Are you looking for a way to feel empowered when it comes to managing your financial future? Look no further than Blue Jeans Millionaire, Richard Epley. Richard has more than forty years’ worth of experience, education, and professional licenses under his belt. So it could be well worth your time to jump on over to Blue Jeans Millionaire, and find out what he has to say. But for now, you can get to know him a little bit better here.
So Richard, how long have you been handling your own personal finances?
I’ve been handling my own finances since I started working for wages some forty years ago. My first passbook savings account was started at age 15, checking at age 18. But it wasn’t until I turned thirty that I seriously started investing in both the stock market and income producing real estate. That was also the year I launched my first solo business venture.
So it would be safe to say that you may have experienced many ups and downs when it comes to your own finances. If you don’t mind sharing, are there any major pitfalls you’d like to mention & how did you/are you recovering?
Like all investors I encountered numerous pitfalls. I tended early in my career to over concentrate in sectors like real estate, which meant that when that market cooled off, I was caught off guard. I’ve also been guilty of having a one stock concentrated position which came to grief, and got caught in the tech market bubble this decade. Once I took asset allocation seriously, and got our consumption spending under control, there have been no major reversals.
Would you like to offer any insight on why it seems that so many others have trouble managing their money?
They think it is too complicated and esoteric. They have been led to think this way by the investment/retirement complex. Prospect theory says the thought of making a bad decision is so painful that investors retreat into the mode of postponing financial decision making indefinitely.
Thanks for the insight. On your blog, you have also looked at why it seems to be so much easier for some families to save and invest, mentioning that “it is not a function of intelligence or education, …yet the simple acceptance of delayed gratification as a life skill.” Very well said! Moving along, I’ve also read the reasons that you started a blog about personal finance. I must say, I personally like your comment about needing someone who was “once serving on the dark side to let you know what to expect in your dealings with so-called financial professionals.” Would you share some of the other reasons with our readers?
I started my blog when my career was at the point that I had nothing to lose by being a whistle blower. I’ve always enjoyed writing, but not the business of publishing in the pre-internet era. I had a lifetime of experience to share, and needed the audience.
Something strange happens when you approach normal retirement years…an overwhelming desire to mentor someone. It’s also a nice fit with my boutique wealth management practice. Research in either pursuit spills over and reinforces applications in both pursuits.
Finally, I needed the nudge and support of technical and marketing expertise in taking the plunge, and that is my partnership with Christine Lerios at Mixed-up-Media.
That partnership seems to be doing well. Good for you two! So moving forward, do you have any goals that you are working on for the remainder of 2008?
My goals, oddly enough, started with two negatives. The desire to never work for anyone else, ever again. And the desire to work a 30 hour week, rather than a 60+ hour week. Once accomplished, my goals now are to build the private wealth management practice to a comfortable level, and expand the blog until it finds its targeted audience. I could not even contemplate a life without work and achievement, no matter my age.
What about any long-term goals?
My long term goal is to impart core investment and life skills to my adult children, and by extension, anyone else who would like to eaves drop on the dialogue.
Richard, I am sure you will succeed at anything you want to do. We wish the best for you and we hope to hear more from you soon. In the mean time, if you have not already, please visit Richards’ blog over at Blue Jeans Millionaire, and partake on this wonderful knowledge that he has chosen to share with all of us.
Please feel free to join in on any discussions within our many groups such as Guide to Financial Solvency, Millionaire Blueprints Teen Magazine, or Am I Diversified?
(photo courtesy of Richard Epley)
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