Jonathan Clements and the Nine Commandments

Sorry about not posting on Friday but drove Buck back home to Bossier City and played in the Barksdale Air Force Base Holiday Benefit Golf Tournament.  The tournament is put on by officers to raise money to buy plane tickets for Airmen who do not have the money to get home for Christmas.  (A quick note---the Air Force has not surrendered completely to political correctness as Airmen are enlisted rank of either sexes.)  I got drafted into playing as Marc got drafted into running the thing and he did a pretty good job raising about $5,000.  But it was cold in Bossier City and I'm still trying to get warm.  ( Another note on political correctness---the benefit used to be called the Christmas Benefit Golf Tournament and then changed several years ago to Holiday.  The golf pro said the turnout got cut in half.  Seems a lot of people still like Christmas as opposed to Holiday.)

Anyway, got back and read the business section of the paper yesterday which pays the Wall Street Journal a lot of money to use their stuff.  The only 'stuff' of any real value is Jonathan Clements column and this one started out--

"In 1985, I graduated from college.  This past August, I dropped off my daughter Hannah for her freshman year.  Despite the two decades in between, I can still vividly recall the financial struggles of early adulthood, including grappling with credit card debt, scarmbling to come up with a house down payment and watching as one of my stocks plunged 80% in a few short months."  (Been there.)

"Hannah, of course, will have her own financial struggles, and those will teach her far more about money than I ever could.  Still, there are nine key financial insights I'm hoping to pass along--and most have precious little to do with picking stocks and buying mutual funds."

I have the feeling that old Jonathan is a pretty good dad who has the financial thing pretty well figured out.  He is also pretty sick of saying the same thing over and over again but, hey, it's a living.  We will take a look at the Nine Commandments and elaborate a little.

Number 1-More Isn't Always Better

Money may not make you happy.  But it could make you desperately unhappy.  Lots of folks stagger through life, buffeted by credit card debt, unpaid bills, and gnawing fears about their financial future. 

Sure, these worries are more likely to hit those with lower incomes.  But don't kid yourself: Collecting a handsome salary won't necessarily save you from financial stress.  How you handle money is far more important than how much you earn. 

Amen, Jonathan.  Money won't buy you happiness, that is for sure as outlined in this poem I was reminded of the other day. 

WHENEVER Richard Cory went down town,
We people on the pavement looked at him:
He was a gentleman from sole to crown,
Clean favored, and imperially slim.
And he was always quietly arrayed,
And he was always human when he talked;
But still he fluttered pulses when he said,
"Good-morning," and he glittered when he walked.
And he was rich—yes, richer than a king,
And admirably schooled in every grace:
In fine, we thought that he was everything
To make us wish that we were in his place.
So on we worked, and waited for the light,
And went without the meat, and cursed the bread;
And Richard Cory, one calm summer night,
Went home and put a bullet through his head.

When I first read that way back in high school it knocked me over.  The guy has everything and then blows his brains out.  Ok, so there is the downside of being rich.  On the other hand,  here is the upside by another author--

The trouble with being poor is that it takes up all of your time.

And that is what Jonathan Clements is talking about.  You can't write the great American novel, love your wife or husband or partner or your kids, start your own business, paint a picture, climb a mountain, run a marathon IF you are always worrying about money.  So do what Jonathan is saying--make enough money to pay for the basics and not worry about them.  Manage debt so it doesn't manage you. 

Money will not buy happiness but the lack of it will buy misery.  As Dorothy Parker said, "I've been poor and I've been rich.  Rich is better."

Tomorrow, Commandment Number 2--Forget Appearances.