Who Has the Best Diet? Not Richard Simmons… it’s ‘Poor Richard’
12 Jun 2017
Our company President Jeff Johnston always challenges people listening to our WMT 600AM radio show to go on a 30 day ‘diet’. Don’t worry Jeff won’t make you eat seaweed for a month… You just have to avoid any financial media for 30 days straight (except for our radio show, Tuesday nights at 6pm, of course 🙂 ) Jeff feels strongly that most investors will tell you that they have a ‘long-term time horizon’ but when the daily financial headlines become a distraction, they will stray from their long-term investment philosophy.
Here’s some of my all-time favorite headlines from financial magazines, newspapers, and the internet:
- “Stock Markets Rise on Reports of Imminent Stock Market Rise”
- “Wall Street’s IQ Plunges Below 70, Triggering a ‘Too Dumb to Fail’ Bailout”
- “County to Pay $250,000 to Advertise Lack of Funds” (Oregon’s The Register-Guard)
In this day and age of instant messaging, high speed technology, and access to more financial information than ever before, how could a book published between 1732 to 1758 help the average person about money, life, and finance? The answer is: Ben Franklin wrote it.
Ben Franklin was a publisher when he started writing about his fictional character ‘poor Richard’ to increase the popularity and circulation of his newspaper. While more newspapers started to sell, Franklin decided to write about life and financial lessons. How do you satisfy your craving for financial information over the next 30 days? Buy a copy of ‘Poor Richard’s Almanac’ (mine was a whopping 99cents at the half price bookstore) forget ‘feasting on’ financial headlines and ‘dig-in’ to what Ben has to say, here’s an appetizer for you:
- Necessity never made a good bargain.
- If you want to know the value of money, go try to borrow some.
- Content makes poor men rich, discontent makes rich men poor.
- Diligence is the mother of GOOD LUCK. (my all-time favorite)
Good Luck on your diet!