16 Years of Marriage

Handmade card – always a winner!

My wife asked me to share ideas about our marriage.

I’m better in writing, so I figured I’d leave this for my kids, and you.


This morning, the summit of Bear Peak – one of the coolest places in Boulder County

16 years – it went by in a flash.

My inability to feel duration, can make me a little sad. I have a hunch that soon I’ll be an old guy wondering what just happened!

Acknowledging the reality of the fleeting nature of time… it is useful at helping me stay focused.

No time to waste.


Best Swim Coach, EVER

VP Pence took heat for his rules of marriage. To me, they were OBVIOUS and reflect how I act.

  • I met my wife at the pool. As a result, I don’t train with attractive, athletic females (other than her – she’s very attractive).
  • I don’t consume alcohol with females, or anybody else.
  • I don’t find myself 1-on-1 with females, especially other people’s spouses.

The above is a simple risk mitigation strategy. Applied across domains, over 50+ years, it works.

I keep myself away from situations where a poor decision results in ruin.

I pointed this out with regard to Andy’s accident and it applies everywhere. The decision is best made before you have to make a decision.

How do you stack up?


Wedding Day

So many have conflicts over money.

I don’t.

Since the late-1990s, I’ve paid the living expenses of everyone (male/female) who’s lived with me. By the time, our youngest graduates high school the bill will be over $6 million.

My favorite wife-quote about family finances is when she said to me, “What do you know about money?”

I just smiled.

I know how to make it, when to stop reaching for it, and what’s more important than money.

My financial knowledge has enabled our family to live a good life AND I have been able to educate my kids.

Most parents want to see their kids grow up. I made a choice to go one step further. I’m educating our children in how I see the world. These lessons will endure into the next century.

Invert => how much of your family’s financial wealth from 1950 do you have right now?

My ancestors legacy is good ideas, memories of what didn’t work, a debt-free education and a life-changing introduction to my first boss in finance.


She wouldn’t have been smiling if she knew the doc had underestimated the size of the baby by three pounds. There’s a lot about childbirth that’s better not to know.

To finance our life, I need one good idea per decade. The rest of the time I avoid mistakes, and manage spending.

It takes a lot of effort to avoid mistakes. I write this blog to help my kids identify their inevitable mistakes.

Mistakes are effective teachers, I “manage” by:

  • letting things go wrong
  • letting other people be wrong
  • surfacing, considering and fixing my own mistakes

Across 50-100 year time horizons, wealth habits add up. A simple annuity calculation (laid out many times in previous blogs) will show that my choice to avoid financial conflict will end up “costing” my heirs millions.

The human capital I am building will more than cover this amount.

  • Education
  • Motivation
  • Ruin Not Experienced (divorce, substance abuse, spending, investment)

There is deep, multigenerational wisdom when we act with long time horizons. In my current life, I try to be the parent I’d like my grandkids to experience.


You will not regret creating a composite image, like this, for each of your pregnancies

What are the choices that caused your family tree to lose capital, lose members and lose productivity?

Be as open as possible about errors, they tend to repeat.


Not all toddlers are difficult

Two years ago, my son decided to hold up his finger and yell, “BOOGER!”

Yes, there was a nasty one hanging there!

As I sorted his booger, I decided to fire every staff member in my life.

What works:

  • An unimpeachable moral authority stemming from out-working everyone around me
  • Relentless attention to detail (in myself) – no days off, no exceptions
  • A schedule that enables me to follow up on the above, especially when it’s inconvenient

Before talking to others… How do I measure up?

Confidence comes from knowing you can outwork your competition over long time horizons. My kids are very confident, with good reason.

Tough to beat.


Get in my belly!

Let’s talk about staff.

We got through the highest stress period of our marriage (babies and preschoolers) because I had the courage to make a poor financial decision. I spent money so we could maintain some sort of life between the two of us.

Our recent trip to Death Valley let me price opting out (of living in the real world).

  • 160 student contact days ($50)
  • Leaves 205 non-student contact days ($200)
  • 365 overnights ($50)

Multiply that out, gross it up for payroll taxes => $80,000 per annum and I can watch someone else deal with my kids boogers… 😉

I’m sure many professional people cut that number in half when calculating the exit cost from an unhappy marriage, or when feeling overwhelmed (as we all do) with a young family.

But is that winning? Before blowing up a marriage, look two generations out, consider your unborn grandkids.

I don’t serve anyone by having my family see me opt out.

Queen Elizabeth comes to mind. Still grinding!

