What Endurance Athletics Has Taught Me

Most people want to get in shape in a fraction of the time it took them to get out of shape. A vast majority also want to win the lottery and fall in love over night.

The key to success in endurance athletics is building strength, stamina, and mental toughness over time. The key is taking the long view towards incremental improvement, week-to-week, month-to-month, year-to-year. Am I stronger, fitter, more confident this week, month, year? I’ll never be strong, fit, and confident enough. When most successful, there’s positive momentum, movement along the continuum. Positive momentum requires waking up and getting out the door, even when I don’t feel like it. Especially when I don’t feel like it.

How to create positive personal finance momentum? The key is incremental improvement which results from saving more than I spend month-to-month, year-to-year, and then investing in passive index funds month-to-month, year-to-year. Building the strength, stamina, and mental toughness to hold on for five, ten, fifteen years. Rebalancing on occasion.

How to be a better human being? By being a more active, patient listener this week, this month, this year. By being a little more friendly to others, more empathetic, more curious, more understanding.

It’s much easier to write about the long view and incremental improvement than it is to apply it consistently. In some important ways—including as an endurance athlete, as a blogger, and as a close friend—I’m lacking positive momentum right now. This is the point in the post where I wish I had an inspiring insight to close with.

Postscript: Alexi has momentum in her life.

 

 

Trenchant Research on How Birth Order Affects the Way You Spend Money

Thanks to Brown and Grable by way of Horkey for this description of how birth order affects the way we spend money.

Was blind, but now I see. By “trenchant” I mean amazingly facile.

First born. My oldest brother. The best editor I’ve ever had:

The oldest child in the family tends to be mature, confident and, more often than not, a perfectionist. As a result of the responsibilities and expectations placed on them by parents at an early age, older siblings are well organized and generally in control of their lives.

‘Firstborns handle money differently. I see a pattern in a lot of people that I know. They are viciously protective of making sure bills are paid on time and living within their means, which includes building savings and investments.’

Middle child(ren). My sissy and older brother. The best middle siblings I’ve ever had:

“While the oldest child is often given the lion’s share of attention from parents, and the youngest can typically do no wrong, the middle child might feel lost in the shuffle.

Middle children are resigned to the fact that someone is always both ahead of and behind them in terms of familial structure. As a result, they are often found to be naturally gifted problem solvers with excellent negotiation skills. And when it comes to financial habits, the middle child is a born saver, with nearly 65 percent of the group contributing money to their savings accounts each month.'”

The youngest. Myself. Such a perfect, little, Idaho potato that my parents immediately decided to procreate no more:

“More often than not, this person is. . . the life of the party.

While the youngest children might seem charming and fun to be around, they also tend to demonstrate bad spending habits and are typically the least financially responsible of their siblings. It doesn’t help that parents have often become more lenient about discipline by the time the second or third child is born.

Parents have a habit of overindulging and spoiling the youngest children in families. Ultimately, this desire to protect the baby of the family can backfire, causing the individual to spend rather than save for a rainy day.”

Thanks to these poignant insights, I’m going to start trying to save more money. All while remaining true to my life of the party, charming, fun to be around self.

 

All Things Considered–Long Weekend Edition

• How to teach personal finance.

• The power of the pen. The bin Laden papers were going to be released independent of Hersh’s London Review story of ObL’s death. And Hilary Clinton really wants all her emails made public. And Tom Brady’s never done anything wrong. The Obama administration says Hersh’s story is “filled with inaccuracies”. Which is a lot different than saying it’s untrue.

• Best sports presser of the week.

• Warren Buffet, minimalist. “Money has no utility to me anymore as I am very happy with what I have but it has enormous utility to others in the world. More possessions to me would actually be a liability more than an asset.”

The data was faked.

Seven uncomfortable truths about living in Norway.

• Minimum wages compliments of fivethirtyeight.com. Look out Columbus, Seattle is closing fast.

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Sentence That Restores My Faith In “The Public”

From today’s Wall Street Journal.

Investors pulled $12.7 billion from actively managed U.S. stock funds in 2014 through November, and put $244 billion into passive index funds from Vanguard and others, according to Morningstar.

Related factoid:

Vanguard is undercutting many rivals on fees. Investors pay 18 cents for every hundred dollars they invest with Vanguard, compared with $1.24 for the average actively managed mutual fund, Morningstar said. The company also is beating its passive rivals, which charge an average of 77 cents for every hundred dollars.

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The 5 Most Important Things You’ll Read All Week

1) Have you noticed? Increasingly, bloggers are inserting numbers into post titles to increase readership and improve search engine rankings. “5” has replaced “3” for most popular number. “17” is trendy too. I don’t know why numbers increase readership and improve search engine rankings. I find it disingenuous at best and insulting at worst. As if all anyone can process anymore is a list. My one-time use of it here is sarcasm. I should start a movement. . . force a number into your title and we’ll refuse to read what follows. Who is in?

2) Imagine a world in which everyone reads and discusses books with people different than them. My favorite story from last week.

3) The Seattle Mariners are the best team in baseball when it comes to this.

4) Is this a trend. . . dad’s helping grown daughters who aren’t necessarily interested in their help? I’ve never offered unsolicited advice to my daughters. . . that’s an additional serving of sarcasm. One of my daughters’ friends laughed at her dad for sending her an article on “How to save and invest money”. Another “couldn’t believe” her dad mailed her bicycle to her at college, then assembled it during a visit. The “extremely large” bike box was difficult and embarrassing to pick up at the mail room. The two wheeler was used one or two times during the school year. This isn’t limited to dad’s and daughters. Parents often presume their young adult children want to save money, invest wisely, prepare healthy meals, bicycle, etc., etc. Maybe I should start a movement where parents let their young adult children know they’re interested in sharing different “lessons learned” if and when they’re interested. And then we’ll sit back and wait for our young adult children to ask us for help.

5) I’m filing this under “Sometimes I Amaze Myself”. I’ve done it again, I’ve come up with a brilliant idea. This one will enable me to extend my triathlon career for many more years. Based upon my swimming, cycling, and running training log, I have a very good feel for how fast I can swim 1500 or 1900 meters, how fast I can ride 40k or 56 miles, and how fast I can run 10k or 13.1 miles. That means all I have to do is guess how bad my transitions would likely be, and presto, I can spend a few minutes on-line on Mondays to see what place I would’ve finished had I actually shown up at that weekend’s races. This way I save tons of coin and race every weekend without swimming through seaweed or increasing my exposure to the sun. I “won” my age group at a few recent races.