The One Major Flaw with Investing in 'Yourself'

Back in the early days of this blog, I wrote a post about the idea of investing in ‘yourself.’ From time to time, I read through the posts I’ve written to see if there’s anything in my investing mindset that has changed that I’d like to give some updated perspective on. Other times, I like to see how time has rewarded sticking to that mindset in the form of successful results.

In this case, I found one problem – one fatal flaw – in the idea of investing most or all of your time, energy, and money in improving yourself: the education, the training, the work experience, all in order to increase your income and thereby better your lifestyle and start to fulfill your dreams.

Here’s the problem:

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What’s Your Bigger Financial Motivation – Or Do You Even Have One?

All of us have at least one reason why we get up and go out (or work from home) to try to make a living.  For most of us, it’s survival:  paying for food, clothing, or shelter.  For a growing number of others, it also involves getting out of debt.  Unfortunately, for most of us, our financial motivation is not much beyond that, aside from buying stuff to fill our homes and/or going on trips, both largely in an attempt to escape the mundane.

So, what motivates you to make a living?  Are you trying to get ‘filthy rich’ someday, whatever amount that is and whatever that means?  Is it simply to pay for the basics and to have a bit left over to buy and/or do something nice from time to time?  Are you simply in survival mode – or, in survival mode plus a mountain of debt?  Are you the rarest type who is looking several years, even decades, beyond today and actively planning for then?

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Should a Person be Freaked Out About Debt?

In another post, I told the story of how I sold all the stock investments in one of my portfolios in order to pay off about 80 percent of our mortgage debt, which is incidentally (and thankfully) our only debt.  At one point, I offered a rather pointed opinion about my dislike for debt that I want to write more about.  To some people, I might have come across as being very harsh in my opinion about debt, even freaked out about it, but should I be?  Is it a modern reality that I and others should just learn to live with because borrowing interest rates are so low, or is one right in trying their utmost to get out of it as quickly as possible?

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The (Not So) Funny Thing About Financial Advice Blogs

When I started writing this blog a few years back, I did so mainly with the hope of attracting the person interested in getting a start in this exciting world of investing, the sort of person who isn’t maybe very interested in or successful with financial matters in general and investing in particular.  But what I’ve learned since is how the words “exciting” and “investing” aren’t words that most people would consider putting in the same sentence.

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If You’re not Managing Your Money, Who is?

Even if you don’t know about the sport of ice hockey, odds are that you’ve heard of the great Number 4, Bobby Orr, who played most of his career for for the Boston Bruins of the National Hockey League (NHL). You can watch this video to learn a bit about him. He is arguably the best player to have ever played the game – even better than Gordie Howe or Wayne Gretzky – because he was the most complete player, the best two-way player the game has ever seen and will probably ever see, a master Continue reading “If You’re not Managing Your Money, Who is?”

Learning Financial Discipline Through … a Smartphone?!

Before you jump to the conclusion that I’m about to announce or promote some amazing new app that will set your financial house forever in order with the greatest of ease, allow me to clarify.

First, although this post contains financial lessons that can apply to any person, is it mainly for parents who have kids that are starting to beg, plead, or otherwise annoy the heck out of them for their first smartphone.  I’ll be telling the story of how my wife and I have handled this issue.

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So, How’s Working Hard Been Working for You?

During my many years in the workforce, I’ve come across all types of people, from the hopelessly lazy to the most industrious and every type in between.  But one thing that most people have in common, regardless of their ambition level, is the tendency to have no real goals or plans in mind when it comes to what to do with the money they earn.

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