I Can’t Believe It’s Mid-January Already | Ted McLyman dot Com

I Can’t Believe It’s Mid-January Already

I can’t believe it’s the middle of January already. It seems like Christmas was just last week. I guess it must be true. Football is into the playoffs; and it seems like every commercial on television tells me that I’m either overweight, out of shape, or need a new car.

My next-door neighbors are also in denial. They still have the “Griswold” thing going on with their decorations. By the way, have you ever noticed that Christmas decorations look great right up until about January 2 and then look very tacky after that? But I digress. Since this blog is about money, I guess I’m required to do the obligatory piece on what you should, or should not do, with your money this coming year.

I’m not in the prediction business. I don’t have a clue what’s going to happen next year. At one time, I thought I could predict the future. I thought I could beat the markets. I thought I was in control. I subscribed to market newsletters, read financial magazines, and listened to the “experts” on TV.

I was wrong. I confused luck with brilliance. It seems what I was doing was no different than  sacrificing a goat and reading its entrails – just as effective, but not as messy.
Assuming you’re no longer in the business of butchering farm animals to achieve financial success, let me share some ideas with you.
  • Lottery tickets should never be part of your retirement strategy. I know; you’re helping the kids or some other cause, but they are a sucker bet.
  • Investing in any collectable currently being offered on cable television. If it were that valuable, do you think it would be offered on TV?
  • Investing in anything plated with gold or silver – sorry Franklin Mint.
  • Buying any plate with a picture of Elvis, the Beatles, or a recent President. I know they dress up your dining room, but they are not an investment.
  • Investing in anything that looks easy on television, at a seminar, or at a home show. It’s never that easy or inexpensive.
  • Getting involved in any job or investment offered through an unsolicited email or cold call. Where are all the alpaca millionaires?
  • Breeding or raising anything you have to feed unless you are a farmer, rancher, or licensed breeder – especially without “people” to do the nasty stuff. This is just common sense.
  • Selling anything from your home that can be sold by Wal-Mart. These guys are good at finding and selling stuff. If what you have is that special, they’ll find a way to sell it – at a lower price.
  • Buying or investing in anything you can’t explain in your own words. This includes the small print.
  • Buying or investing in anything that begins with, “I have a friend,” “This time is different,” “Everyone is in this,” “It’s a sure thing,” or “No one has ever lost money in this.” Really?
  • Doing, buying, or investing in anything that does not help you achieve your critical Big V Money Values. We are often our own worst enemies when it comes to money.
  • Doing, buying, or investing in anything that is counter to your money temperament and/or money knowledge. Unfortunately, we do this all the time.

If any of the above represents your current money strategy, we need to talk – now.

If any of the above was your money strategy in the past – congratulations! You now have experience.

If you are working through the list until you find something that works – you are behaviorally challenged (money can make you crazy).

If any of the above was once your money strategy, and you have reframed and found your way- good for you! You have wisdom.

If you were considering anything that looks, smells, sounds, feels, or tastes like any of the above, but you stopped, thought about it, and didn’t sign anything – you’re a genius.

Here’s the cool thing about money. You can skip money experience, money stupidity, and money wisdom and go directly to money genius with a solid, long – term money strategy – it’s your choice.

Money Made Personal – Ted