and I don’t hide it. I follow the Romans’ attitude that debtors are not free people.
I carry euros, dollars, and British pounds. What I do with my money is personal. People who say they give it to charity, that’s a no-no in my book. Nobody should ever talk about a charitable act in public.
Better to miss a zillion opportunities than blow up once. I learned this at my first job, from the veteran traders at a New York bank that no longer exists. Most people don’t understand how to handle uncertainty. They shy away from small risks, and without realizing it, they embrace the big, big risk. Businessmen who are consistently successful have the exact opposite attitude: Make all the mistakes you want, just make sure you’re going to be there tomorrow.
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2 comments:
I really like this article.
This fellow wrote some very pertinent material and I encourage the readers to read this article - it is short after all.
I do wonder one thing: Was he born into a wealthy family? I just wonder it. It is very difficult to have lived and never borrowed money in this day and age. Of course, he is a baby boomer (age group) so many boomers did not borrow money. My father never borrowed money except for buying the family home. This person never even borrowed to buy a home?
Anyway, good article.
Thanks for posting it.
A lot of local professional government dependents should read this and give it some deep thought. We have more than our share of young, inexperienced, risk averse beaucrats that make awful decisions and do so with arrogance and contempt for there employers, the tax paying citizen.
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