Don’t be the Taxi Driver

“The one thing you shouldn’t do is try to tell a cab driver how to get somewhere.” –Jimmy Fallon “Life is like a taxi. The meter just keeps a-ticking whether you are getting somewhere or just standing still.” –Lou Erickson Imagine that you’re a taxi driver in New York City. You live modestly, so you […]

The Scarcity Mindset, the Abundance Mindset, and the Impact on Public Policy

Note: A couple of years ago, I had a discussion with one of the deans of the Frank Batten School of Leadership and Public Policy at the University of Virginia. We discussed collaborating on a white paper for publication addressed at state and national government leaders. Naturally, time and other priorities took hold, and said […]

Leave Forecasting to the Weatherman

“Prediction is very difficult, especially if it’s about the future.” –Nils Bohr “Weather forecast for tonight: dark.” –George Carlin As we saw in “Do You REALLY Know How You Would React if the Stock Market Dropped by 20 Percent,” the personal finance industry loves their risk tolerance questionnaires. They think that you’re going to be […]

Do You REALLY Know How You Would React if the Stock Market Dropped by 20%?

“What is necessary to change a person is to change his awareness of himself.” –Abraham Maslow “The final mystery is oneself.” –Oscar Wilde If you’ve ever taken one of those online financial assessments, you’ll know that you’re asked questions about yourself. Most of them are either demographic – how old are you, are you married, […]

Thanks for Saving More Money!

“Gratitude is the healthiest of all human emotions. The more you express gratitude for what you have, the more likely you will have even more to express gratitude for.” –Zig Ziglar James Altucher has had ups and downs in his life. The founder of StockTwits has been a millionaire before. Then he lost everything. Then […]

The Psychology of Debt – A Battle Between Your Two Brains

“Promises make debt, and debt makes promises.” –Dutch Proverb I received my first credit card when I was a plebe at West Point. Perhaps there should have been a hazing ritual to go along with it so that I would have been more scared of it than I was, but, hey, I was a plebe. […]