I gat my mind on my money and my money on my mind – Snoop Dog (Gin and Juice)
There’s a sucker born every minute – P.T Barnum
Full Disclosure, I am not rich, nor do I work as a financial consultant. Any and all advice given, you take at your own risk. So what gives me the gumption to write on the subject of money? The answer? My diary. There are entries on various topics going back years, money of course is a common theme.
We all think about money, and want to have more, but why? On the subject of money, there are a whole lot of why,s.
Why do 60% of former NBA players go broke within five years of retirement ? www.sportsillustrated.cnn.com/vault/article/magazine/MAG1153364/index.htm
Why does a bank manager allow his house to be repossessed?
Why are so many drug dealers broke?
The only answer can be, our thoughts. We expect money to do so much, solve our problems, make us happy, raise our self-esteem, bring us love, make friends, etc. Obviously, pieces of paper and metal can’t do all of the above, so the problem must be in the way we think.
In a poll done several years ago, 80% of Americans interviewed said that they had above-average intelligence, 70% said that they had above average looks. Stop laughing. Similar polls have been done in different countries for d the results are about the same. Why? Few humans can avoid self-deception. If you are reading this, you are probably:
A) Of average intelligence
B) denying A
C) Having B used against you by at least one financial institution
Here are some facts:
1) When adjusted for inflation, the average salary has not risen significantly since the 1970’s.
2) After the Depression of 1929, banks capped the amount loaned on mortgage at 28% of the person’s income. The restrictions were quietly removed in the 1980’s.
3) The availability of cheap credit has expanded exponentially over the last 20+ years.
If you look at your finances and feel something is wrong, it is. Major industries have grown around continuing your self-deception, particularly as it relates to money. If money is a problem, yes it’s your fault, but you’ve had lots of help screwing it up.
Here are some reasons why there is a “money” section on this blog
- The 40’s are when most people try to get money wise. ( Too little and pretty late)
- In my full-time job I work with social workers. There are way too many stories of how the money problems of a few people turned into a community problem which in turn made our social problems worse.
- There is no wisdom in letting my financial fate rest in someone else’s hands. As I tell my friends, “There are two people you should trust, you and God. When there’s a screw up, it’s you”.
Hopefully, those of you around my age will help with strategies and tactics, and those of you who are younger will be warned of the pitfalls.
