Recently, I was in Las Vegas for a convention and I happened to walk through some of the casinos. It appeared to me that some of the people playing the slot machines, poker tables, and other games of chance either looked rather depressed (perhaps they were losing?) or excited (perhaps they were winning?). But what also struck me about either situation was that all of them had at least one thing in common as related to playing the game; namely, they had to decide – at some point – to either be in the game or get out of it. If they had been losing, getting out likely meant locking in the losses. And, conversely, if they had been winning, getting out meant erasing the possibility of winning even more. Either way, a tough call.
When I was a boy, one of the rules I was taught to live by was to never hurry to a whooping. That meant that when the school bully threatened me with beating me up as I got off the bus, that perhaps, rather than try to fight him, the best thing to do was just not get off the bus! Go a little further to another stop and get off there instead. The extra walk would be worth missing the whooping!
Sometimes people wonder what the difference is between what advisors at Dumont Financial do and, say, their accountant, or even their uncle who doesn’t work in finance at all (but is a really smart guy). I explain the difference with a question:
Yes, indeed, another year has passed and perhaps, like so many of us, you realize that you still have financial goals that you’ve yet to attain. If this describes you, I’d like to offer a couple of thoughts to help. The first is to “start where you are.” One of the great things about finance is that there’s always more we can learn, set our sites on, and achieve. But this doesn’t have to be an overwhelming thought when we realize that at any given moment we can begin again. If you’re ready to “start where you are”, begin by taking a sheet of paper (or a spreadsheet) and drawing four columns.