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Editor's note: To close out the week, we're sharing two must-read essays from Agora founder and New York Times best-selling author Bill Bonner. Bill's special two-part series is an insightful look at what you should do if you're running out of time and money. Because of the Thanksgiving holiday, we'll share Part II on Friday.
The Baby Boomer Survival Guide, Part IBy
Wednesday, November 25, 2015
What should you do if you are running out of time and money?
This is the question we get from readers over 50... over 60... and sometimes over 70.
We Baby Boomers were famously "na... na... na... live for today." Now, it's tomorrow. And many of us – often through no fault of our own – are having trouble making ends meet...
At the Diary, we write about the world of money. About economic policy and how it affects you.
But what if, in your world of money, you are running short? What should you do to get more?
Check under the seat cushions? Rob a bank? Sell your body for medical experiments? Invent a new app?
Sophisticated trading systems and expensive investment programs are not a good idea if you fall into this category.
They are for people who have money already. If you have money, want more, and enjoy the thrill and challenge of financial adventure, they can be highly lucrative.
But what if you don't have money already?
We don't know anything more than anyone else on the subject. We don't have any secrets. But after thinking about it, we have some ideas.
This is not advice. This is just what we would do if we were in that situation...
First, we would go back to philosophy – Democritus, Epicurus, Zeno, Seneca, Marcus Aurelius, and Lucretius (not to mention Jesus of Nazareth!).
They argued – albeit in different ways – that what matters in life has little to do with wealth or status. What matters (at least according to Plato's description) are courage, wisdom, justice, and temperance.
We would add beauty and dignity. And good wine. And a good cook. But nowhere on the list is a Rolex or a house in Malibu.
The nice thing about Plato's list... as well as the whole Epicurean/Stoic/ascetic creed... is that it doesn't cost much!
As many philosophers and religious teachers have said, wealth may get in the way of the things that matter. It may distract you and reduce your real happiness.
You may be better off without it...
We are not ducking the question. We are just putting it in context.
If you want more money, you first have to understand what you want it for... and how it might affect your life.
Our goal is not to "come to terms" with financial misery. Nor is it to submit to poverty – even happily. Instead, we want to master poverty... to live better.
As Nietzsche put it, we aim to "set to dancing with arms and legs." And for that we need context.
On Friday – a simpler, better philosophy... and how to use it to get more money!
Regards,
Bill
Further Reading:
Check out other classic essays from Bill right here:
Why ALL Insider Trading Should Be Made Legal
"The entire edifice of federal regulation and policing is a scam – at least when it comes to the stock market..." How to Win the "War on Poverty" Without Spending an Extra Cent
"The problem with the 'inflation' number runs deeper than just statistical legerdemain. It concerns the definition of inflation itself." Market NotesTHIS VOLATILE ASSET IS BREAKING OUT Today, an update on one of the most important economic indicators in the world. After taking a seven-month break, it looks like this trend may have just resumed...
We're talking about the big uptrend in the U.S. dollar. To check in on the performance of the dollar, we turn to the U.S. Dollar Index (USD). This index measures the dollar's value against a basket of foreign currencies, like the Japanese yen and the euro. It's the generally agreed-upon measure of the dollar's global trade value.
Over the years, we've written about how the dollar bounces up and down with tremendous volatility. From July 2014 to March 2015, the U.S. Dollar Index soared from 80 to 100, a huge move for a major currency. After falling hard over the summer, it looked like the run was over. But now, the dollar is breaking out again...
In March, the dollar hit a 12-year high. As you can see from the chart below, the dollar is inching closer to topping March's levels. After suffering a big downside break, it looks like this volatile asset is back in "bull" mode...
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