The goal of life is not to opt out of the obligations of citizenship, or be worshipped for position. To build a successful organization, requires a long term commitment to service.

Even then, there’s going to be scandals, setbacks, challenges and very good reasons to quit.

Keep moving forward and be comfortable with what you control (your actions).

Goodness, in action, inoculates one from the options of others.


If you want the result then you must accept the work.

Finding => Be the person you want to marry => you’ll have a positive influence on everyone around you and, when things don’t work out, you’ll be well placed to keep moving towards better.

Retaining => Be clear about your minimums => cleaning, sex, financial contributions, social engagements => table everything you hear your friends complaining about.

Optimizing => Take care of yourself => knowing it is better being married to an athletic spouse… I need to be an athletic spouse.

Being Effective => Do not manage from the couch => If you don’t care enough to stand up then let it go.

Willful Blindness Is The Seed of Bitterness => Be clear about what you don’t want => very few people want to be left alone and, even the kindest partner, is likely to grow bitter when the “division of inconvenience” is out of whack.

Knowing actions matter, I watch => in myself, and everyone around me…

  • What is done first?
  • Ruthlessly honest inventory of time allocation. Do not fool myself by saying something is important, when I allocate little time to it.
  • What am I doing when I am willing to inconvenience myself? My core values live here.
  • Is there something small I can do, daily, to support the people who are essential to me? Have I asked?

I try to stay humble by remembering how each chapter of my family’s story will end.

Iterate towards better. Document, then share what works.


The Beginning, O’ahu 2004

Crypto

The capacity to see beauty

I was going to take a break from posting but this topic gives me an opening to share something useful with you.

So here goes.


Sunrises

First, I know next to nothing about crypto.

Fortunately, my life has been set up to take into account that I am clueless about many things!

I think we can start by agreeing that crypto is volatile.

So I’d suggest you start by thinking deeply about how you, your significant other, your family and your coworkers tolerate volatility.

I don’t need to think deeply. My family abhors volatility. They get nervous about stuff we don’t own.

Personally, I tolerate volatility but tend to sell early. By way of example, I am absolutely certain that I would have sold Amazon 20+ years ago. Grateful I didn’t short it.

So, regardless of the fundamentals, I’m not a good fit for the asset.


About those fundamentals, I can’t see them.

I could learn about crypto but, while learning about an asset class that isn’t a good fit, I am not working on something else.

Let’s repeat that… while thinking about one thing, I am not thinking about another thing.

The opportunity cost of mis-directed thought.


Say I get there – I’m comfortable with the asset class, and I’ve gotten myself and my investment committee past the volatility issue.

Will it make a difference?

Buying, not buying, selling, not selling. Being right will not make a difference in my life.

The opportunity cost of incorrect focus. Big one.


Shades of green

If asset classes don’t make a difference then what does?

I was thinking about this on my run this morning. So let’s start with that… dropping fat, maintaining a stable weight, daily movement in nature, improved strength… big difference!

Since shifting my primary focus away from money, my body has had the opportunity to do a lot of cool stuff.

Trying to get more, of what I don’t need, can prevent me from getting something useful.


A flower

Leaving => I wrote about considering if an asset is a good fit for an owner. What about life?

Leaving makes a difference.. every single time I realize I have different values than my peers, I exit => patiently, quietly, doing a good job on the way out.

I need to watch this tendency. Making a habit of leaving is not going to take me where I’d like to go. Stay where I belong.


Building => Don’t look for easy money, build something.

I helped a friend build a business. Unfortunately, he lied to me and stole money from the investors. Interestingly, when the dust settled, that didn’t make a huge difference. If someone isn’t trustworthy then it’s better to know, as soon as possible. In the end, I learned a lot and walked away with 25-years living expenses.

Learning, while building capital => made a difference, up to a point of rapidly diminishing returns.


A reminder of my first kiss with my wife

As you age, I recommend you transition your focus from money to relationships. Because…

Family => marrying well, raising my children to be exceptionally kind and athletic… makes a huge difference, much more than spending the last ten years building wealth would have done.

Having the courage to change, so my kids’ values are a better fit with my own.


My smiling, lovable savages. You have my eyes…

We tend to over-value what we see.

We see crypto rocketing and we think it must be a good idea. It might be. Like I said, I know nothing about it.

But what we don’t see is often more important.

Thinking about that on my run… the decision “to not” has helped in ways I will never see.

Errors not made.

Not smoking, not using scheduled drugs, not taking sleeping pills, not giving into anger, not quitting…

1/. Will this make a difference?

