06 Jul Financial Wisdom from Gregory Nunn’s Dad
The events of the past week or so have made some things clear, I think. There really are two different kinds of worlds … well, perhaps more accurately, in this Internet Age, there are many little worlds that we can inhabit. And your state of mind really does get impacted by the one in which you choose to dwell.
“Brexit” (Great Britain voting to exit the European Union) has left all the TV news people scratching their heads, searching for explanations and trying to draw big conclusions from it all. But if anything is OBVIOUS from it, it’s how disconnected so many people feel from the big stories that TV news people want to tell about us.
The horrible floods in West Virginia are an example of this. Folks there probably aren’t too terribly concerned with the state of the European Union right now.
And, unless you have pressing business that relates to foreign currency exchange, I highly recommend that you don’t concern yourself by it either. And, realistically, given the glacial pace, UK residents and those affected by the vote won’tactually feel the consequences of the vote for months and years down the line, while the details still get ironed out. Even the market gyrations last week were mostly just about the uncertainty of it all, and a “new normal” will settle in quite shortly (if it hasn’t already begun to do so, even).
Here in the United States, we all have our own fish to fry, so to speak. And this isn’t to mean that we shouldn’t care about world events, politics, etc. (because of my vocation, for instance, I do pay close attention). But we must limit ourselves to the matters that actually impact our world if we are to move forward in the things we are meant to do.
It all reminds me of some of things many (but not all) of us learned from our Dads. And with Father’s Day only recently in the rearview mirror, I thought I’d revisit some things I learned, hopefully for your benefit. And, as usual, I’d love your thoughts…
Financial Wisdom from Gregory Nunn’s Dad
“Success: keeping your mind awake and your desire asleep.” -Sir Walter Scott
My Dad said a lot over the years, giving me some valuable lessons.
I’m attempting here to summarize his thoughts…so call this a paraphrase of Dad’s Financial Wisdom:
* The bank is not your financial security.
The best credit line available is the one attached to your emergency savings fund. Remember, the borrower is sli’ave to the lender, and you don’t want to be a slave to big banks. Take my word for it!
* Don’t depend on government for making your life easy.
In an emergency, don’t be too proud to accept help, but do not make it a way of life.
* You can’t depend on schools to provide your full education.
You must self-educate beyond the lessons taught in school. Challenge your educators, and challenge your own thoughts. Read books. Read books contrary to your own opinion, so that you may learn another point of view. Read books on subjects you don’t think you care about and you just may discover your passion.
* Getting rich rarely comes quickly.
Building wealth takes time, and a lot of hard work. If you want to be successful in anything, you must work at it for hours every day — sometimes late into the night, and early in the morning. If you are happy with mediocrity, punch the clock after 8 hours, plop down in front of a television and waste valuable time until you fall asleep. Repeat this process until the weekends when you can do even more of the same.
* Be skeptical.
Don’t believe everything you read, most things you hear, and even a few things you see with your own eyes. Question everything. Nothing in life is black and white.
And, while we’re on the subject of Dads, let me leave you with one final gift:
Finish the race.
Nunn Better Tax Resolution