Bet On Yourself First

I received this advice in 2008 while working for a man named Bob. I also worked for a man named Brian, and we collectively referred to both bosses as 'the Bobs'. It was an exciting job called Flying Sensors. Check out this video, the old days, when we recorded on digital tapes, not memory cards.

Once, I was having lunch with the boss, the actual Bob. He explained why he was investing his own money into the company and also cashing out his 401k. I recall disagreeing with him because the company was incurring high costs, frequently crashing helicopters, and wasn't profitable.

I listened and learned. He advised that, given the choice, you should invest in yourself rather than in some random mutual fund. I had money at the time in the stock market. I decided to listen to Bob. I quit Flying Sensors and started my own company making drones and filming tourism destinations. The $20k I invested in myself equated to a few odd jobs paying about $20k in total, so it broke even, but it opened up the opportunity that became my first successful startup, ArmorActive.

This all leads to the point that, when faced with two options – investing in something you can't control or investing in yourself – you should choose the latter.

Many of you have full-time jobs and invest in 401ks, stock portfolios, or real estate, such as your homes. Should you withdraw some of that equity to invest in your idea? My advice is a “hell yes”. The outcome and potential of your financial future are predictable if you keep doing the same thing. Betting on yourself, however, is unpredictable.

You may lose it all, big whoop, I did that several times before I started figuring it out. America, home to most my readers, is arguably the best place in the world to bet on yourself. I don’t care what your idea is, or your age, whether it’s betting on your education, or even getting really good therapy for yourself. Bet on yourself before letting others take your money and manage it their way with little input from you.

That’s that. Friday’s Financial advice

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