Jul 22, 2007

Don't Be Afraid to Take Chances: No Balls. No Babies.

"... When I was about 23, I was in Vegas playing blackjack for the first time. I was at the $5 table and asked the dealer if I should double down. He told me, "No balls, no babies." Sometimes you just have to go for it..."

On getting started on your dreams early:

"... The younger you start, the better. If you are single, have five roommates, and a beater for a car, you have nothing to lose. The more stuff and obligations you have, the more likely you will pussy out and not leave a paycheck ..."

Mark Cuban. Maxim Magazine.

Jul 8, 2007

Best financial tip and Worst financial move

Here's some advice from an interview done on mint.com of the author of The Digerati Life blog. It includes an answer to the blogger's top financial tip and also has a financial move that everyone should avoid.

Best Financial Tip:

"... Never take your money for granted. Educate yourself in the areas of finance and business, stay reasonably frugal and invest your savings in index funds..."

Worst Financial Move Ever:

"... Emotional investments in independent stocks. Shorting stocks and participating in overly complicated schemes that involve money. I realized that the more complicated a money making scheme or venture was, the worse my returns were..."

Full interview here

Jul 4, 2007

Be a Warrior: Take life as a challenge

"... The basic difference between an ordinary man and a warrior is that a warrior takes everything as a challenge while an ordinary man takes everything either as a blessing or a curse..."

"... We either make ourselves miserable, or we make ourselves strong. The amount of work is the same..."

>> Carlos Casteneda. Peruvian-born American author and writer.

Jun 30, 2007

How much does it take to retire rich? $5 million according to Fortune Magazine

Fortune Magazine's recent retirement issue writes that you will need $5 million to retire comfortably. Here's what they wrote in their introduction to the issue:

"... Back in the day, $1 million was the symbol of wealth - and the amount financial-planning types said we all needed to live large in retirement. But $1 million just isn't what it used to be. (Forget for instance the beachfront home on Hilton Head Island.) What does it take now?

As we explain later in this issue, figuring out what you'll need is educated guesswork. So let's start with the pile of money pictured at left. That's $5 million, your new magic number. Using a 4% withdrawal rate, that kitty would get you a hefty $200,000 a year, which should be plenty to live richly.

Think $5 million and a life of ease are beyond your reach? (Hint: read the Fortune Magazine issue duh.) Read on for great advice on choosing stocks and funds, finding bargain condos - and making the tricky transition from working stiff to lucky stiff..."

Eric Gelman from Fortune wrote this intro. My favorite part was the last line: "making the tricky transition from working stiff to lucky stiff". If only I get so lucky!

Jun 27, 2007

In business you only need to be right once: the rest is just hard work!

"... Then I took my money and started trading technology stocks that were in the areas that MicroSolutions focused on. I remember being told how lucky I was to have expertise in such a hot area, as tech stocks started to trade up. Of course, no one wanted to comment on how lucky I was to spend time reading software manuals, or Cisco Router manuals, or sitting in my house testing and comparing new technologies.

The point of all this is that it doesn't matter how many times you fail. It doesn't matter how many times you almost get it right. No one is going to know or care about your failures, and neither should you. All you have to do is learn from them and those around you because:

All that matters in business is that you get it right once. Then everyone can tell you how lucky you are..."

>> Mark Cuban. Billionaire businessman. Chairman of HDNet. Owner of the Dallas Mavericks. Uber-Blogger with a lot more readers than the both of us.

Click here to view Mark Cuban's article in full. Unabridged and uncut.

Jun 26, 2007

Getting the most out of work

"... It's easy to sit and do your work all day and go home at 5pm. A damn monkey could do that. The superstars are the ones who get their work done and then go the extra step. The hardest part isn't coming up with an idea. The hardest part is pushing it through the organization: identifying the right people, figuring out what motivates them, positioning it right, and following up. Or... you could no nothing..."

>> Ramit Sethi. Life entrepreneur, financial blogger at iwillteachyoutoberich.com

This is a reminder that it's important to be entrepreneurial in all aspects of your life. If you work for a company large or small, work for yourself, or anything in between you should always thing big and have a bias towards action.

Jun 24, 2007

The Hartford: Retirement Ad

Warning! Nerd Alert: I got my Fortune magazine today and I'm very excited because it's their annual retirement issue! There was an ad from Hartford Financial that really got my attention. I tried searching for it on the net but couldn't find a similar one anywhere, so I did the next best thing, I took a picture of it with my digital camera and included it for your viewing pleasure.

As soon as I read the ad's text "You're not preparing to retire.... You're preparing to live" I asked myself a couple of questions: Am I allowed to live now as well or is it only a post-retirement phenomenon?
And why can't I be in that little plane now?

I get the ad's original message but if you look at it from a different perspective you can come up with a completely different conclusion. At least I did and that's why I cut out the add and sticky taped it prominently on my wall!

Jun 23, 2007

The difference between being a traveler and a tourist

"... The traveler is active; he goes strenuously in search of people, of adventure, of experience. The tourist is passive; he expects interesting things to happen to him. He goes 'sight-seeing.' "

>> Daniel J. Boorstin

"... A good traveler has no fixed plans, and is not intent on arriving."

>> Lao Tzu. 6th century BC Chinese philosopher.