2/. Will “not this” make a difference?

A useful filter on where to focus, and what to avoid.

Teaching About Teachers


My daughter is at the age where she’s able to articulate two things about grown-ups.

1/. We can be caught doing something different than we say.

2/. We often talk about things we don’t know very well.

This gave me an opening to pass along my principles about teachers, BS and integrity.


Step back from the teacher.

What’s your goal with learning?

My goal is to implement the best ideas from experts with specific domain experience.

Implement.

Put another way => pay careful attention to the best ideas from people who have done, repeatedly, what you would like to do… …pick one idea… do it… repeat.

Sounds easy, it is not.

My mind always wants to engage in debate, to point out flaws, to distract itself from what matters => one good idea, implemented in my own life, over and over and over.

Another risk: once I become an expert in one area, I think I know about everything!

I need to change my advisers as I change domains.

AND

I need to stay humble about my current knowledge. The example I use with my daughter is the “hotshot 12 yo athlete.” Fun at the time but the game still has 50+ years to play out!


Know your role.

The student’s role is not to engage. Take the ideas, and implement.

Gain enough experience to be considered a peer, then we can have a discussion.

In doing, you might discover that one-on-one engagement isn’t a productive use of your time! Why do you think I have a blog… 😉

Many great teachers have lives that are a mess. Remember, it is not the student’s job to sort the teacher. Our job is to implement the best ideas of the teacher.

Sometimes the best idea is to see the teacher’s strategy won’t work for where we want to take our lives.

I’ll give you an example, in sport. In my early 40s, with a young family, I took a deep look at the family lives of my peers and competitors. By this stage, I had a very good idea of what was required to excel at athletics. By looking around, I was able to see that athletic excellence was likely to take me somewhere I didn’t want to go.

A decade earlier, it was the same deal with finance. I got a look under the hood of the lives of the very best, and decided I wanted a life that was different.

Athletic excellence, nope. Financial excellence, nope. Excellence to my spouse and kids => a better fit.

Not easy, not always fun, usual better!

I’ve spotted, and hopefully avoided, a few dead ends => seeing where my actions were likely to take me.


A helpful teacher is someone with a good idea that I can implement. The opportunity to learn is everywhere – keep your eyes open!

A coach, or mentor, is something different. This individual has a system for living that we can emulate. This goes further than useful tips we can apply. A mentor is an individual with a values system we can apply to improve all aspects of our lives.

Mentors share the same risks with regard to venturing beyond their area of expertise, but you’ll find they have much better alignment between what they say and what they do.

In fact, your ability to notice a misalignment between word, and deed, is a useful tool. When you detect a misalignment, you’re probably in a student:teacher relationship rather than working with someone you want to emulate.


Take all that energy you have… the energy to correct others….

…and apply it in your own life.

Make a habit of implementing the best advice of others, and do what you say!

Your life only needs to make sense to you.

Family Values 2021


Here’s another topic from our Couples Retreat.

How do I know, deep down, that I’m a good person?

Implementing my answer has become a source of strength and satisfaction. The answer has to do with core values. Values I use to guide my interactions, and actions.


Why do we believe all family is optional?

By leaving ourselves free to take no-action, we avoid a habit of manufacturing drama, and victimhood, to justify our opinions.

The habit of victimhood is easiest to see in others, but it lives in me.

Living this value takes the pressure off. It’s a whole lot easier to avoid unhappiness than be happy.

Put plainly => there’s no need to manufacture a “slight” to take a break.

Look beyond the slight.

Look inside and you might find unresolved grief, pain from your childhood or other trauma.

Maybe it’s simply a bad habit, of keeping little bits of pain alive.


By making “all family optional” we create space.

Breathing room spreads across our lives – especially when combined with a habit I wrote about last Friday. Letting other people make mistakes.

This could lead to forgiveness, or not. Perhaps, we start by deciding to stop recycling pain by telling stories about “how we were wronged”. Let it go.

To break the chain, we give everyone the right to opt out.

I’m grateful I gave myself permission to opt out.


We’re out, we are free!

To enjoy our freedom, we need to make positive contributions.

I’m a bit money-centric, so my first stop is personal cash flow. Easy to measure, so always given too much weight!

Pay my own way => helpful, but not sufficient.

I had my cash flow sorted by the time I was 21, yet my personal life remained cluttered.

Eventually, I realized too much freedom was a very bad idea. My choice was to embrace the challenge of creating an enviable marriage and household.

The choice to make continuous contributions is a good one => especially when you consider what is likely to happen with the inverse.

