Friday, July 19, 2013

Managing Your Money

Andrew Tobias
Long-time readers will know that I'm a fan of Andrew Tobias, author of The ONLY Investment Guide You'll EVER Need and My Vast Fortune. He's my second-favorite money guy.

But when he linked to this 1987 video of his interview by Werner Erhard, I was skeptical of how interesting it could be. Let's face it: most advice on money and investing has a shelf life of 2 or 3 years. I was wrong. Good, basic stuff, but with a sense of humor.

Example: Tobias says if you invested just 1 penny at 2% the day Christ was born, in 1987 you would have $198,000,000,000,000,000. He says this illustrates two things:

• Slow and steady does indeed win the race.

• No wonder the Catholic church has so much money.

[I'm not sure of Tobias' math there. Did he really mean only one penny invested, or one penny a day, or one penny a year?]

Anyway, it's two hours long, and I haven't finished it yet (neither, in fact, has he) but you might enjoy it, too.

You'll find it here.

Update: [A friend did the math. He does indeed mean just one penny invested. Now all you have to do is live 2014 years to collect.]

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