It can be helpful to reflect back over time to see what moments changed the course of our lives as it relates to how we handle money. I will now highlight the top 10 moments that changed my finances and my life. As you read them, take some time to catalogue your past and see what ten moments had the biggest impact for you. Or maybe, what ten moments will have the biggest impact in your future!
Moment #1 was in 1984 when I went to a "free" dinner. It was a sales pitch; I just didn't know it at the time. The salesperson convinced me to start investing my money (a good thing) into a high cost managed mutual fund (a bad thing). He then ushered me over to his buddy in the office to sell me a crappy whole life policy that I did not need. This was my start to investing. The moment was big, but I lacked knowledge.
Moment #2 happened in 1989. A friend asked me for advice on investing since I was the only person he knew who was doing it. After a lot of questions, he learned nothing because I knew nothing. I was ignorant when it came to what I was doing with my investments. This was a huge event in my life. I could have stayed ignorant or I could choose another option. The other option led to moment #3.
Moment #3 happened the next day. I went to the local book store and purchased my first financial book, Wealth Without Risk, by Charles Givens. I took it home and read it as best I could, but it was hard. It was all very new to me, but I was trying and I was learning, one word and one concept at a time. This was my awakening as I started to think for myself. I was unknowingly becoming an autodidact.
Moment #4 happened a few weeks later after I read that book again. I completed my first net worth statement and realized I was worth - $2,000. Yep, I was broke and I felt stupid again. That is not the moment that changed my life though. It was the moment after that when I took full responsibility for my finances. I made this mess and it was up to me to fix it. I was not a victim. I would be the creator of my future!
Moment #5 had me living "poor." I cut my spending to almost nothing, and took most of my income and paid off my debt. I also fired my financial advisor and life insurance agent. I then took that money and started investing in this company called Vanguard, starting in 1990. I opened up a brokerage and invested in a no-load stock mutual fund with a low expense ratio. I could feel the change within me!
Moment #6 has to do with an epiphany after reading over a hundred finance books. This took place over many years. I realized that a diversified portfolio of stock index funds was the smart way to go as I kept my fees very, very low, outperforming almost all managed stock funds over time. I have John Bogle to thank for that. Here are a list of books that led to that moment. It truly changed my life!
Moment #7 was in 2005. I found a $100 bill blowing in the wind and instead of investing it like I would normally do, I gave it away to a woman who had her home burglarized and Christmas presents stolen. That moment of unconditional giving had some kind of effect on my soul. This was another epiphany. I was able to complete the circle as I gave back. Learn about Joseph Campbell and the Hero's Journey here.
Moment #8 came soon after as I read, Your Money or Your Life by Vicki Robin and Joe Dominguez. This book showed me a world I did not know existed. It helped me see through the marketing and the fixation on stuff as we sell our souls and our time for possessions that really mean nothing in the big picture. I learned about the idea of enough. This helped me reach Financial Freedom much quicker.
Moment #9 took place in 2011 as I started a newsletter helping young people with their education on money. That led to classes on personal finance, investing and retirement, which led to writing four books. Along the way, I became The Crazy Man in the Pink Wig. The transformation was almost complete. These nine moments provided me the answers with only one moment remaining. It was a big one!
Moment #10 took place in 2023 when I created The Giving Solution. That lesson I learned with the $100 had been percolating in my brain for quite some time. I finally figured out how to give unconditionally through a non-profit to help people with their finances and their lives. I had completed the circle and will continue to do so, one person at a time. I become the hero of my own journey! So can YOU.
Here is what I have learned walking this uneven and sometimes scary path over the last 40 years. When we are ready to change, we do. When we are ready to learn, we do. When we find the right teachers, we learn the right information. When we take action with that knowledge, we can create a different future. When we circle back to help others, we can move mountains! Financial Happine$$ awaits!
I encourage you to reflect back on your ten big moments. If they haven't occurred yet, it's time to start. Use my path until you can find your path. That is what I did. I found other paths to success (reading biographies to understand how others did it) and used them until I could more clearly see my path. It has been done for ages by many, many people and it can be done today by YOU. Believe in YOU.