It takes time to see what happens when a spouse opts out of their family. The slow-burn bitterness, building to the point where someone burns the family structure to the ground.

Even if everything seemed fine…. Would opting out be winning?

Remember, I’m seeking to know, deep down, I am a good person.


So this freedom-to-opt-out takes the pressure off and lets me have a look around.

Phew!

I’m not bitter. I’m not filled with resentment.

What do I see?

In my case, I see the wisdom of becoming the sort of person who helps others when he doesn’t need to.

Keep coming back to this.

Shed the drama, talk like everyone is in the room, get back to work.


By not binding ourselves together, all interactions become gifts.

Freedom 2021


A big motivator in the finance world is the dream of earning “f-u money”.

The universal motivation for this goal is expressed in the Johnny Paycheck song, Take This Job and Shove It.

Trouble is, once you have a goal to tell people to Eff Off, you will never run out of targets for your ire.

You’ve created a habit that can’t be solved by money – and being consistently abrasive will drive good people from your life.


My friend, who changed my view on the UltraRich, demonstrated an alternative approach.

People think the benefit of wealth is f-u money. The benefit isn’t the ability to be rude with impunity. The benefit of financial independence is the opportunity to say no-thank-you to the ever-present drama around us

The goal, to opt out of BS, doesn’t require much money at all.

However, the first $125,000 I saved nudged me in a better direction, eventually, out of finance.

What my younger self found attractive (in wealth accumulation) was a pathway towards serenity. I feel very fortunate that I gave my younger self a chance to look around.

Serenity was found in nature, in connection and in exercise.

Do I want peace or drama?

Immunity and Disclosure

Closing Weekend 2021

A lesson I learned in Private Equity was:

Concession for concession

If I’m going to give something away then I should get something in return.


Because the public sector has different incentives than the private sector, it is possible for corporations to gain valuable concessions in exchange for not much in return.

Name an industry with corporate immunity for losses associated with their product.

The first one that usually comes to mind is guns. Here’s a link to a summary of the law – The Protection of Lawful Commerce in Arms.

In Colorado we have the Ski Safety Act (link to the law) that grants immunity to ski operators from the inherent risks of skiing. This act provides a huge incentive for resort operators to expand their Colorado operations. Colorado skiing is better because of this act, and I like to ski.


Backcountry Skiing

If you die in an avalanche in Colorado then the CAIC will do their very best to find out as much as possible about your death. They will publish their findings so the community can learn from the price you paid.

It’s a valuable public service, done on a limited budget ($1.6 million of public money in 2020). The accident reports give us a chance to make individual learning, collective. The reports also enable the public to make informed decisions about how they participate in backcountry skiing.

We have the accident investigation infrastructure, outside the resorts, and it doesn’t cost much. The $1.6 million of public money buys much more than accident investigation.


Investments in Public Safety

When I arrived in Boulder, the junction of North Broadway and Highway 36 was governed by a single stop sign. A cyclist turning left (on to to Hwy 36) needed to cross high speed traffic.

This intersection was the scene of fatal accidents and, eventually, the stop sign was replaced by a traffic light.

Before the light was put in, only the locals knew it was a dangerous location. The highway traffic comes around a corner and would catch unsuspecting cyclists while they tried to clip back into their pedals. I worked at a training camp where an out-of-state participant was killed at this intersection, when he turned back early from a group ride.

Colorado counties have the information they need to make informed investments in their road safety infrastructure.

With our in-bounds terrain, the counties and the public are largely skiing blind.


As a community, we’ve made a choice to accept the inherent risks of skiing.

I support this choice.

By taking personal responsibility for the risks of skiing, we save the ski operators tens of millions of dollars. A large multiple of the value of these savings is enjoyed by the owners of the resorts. The cost of better information would be a tiny fraction of gain in capital value

Improved disclosure, while preserving corporate immunity, would provide a positive incentive for the ski operators to improve their “dangerous intersections.”

Colorado can handle the truth


Here’s a link to the ski safety code – It is common sense stuff. The code fails to nudge skiers away from death and permanent injury.

From reading about fatal accidents, I learned some things I’ve passed to my kids:

  1. Trees kill
  2. Look where you want to go
  3. Hit things with your legs
  4. We don’t know why the rope is there
  5. Bar down

With better information, we can improve Colorado for those who follow us.

Let’s iterate towards better.

Connection


Paul’s tweet gave me a nudge to dig a little deeper.


My relationship with my kids started before they were born.

