My grandfather made a lot of money when he was young. He spent it as fast as he made it, never bothered to buy a house, and didn’t believe in saving for a rainy day. After all, he was a living ATM machine, an artist of sorts, refinisher of furniture at a time when people cared about craftsmanship. He had famous clients, such as “Mr. Progresso” and wore a yamaka whenever a jewish client walked into his shoppe. He knew how to make money and provided for his family for decades, until he woke up one morning without the ability to see.
High blood pressure was always an issue; but he never imagined it would take his vision and part of his hearing to boot. He could see a little bit, but not enough to cross a street, drive a car and definitely not enough to refinish furniture for Mr. Progresso.
Since he didn’t save any money and his business was 100% reliant upon his craftsmanship, he was thrusted into poverty, almost overnight. For years, until his death, he agonized over his missteps, almost daydreaming about “all of the money” he blew on bullshit. He had cars, clothes and rubbed elbows with the Sinatras and other unsavory characters, and then nothing. Total and absolute dependence on social security checks that amounted to no more than $1,000 per mo, because he was creative with his accounting when he was making money, if you know what I mean.
Seeing him struggle like that always motivated me to do something with my life. I didn’t want to just make a bunch of money, blow it on cocaine parties, then end up grilling a swordfish over a flaming barrel of garbage. Some men are like peacocks, dressing themselves up in flamboyant clothes, tattoos, and creative hairstyles, in order to attract the female species. These people have not evolved in over 400,000 years, base instincts on display like savage beasts.
Life has to be more than that. Happiness must derive from accomplishments and then using said accomplishments to make the world a better place. The world doesn’t have to be “the world” per se, but your sphere of influence.
I’m rambling a bit here. But the point is this: if you’re banking coin now, save for a rainy day. Live within your means and make sure you continue to grow as a person. Read things you wouldn’t normally read. Be curious and always adapt to change. As an advisor for people with a lot of money, the biggest mistake I see people making, aside from tax planning, is retirement planning.
Own your house. Build equity. Invest in stocks. Bank the coin. Build Orbital Space Cannon. That’s my life strategy. What’s yours?