This is what makes it worth while
This is from a new member:
In a message dated 3/13/2005 4:29:12 P.M. Eastern Standard Time, X writes:
> WOW!!! What fantastic information. You have to wonder what peoples > motivation are to offer advise on financial matters.
MoneyProf's response:
Thanks for your comments.
Motivation on this is strictly to try to help people do a little better financially. No hidden agenda. I followed most of my advice so don't need the money , ( yes, I would have done even better if I followed it all :) not looking for any financial gain on this. No, I don't get a cut from the stockbroker. Yes, I had a "student" ask me that a few years ago, and didn't quite believe the answer. She didn't succeed financially as she never learned the difference between being "being awake" on things and being over paranoid. This caused her to lose good jobs down the road. I get self satisfaction in seeing people get ahead. The hard part is the percent is so small. :(
I've learned (by a lot of experience for example: thousands of employees throughout the years, relatives, investing advice for years, AND this group etc.) that until you can get people to learn the difference between "wants & needs", "BS excuses & real priorities",
Household Acct. budgeting, etc., it is a total waste of time to start investing training first. Of the numerous times I've done investment advice first I've NEVER had 1 case where the problem was the person needed more investment knowledge BEFORE there was a problem with "I don't have an money to put in my IRA now, as I'm broke ( code for bought the sunglasses AND partied all weekend), took money out of IRA and closed it need money for X, or said "will have to stop payments for a month or two to catch up on back bills ( code for " bought the sunglasses & partyed all weekend on credit cards last month) then didn't ever start deposits again. Etc etc. Of the hundreds of cases would guess that 90+ % fell into the above, and 10% are succeeding with retirement money goals. ( Not a BS excuse, but I think the numbers are like this as I mostly get the harder cases. Meaning a high percent of the people that LOVE to party too much. :)
Now what motivates me to continue after for example"the woman I had to get rid of" a week or two ago !!!! Way too much wasted time. :(
This is what makes it worth while:
I have a student who started at 30'S and now is the "oldest member" email me in Feb. to say he rented a house in Florida for 6 weeks and was having a great time in the warm weather and coming back north in Mid March. Wanted to thank me again for financial help and to say he would like to visit me in April. Told him great, but if he waited until May we could go boating in my new boat :)
He retired at 62, could have retired a little earlier, but (take it from me) its a lot more fun working when you know you have so much money you don't need to work. Anyway, he decided to take a job offer in sales for 12 hours a week not so much for big money as for company car, and medical ins. He also negotiated that he can take off work whenever he wants to. Might work 16 hrs one week, and 8 the next. He DOES NOT need the money, but wants the extra to help grandchildren, and enjoys getting out and in his words " enjoys seeing people and having fun working the few hours".
I've advised this guy for 30 yrs. He 100% followed the investment advice. He even followed it when his brothers were making a much higher return than he and told him he should switch to their broker and get into tech stocks. ( which he didn't do) When they lost most of their money in 2001 & 2002 I'll bet he has thanked me 10 times.
It wasn't very much work for me as he " supplied all the motivation, I only had to supply the investment knowledge. never had to waste time on the extra 3rd pair of sunglasses theory. He NEVER missed a deposit, and every time he got a raise he increased the deposit. He has enough money to live very comfortably without ever working, takes vacations, house paid for, car bought for cash, no debt, no financial worries. Etc. Why this true story is extra good is this although this guy made a good living, upper top of middle income, he did it by SPENDING LESS THAT HE EARNED, not because he earned really big bucks.
PS He & his wife also will get self satisfaction out of sending their grandchildren on a cruise ship with their daughter next month. Yes, he can afford things like that too.
One of these story's make up for more than 10 of the failures. That is what gets me to keep on trying.
In a message dated 3/13/2005 4:29:12 P.M. Eastern Standard Time, X writes:
> WOW!!! What fantastic information. You have to wonder what peoples > motivation are to offer advise on financial matters.
MoneyProf's response:
Thanks for your comments.
Motivation on this is strictly to try to help people do a little better financially. No hidden agenda. I followed most of my advice so don't need the money , ( yes, I would have done even better if I followed it all :) not looking for any financial gain on this. No, I don't get a cut from the stockbroker. Yes, I had a "student" ask me that a few years ago, and didn't quite believe the answer. She didn't succeed financially as she never learned the difference between being "being awake" on things and being over paranoid. This caused her to lose good jobs down the road. I get self satisfaction in seeing people get ahead. The hard part is the percent is so small. :(
I've learned (by a lot of experience for example: thousands of employees throughout the years, relatives, investing advice for years, AND this group etc.) that until you can get people to learn the difference between "wants & needs", "BS excuses & real priorities",
Household Acct. budgeting, etc., it is a total waste of time to start investing training first. Of the numerous times I've done investment advice first I've NEVER had 1 case where the problem was the person needed more investment knowledge BEFORE there was a problem with "I don't have an money to put in my IRA now, as I'm broke ( code for bought the sunglasses AND partied all weekend), took money out of IRA and closed it need money for X, or said "will have to stop payments for a month or two to catch up on back bills ( code for " bought the sunglasses & partyed all weekend on credit cards last month) then didn't ever start deposits again. Etc etc. Of the hundreds of cases would guess that 90+ % fell into the above, and 10% are succeeding with retirement money goals. ( Not a BS excuse, but I think the numbers are like this as I mostly get the harder cases. Meaning a high percent of the people that LOVE to party too much. :)
Now what motivates me to continue after for example"the woman I had to get rid of" a week or two ago !!!! Way too much wasted time. :(
This is what makes it worth while:
I have a student who started at 30'S and now is the "oldest member" email me in Feb. to say he rented a house in Florida for 6 weeks and was having a great time in the warm weather and coming back north in Mid March. Wanted to thank me again for financial help and to say he would like to visit me in April. Told him great, but if he waited until May we could go boating in my new boat :)
He retired at 62, could have retired a little earlier, but (take it from me) its a lot more fun working when you know you have so much money you don't need to work. Anyway, he decided to take a job offer in sales for 12 hours a week not so much for big money as for company car, and medical ins. He also negotiated that he can take off work whenever he wants to. Might work 16 hrs one week, and 8 the next. He DOES NOT need the money, but wants the extra to help grandchildren, and enjoys getting out and in his words " enjoys seeing people and having fun working the few hours".
I've advised this guy for 30 yrs. He 100% followed the investment advice. He even followed it when his brothers were making a much higher return than he and told him he should switch to their broker and get into tech stocks. ( which he didn't do) When they lost most of their money in 2001 & 2002 I'll bet he has thanked me 10 times.
It wasn't very much work for me as he " supplied all the motivation, I only had to supply the investment knowledge. never had to waste time on the extra 3rd pair of sunglasses theory. He NEVER missed a deposit, and every time he got a raise he increased the deposit. He has enough money to live very comfortably without ever working, takes vacations, house paid for, car bought for cash, no debt, no financial worries. Etc. Why this true story is extra good is this although this guy made a good living, upper top of middle income, he did it by SPENDING LESS THAT HE EARNED, not because he earned really big bucks.
PS He & his wife also will get self satisfaction out of sending their grandchildren on a cruise ship with their daughter next month. Yes, he can afford things like that too.
One of these story's make up for more than 10 of the failures. That is what gets me to keep on trying.
posted by MoneyProf at Thursday, March 17, 2005
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