It started with how I approach my marriage:

The “no secrets” policy can be inconvenient but it has big benefits.

#1 => it makes it difficult for creeps to enter my life.

#2 => it’s an effective technique to lower stress and anxiety – especially when combined with daily movement in nature.

This openness applies in all areas – phone, email, opinions.

Sitting in a car with a kid – we all do it.

Sitting in a car with a kid, and a culture of openness… that’s different.


Sharing a meal with a 4 yo at Boulder’s Walnut Cafe – “Dad, sorry to break it to you… you need to try a little harder.”

So there is the culture my kids were born into – openness and a willingness to hear uncomfortable truths.

Then, before there was much to talk about… we went on short 1-on-1 trips. I started this around the time of our oldest’s 3rd birthday.

There wasn’t a master strategy. I simply wanted to give my wife some relief. Later, I wanted to offer her a chance to get to know our younger kids (our oldest has had a strong personality from the get go).

The trips worked. Not just for kids, by the way – we do Couples Retreats and, as a young man in London, train trips with the partners were GOLD.

I like to connect in my best environment. Do you know yours? Mine is mountain forests.


Hauling a 4 yo up Colorado’s Independence Pass – iPad, pillow, water bottle, lunch box, favorite blanket

Some other forums that work:

  • Walking together
  • Driving home in the dark, after exercise
  • Somewhere disconnected – we did a five-day trip without screens/phones
  • Looking at a campfire
  • Floating on water

Phone in airplane mode, turn off the music, expect nothing to happen.

The moments of connection are a tiny piece of the actual time I spend with my family.

I need to be there, and I need to be open to whatever happens.


Wanting to lead from a position of integrity is a motivator. I’ve been setting up the teen years since our oldest turned 8.

It’s helped me make positive changes with regard to my relationship with alcohol, social media, email, bedside phones and anger.

The phrase, “you will need to decide what sort of life you want to lead” is far more powerful when my kids don’t need me to explain my choices in words.

The process of positive change isn’t a whole lot of fun but coaching a winning team is deeply satisfying.

Everybody wants to play for a winning team!


Parenting June 2013

Adventure Novelty Exploring


Indian Peaks Wilderness Area

Ticked the box on my first post-pandemic adventure this past weekend, a little earlier than expected (my second shot is mid-April).

Snow camping.

Why snow camping?

The #1 forward-looking reason is regret minimization.

There’s been a lot of accidental death around me.

The best way to deal with my son’s love of adventure is to teach him everything I know about the outdoors. It’s a fun project and fits my view that “skilled is better than safe.”



What do you remember about your life before COVID?

My main memory is spending a lot of money, time and effort for a life that felt pretty similar to the last 12 months.

The feel, inside me, is very consistent.

My baseline satisfaction is resilient to setbacks, and doesn’t move much with luxury.

Time in nature (with family), writing and teaching are three things that move the needle for me.

So the question I asked myself is “how best to allocate my time and effort going forward?”

Bring back the experiences, and people, that I missed.

Adventure, novelty & exploring => the best experiences of the last 12 months had this in common => so I’ll be aiming for a quick fix every six weeks.

Quick trips, back to my normal life quickly… because I’ve learned that more isn’t better.

I bought myself a monster pack (105L), which lets me carry everything for my partners and removes any temptation for me to pick-up-the-pace on my team.



With people – same game plan.

Who did I miss?

Write a list of the people I didn’t see during the pandemic then do whatever-it-takes to have a quick visit with them.

Spend time, and effort, on connection.


I’ll end with a fun story from the overnight trip.

We started at 6am on Easter Sunday.

By noon, we had skied, skinned and set up camp. Both our feet were shot but there was eight hours until darkness!

What to do?

Hey buddy, let’s go on a water hunt.


First Attempt, nothing

It’s still deep up there

Second Attempt, under a bridge – in a couple weeks there will be water RAGING through here

Just like a pioneer, amigo. Keep digging!

Hey, do you hear water?!

Jackpot when he kicked through the final ice layer.

My son got a huge kick out of using a shovel “for something real.”

Staring at a screen during homeschool… not real.

Nature, water, snow, cold, wind, mountain lion tracks… real.

Let’s bring back the real.


Enjoy 2021

When Horror Pays A Visit

How I spent last Monday

As you undoubtedly saw, ten of my neighbors were murdered last Monday.

The shooting happened at the supermarket where I purchase my pancake mix.

The crime scene is about as close to home as close to home can be.


How do you deal with something like that?

#1 => Keep living, a very British solution to terror.

