We reprint here an old media post containing my letter to a young investor with timeless advice designed to set them up for life long bliss or something like that and also a few oddz and endz things about miles and points that happened since the last post that appeared here, see you Friday!
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I am getting ready to leave for Greece and time is short you guys. Besides, not much is going on in this hobby. The Points Guy just continues the mega blitz, now with Brian having his own vlog and continuing to hire people to sell more credit cards in every way you can imagine! As TPG reader “BrutusNever” commented in that post (only one up by the time I typed this!): “I look forward to her thoughtful articles on why everyone should get the CSP.” Bwahahahaha!
And I leave you with this…
Okay, here is the scoop. I cut and past here an article about advice I had given to a young investor many years ago. Before the age of social media and iphones lol…so it may be a bit dated but it could be useful for some of you. If not, ask management for a refund 🙂
George P. [known as TBBDude around here], a Certified Financial Planner, recently forwarded me a letter that he wrote to a 21-year-old friend of his who had asked for his thoughts on how to be financially secure. I liked his advice; here are some excerpts:
First, I would concentrate on getting a good education in something you enjoy doing that will provide you with good income with potential [for growth].
Whatever you do, work a little harder than the next guy and always be connected by getting involved in your chosen profession/industry. Never stop networking.
Always have some money laying aside in the bank or an online savings account for emergencies. As you will find out, [bad stuff] does happen when you least expect it.
Avoid carrying credit card balances, they are truly evil!
If you have a 401(k) at work, sign up right away and maximize your contributions!
Start saving for a house down payment. Renting is also okay, too, until you have a 20 percent deposit for you first purchase. And whatever you get, do not buy more house than you can afford!
Marry well. (Just kidding…well, not really.)
Never ever spend more than you earn!
Always save, at a minimum, 10 percent of what you earn. 15 percent is better, 20 percent is super.
Don’t blow your money in a brand new sports car. Buy one a little used and have two or three dealers compete against each other on the price you got on the Internet. And, don’t fall in love with those wheels, they are just transportation. [Uber or Lyft lol!]
When you do have an investment portfolio, always diversify with no-load mutual funds, preferably cheap index funds and ETFs.
Never believe that there are gurus who have “proven” systems who can make you rich, they are full of it and are looking for suckers to separate from their money.
That’s some great advice for a soon-to-be college graduate. Is there anything you would add to that list? [Actually, there is…but I will have to leave that for another Wednesday lol]
See you Friday!
TBB
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Good advice!
I thought it was a class move for Brian Kelly to post on TBB his (well deserved) congratulations to Buzz and his son. It’s good to see at least one of the industry leaders can take a little teasing and still walk tall. (Others take note).
Brian-Since it seems you read TBB, I wanted to ak you about something. You’ve have surely read many of my pointed and interesting comments here over the years-some in jest (well, a lot in jest) and some on a more serious note.
The reason I mention this is because you seem to be hiring just about everyone who has ever written anything on miles and points, and I wonder if there are any positions open for an experienced commenter such as me. I see my role as posting comments on TPG posts, giving my astute opinons on the various subjects. I am sure this would crank up page views, and who knows, maybe generate a conversion or two.
Full disclosure-I gotta be honest: I don’t stay at Marriotts very often, unless of course it’s a free night. And I don’t see that changing anytime soon-I may not be the most skilled player in the game but I’m not stupid either.
As far as compensation, that’s open for discussion. It could be per comment I write, but I prefer to get some regular, recurring income I can count on. By the way, can you still play the tax dodge game on car allowances?
So think it over, Brian. As Bogie said, this could be the beginning of a beautiful friendship.
Good idea. It’s like the people who do fake comments on TripAdvisor, for a fee. You could have a hundred different names and post fawning thank yous, etc.
Brian Kelly, Head Football Coach Notre Dame? He reads TBB, I am impressed!
Sam:
Got word the TPG Talent Director will be contacting you soon.
We will likely miss you around here man!
I think they are considering Craig/Rams for a similar position as well. I can see you both in the New Staff Orientation reiterating the TPG Mission and Values “We believe the CSP is the best card and every living piece on earth should have one…with our links”
🙂
Good advice! It seems to me that some of these, that were really unpopular a couple decades ago, are becoming more mainstream. Index funds, foregoing a car for Uber, 401k max, etc. I would add to that don’t be stupid and spend 6 months of salary on a fucking stone.
The one I’m not sure is the house ownership.in the sense that’s a forced savings vehicle I agree, but the concept of everclimbing house pricing is clearly wrong, and many people underestimate the cost of owning a house and the transactional costs.
Homes, they have been going up as long as I have been alive….if fact 10 years ago the were giving them away, talk about opportunity! Waterfront Property, there is only a limited amount they ain’t making anymore of it, good as gold investment…..and as always, location, location, location. Follow the White Flight for cities to invest in their affluent suburbs………………………..Mike Drop.
Not sure if you missed the /s but I like it!
I think that was written more than 10 years ago. Maybe I should do an update, you know, freshen it up a bit.
I jumped on the index funds/ETFs bandwagon so long ago it is downright WEIRD to see what I have always done become so popular. REALLY weird…
I agree on the fuckingstone!
I will have to defer to Anonymous/Ramsey on the homes…since he obviously has so much experience in the field .Individual stocks too. Shit…hey Ramsey, you should have started a hedge fund man!
MILESTALK and MILES FOR FAMILY using same template today for Barclays Aviator, that’s just lazy blogging and shows us that they do not care about their readers…..watta we stupid or
sumpthing?
Where’s Carl P?
Yeah…I miss the Northwest cheering section from Carl P…Hope you are okay man!
Your neighbor is now bitching that Amex is not giving points for Simon Mall purchases…
Maybe you should suggest to him to go back there to have a Miles & Points meeting sponsored by Simon Mall again…
When I first saw that the meetup was going to be held at the Simon Mall’s offices with their employees present I was all like WTF!!!!!
The RATeam at Amex is doing its job. Sad for us!
Dear Young Investor……..Buy ISRG stock, it is on sale today…..long term investment, bright future, company has a moat. Go Big!
Where is Carl P. today?
ps another tip….AXXN showing real signs of strength, reports on the 23rd,,,,expect an upside surprise (no China exposure risk)….a breakout in the making.
Next up
Ramsey Hedge Fund prospectus offering coming up. Maybe I can get an affiliate link for it?
Ramsey Hedge Fund prospectus will be brief….basically it will say ” You buy what I tell you to buy or I’ll break your kneecaps, Capiche?
BIG SALE TODAY!…………….AMZN, NVDA,VMW and TWLO. Looking back 1 year from now, you will be kicking yourself for not taking the advice of Louis Rukeyser Jr..
F… Dan Dorfman!
This guy deserves a place next to Rene…
“Wealthy” Woman Thrown Off Air New Zealand Flight For Refusing To Read Safety Card – Live and Let’s Fly