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Words of Financial Wisdom: “Contemplating the Boobs We Were” by Peter Applebome

Excellent article from the New York Times that we studied in the Rich Dad Company meeting this morning:

Contemplating the Boobs We Were

By PETER APPLEBOME
Published: December 27, 2008

Yes, it’s been a miserable year.

Had Time waited a few days it might have decided to go with Bernard L. Madoff, the ultimate face of this annus horribilis, as its Person of the Year instead of Barack Obama.

But, when it comes to money, hope springs eternal. Just ask the financial magazines which are already full of advice about the better year to come. “Your Comeback Year — 2009,” announces Kiplinger’s Personal Finance. In Money it’s: “Get Your Money Back — A Six-Step Plan to Rebuild Your Savings.” BusinessWeek’s Investment Outlook promises: “Yes, Things Are Grim. But Here’s Your New Plan to Emerge Stronger.”

Maybe next year will be better. It can’t be much worse. But before we toss the latest unopened 401(k) statement into the trash, a year-end toast to us all — the boobs and easy marks who from time immemorial have mastered the art of buying high and selling low, investing in bubbles as transparent as an open window, making crashes and swindles as much a part of the human experience as love, vanity and bad breath.

“Insofar as there is a lesson in history,” said James Grant, editor of Grant’s Interest Rate Observer, “it’s that human beings are not very good with large sums of money, anything over $136.”

There’s more…. Continue reading

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1 Response

  1. Tai

    This is a great article. There are so much information out there, so we must be able to distinguish between what helps us and what won’t help us. I’ll keep learning! Thank you.