Tuesday, July 22, 2008

Five Things I'll Likely Never Do (Again) - Age 37


1] Take on Bad Debt

Obvious, right? I may take on a loan for the purchase of property or some other fruitful endeavor but credit card or car loans (bad debt) are things of the past. I'd rather go without.

If most of our earnings are spent on an empty game of status, we should not expect much improvement in quality of life.
Hat tip to Robert Frank.

2] Not Own a Home

Outright ownership of my home (aka the bunker) has been the greatest financial achievement in my life. Talk about options!

3] Work for a boss I don't respect.

Thanks to #1 and #2, I'll never make this mistake again.

Rule 8: If you don’t respect your boss, resign before you are fired.

Sometimes you can suddenly find yourself working for someone you
despise. Listening to this walking calamity will make your face express incredulity or sniggerly turn toward those who share your outrage. If not your boss, one of his or her henchmen will notice your disloyalty. All too soon, your job becomes hell with the odds overwhelmingly favoring your being forced out as opposed to your orchestrating your enemy’s removal by a still higher-up official. Cut your losses by quitting before you are axed.

Hat tip to James Watson.


4] Breed.

Many folks reading this will feel a little uneasy at the thought of not having children but if you don't already have them, read this.


5] Let my Ego Start a Business
I was young, what can I say? What are Residual claims? Sure I know what Profit is... sorta.

Strict economists point out that much of what is conventionally called "profit," especially in a small, owner-operated business, is nothing more than wages received in a variable form. Even a successful owner-operated business-- and the bankruptcy rate is high-- often pays no more under the name of "profit" than the proprietor would have earned for the same amount of work for someone else who paid him under the name of "wages."


Hat tip to Thomas Sowell.

What 5 things will you never do again?

2 comments:

JACKSON BLISS @ 水と魂 said...

I totally agree with you, and yet, because I'm broke I will likely never follow any of them. At least not until my first novel is made into a movie. Then, we'll talk.

Robert Evans said...

Jackson,

I don't get it. 1, 4 and 5 will actually keep you from being broke and you might as well do 3 since your broke and can be picky.

Just my 2 cents. I'm not really trying to give folks advice.