Tim Ferriss on losing money (and how to recoup)

Tim Ferriss is one of my new favorite bloggers… he may not be new to blogging but his blog is new to me.  It’s really brilliant stuff.  Here’s a snippet I really liked from his “Things I’ve Learned and Loved in 2008” post:

You don’t have to recoup losses the same way you lose them. I own a home in San Jose but moved almost 12 months ago. It’s been empty since, and I’m paying a large mortgage each month. The best part? I don’t care. But this wasn’t always the case. For many months, I felt demoralized as others pressured me to rent it, emphasizing how I was just flushing money away otherwise. Then I realized: you don’t have to make $ back the same way you lose it. If you lose $1,000 at the blackjack table, should you try and recoup it there? Of course not. I don’t want to deal with renters, even with a property management company. The solution: leave the house alone, use it on occasion, and just create incoming revenue elsewhere that would cover the cost of the mortgage through consulting, publishing, etc.

Wow, I’ve never thought about that but how powerful. There’s other super-cool stuff in that post, one of which I really like (as an author/speaker) is: Related: You’re never as bad as they say you are.

Read the entire post here.

 

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