Here is another edition of Finance Friday. I hope you enjoy!
Quote I am pondering:
A wise person should have money in their head, but not in their hearts. – Jonathan Swift
I like this quote, a lot. On our blog we obviously talk a lot about money. However, I also try to implement the last part of this quote to remind us that it isn’t all about what we will gain when we focus on money.
I have long believed that the power of growing wealth is more in what we become and what we can do for others.
We can tell a lot about ourselves when we examine our reasoning behind building wealth.
Something good to keep in mind.
Stock Market Update:
It is starting to feel a lot like the movie Groundhog Day.
The market is up one day and down the next.
This week has been especially interesting. On Tuesday the Dow Jones was down roughly 700 points. The market was then closed for President Bush’s funeral on Wednesday.
When the market opened Thursday it was heavily down again – at one point as much as 700 points. By the end of the day the Down Jones was only down 80 points.
This was a big recovery from the low of the day.
So, what do we learn from this? That no one can predict the stock market.
No one really even knows if the stock market will be higher or lower this time next year – let alone tomorrow or next week. This is why having a good long-term plan in place is so important.
Trying to guess what the market is going to do is enough to drive anyone crazy – and even worse, lose you a bunch of money.
Think of your cash flow with two parts.
First is the money that flows in. This is usually what we think of when we are trying to improve cash flow.
What is often forgotten is the second part, which is money flowing out. If we can control how we spend money and keep more of it in our control, this will also improve our cash flow.
Both are equally important aspects that must be considered together.
Book I am Reading:
Instead of looking at a book I am currently reading, I thought I would share the books that are on my Christmas wish list.
The Dichotomy of Leadership by Jocko Willink
I have read a few books by Jocko, he is one of my favorite authors. He is a retired Navy Seal. His stories and experiences are captivating as he uses his military background to teach real-life principles.
Grit: The Power of Passion and Perseverance by Angela Duckworth
I am not familiar with this author. This book was recommended by a networking associate. I do not know a whole lot about it other than I respect the individual who recommended it, which is good enough for me.
Essentialism: The Disciplined Pursuit of Less by Greg McKeown
I met Greg a few months ago and really enjoyed the message he shared. A lot of what he teaches goes along well with the principles I teach with finance. I am really excited to read this book.
Hopefully you’ll consider adding a few good reads to your Christmas wish list as well.
In remembrance of Pearl Harbor, I thought it would be appropriate to consider a few unknown facts of that day.
The US captured its first prisoner of war during this attack. His name was Kazuo Sakamaki. He attacked in a mini-submarine and was later captured when it became disabled.
23 sets of brothers died on the attack of the USS Arizona. Before WW2 it was common for brothers to serve together. After this the military tried to eliminate the practice of having brothers serve on the same ship. It was having too much of an affect on families when a ship was destroyed.
The USS Arizona is still leaking oil to this day – at a rate of 2-9 quarts per day.
There was a lot of disagreement in Japan in regard to the attack. There were many who opposed it vehemently.
There was only 1 member of the United States Congress who didn’t vote in the affirmative to declare war after the attack. She was the first female representative to serve in congress. At the time women were not able to serve in the military, and as such she didn’t feel like it was her place to send men to war.
The now famous Franklin D. Roosevelt Infamy Speech had a strong impact both with Congress and the American people. The words, “a date which will live in infamy,” are words that are deeply ingrained in American history.
The bodies of those who died in the USS Arizona are still entombed in the ship to this day.
Survivors of the USS Arizona still have the option to be laid to rest with their fallen comrades. If they elect to do so, a diver will take the urn down into the water and place it with the ship.
Today is always a special day to remember. I hope we will all take the time to give thanks to those soldiers – and their families – who have sacrificed so much on our behalf.
Thank you for reading and I hope you have a great weekend!