#2 => With our oldest, we spent the last week repeating simple phrases (Boulder is safe) and answering her questions with simple answers (don’t answer the door, call 911).

#3 => Keep the dialogue open and the answers simple.


What about my internal life? What kind of questions arise when horror makes a visit?

One of the victims, Kevin Mahoney, reminded me of my future self. His daughter shared a tribute, which was a reminder to live so my kids remember me with beautiful thoughts.

While avoidance is an effective coping strategy, any one of us might end up dead for no good reason.

In my senior year at McGill University, 14 women were murdered at another college in Montreal. Canadians made changes that reduced the frequency, and lethality, of their mass shooting events. The Montreal shooting happened seven months after Columbine.

It sounds like Kevin got a chance to say what he wanted to say to his daughter. I’d want my kids to know that a senseless death doesn’t imply a senseless life.

Don’t focus on my death, I want you to live your best life.

+++

What to do?

Big picture, nothing to do with guns, but everything to do with how to act in society…

Ghost the sociopaths.

If I think you are the sort of person who might hurt me, or if this is a situation with a stranger who might have a .357 magnum under his seat, then seek an exit, quietly.

I drive mellow because cars can be dangerous weapons.

I extend my driving habits to all situations.


My first thought, when I heard about Officer Eric Talley’s death, was gratitude that I live in a place where people are willing to walk into gunfire to protect their community. Selfless valor did not happen in Montreal and additional women died as a result.

When it comes to death (and it will come to death for all of us)… saving others is as good as it gets.

I want to thank Eric Talley’s family for supporting his choice to be a police officer.


When my daughter asked me what I thought, I advised her that it’s better to be effective than right. Specifically, my adult life has been about moving towards better.

Seek better.


To my wife, I pointed out that we inherit our opinions from our parents, then our opinions are reinforced by our peers and, as adults, our opinions are strengthened year-after-year by confirmation bias.

What does this mean in practice?

Don’t engage opinion – it’s just an opinion and didn’t belong to the owner to begin with!

Because it is near impossible to change an adult’s opinion, the wise work with children.


If you want to change reality then start with agreement.

We might decide it is a good idea to keep guns away from criminals and the mentally ill. Similar to being in favor of “tax simplification,” I have never met a person who took the other side.

I also note the success of Colorado’s marijuana lobby – they used a simple slogan “treat it like alcohol”. A simple slogan that reached beyond the issue.

Like alcohol, cars kill a lot of people. Cars, alcohol and cigarettes – we’ve been able to move towards better on many issues.

Making my life completely safe isn’t available to me. What I get to choose is where I focus and what I do. Lifetime risk of death is a useful way to reset your emotional state. Daily movement, more veggies, don’t speed and don’t smoke. Click the link to see why.

With violence, address it in myself, so I don’t enhance it in my son.

Own Use Control Acquire Build

For some, the building (of assets) is the best part of the process.

Last Thursday, I mentioned that my son and I were talking about real estate assets.

My son, like most folks, has a bias towards ownership. This runs deep – the only relationship he sees with assets is own vs want.

Now, as any yachtsman will tell you, when it comes to assets… the person getting the greatest benefit isn’t always the person paying the bills.

Two questions that are fundamental to how you organize your affairs:

  • Who gets the benefit of the asset(s)?
  • Who gets the benefit of your time?

Back to Thursday’s strawberries, a proxy for cash flow

From Thursday’s example…

  • The direct benefit of the renal property goes to the tenant.
  • The cash flow goes towards my cost of living.
  • Not having to earn that cash flow, gives me time to spend educating my kids.

The person, or entity, that owns the rental property doesn’t matter as much as you’d think.

What matters is who uses, who controls and who gets the benefit of… the asset.

The mismatch, between ownership and benefit, is a key source of friction within family systems. To mitigate, each generation should have an opportunity to create and affirm their own values.

Short version: we each agree to pay our own way.

The mismatch is also why our political class does a poor job of picking winners, setting preferences and allocating resources.

Incentives matter.


So, are you a balance sheet builder? Are you someone who enjoys using assets? Do you seek power through the ability to control budgets? Does giving to others bring you happiness? Do you love the thrill of the deal, or is it more about the novelty of a new purchase?

As a young person, these questions can be difficult to answer. Even when you think you’ve answered them… you might think differently later.

Here’s something I’ve noticed about myself. The more I notice others, the more I need to step back, relax and recharge. When I’m getting enough time to recharge then the noise of the world flows by.

Remember time and you will make fewer mistakes.