14562 days ago
“I never had a problem with authority; I just didn’t like anyone telling me what to do.” – Doug Casey
Conventional wisdom sucks. Everyone follows it, but if you research for just 10 minutes you’ll discover that it is wrong. Everything from going to college to retirement planning doesn’t ever measure up to what they claim.
It just seems like a misallocation of your time & energy. Breaking all the rules is fun and liberating…Plus, it works, ask anyone who is successful, and they will tell you that they did it their own way.
Suggested Rules to Break
10. Enjoy racial, stereotypical jokes. These are hysterical, and I have never seen anyone in my life offended by crude humor. The only people who worry about these jokes are the real racists; otherwise, it is just a joke.
9. Stop buying stocks, mutual funds, and never set up a 401k. Seriously, these investments are making financial advisors rich. Unless you want to spend some time learning about businesses, trading, or how to invest, avoid just blindly throwing money at these things.
Most of the returns are artificial. Goldman Sachs did a study on real investor returns, and it was less than 3%, not the 12% annual returns that investors are sold in spreadsheets.
8. Don’t buy a house, at least not unless you plan to live there for a really long time. Owning a home does not really pay off for most people, they end up moving a few years later and just end up with 5 decades of mortgage payments, repairs, insurance, taxes, and dead equity that is trapped in the home itself.
Renting makes you mobile, never having to worry about repairs either, just a flat fee, and you can move on anytime you wish.
7. Choose to not connect your smart phone to your emails. Seriously, this is one of the best decisions I made recently, I went back in time to pre-2004 and only check my email when I am on the computer. I feel refreshed; it took a while, but the constant itch to update myself on the latest spam, letters I am subscribed to, emails from friends, has finally gone away.
6. Never take a 4 to 7 day vacation, instead, go on 10 to 30 day ones. I remember the days of planning for a vacation where I would try to cram as many activities as possible. You spent the money; you traveled the distance, and now what? You are just going to ignore all the sites…
You will honestly feel tired, and the vacation will fly by if you make it short. Plan long vacations, take your time, rest up, and never feel in a hurry.
5. Avoid getting a job; force yourself to learn how to provide a service to someone else. Take your skills, knowledge, and passion, and put them to work. Deliver value to others by starting your own business.
4. Talk about money and philosophy. Okay seriously, what is the point of getting together with people to discuss the weather and latest sports? That’s great for about the first 5 minutes. What’s the deal with everyone treating money, religion, and politics as taboo?
3. College. What can I say, for about 90% of the people I know this was a big waste of money and time, well maybe not for the doctors and engineers. Why spend $100,000 and 4 to 5 years of your life in school?
2. Say what you think. If there is one thing that has blown me away about interviewing the 1% on my Financial Newsletter, FutureMoneyTrends.com, it is that the ultra-rich are very direct. Some things said to me would make me cringe if they came out of my mouth, but these people, they say what is on their mind.
Doug Casey speaking about Chicago, talked about “the blacks living in slums.” Jim Rogers once cut me off to tell me to not refer to him as a billionaire, “I just don’t like it Dan.”
1. Stand up to authority. The last time I had an encounter with the police, they asked me for my license, and I told the officer, “no thanks.” Shocked by my answer he asked 2 more times, and I just kept saying no thanks. I asked what law I had broken, knowing I didn’t break any law, I just kept telling him, “no thank you and have a nice day.”
These busybodies in government and authority don’t deserve your cooperation when they are breaking the law or acting like tyrants.