One of the reasons the United States is the greatest country in the world is our governing system of representative democracy. Too bad it doesn't always work that way.
When is a representative democracy not a representative democracy? In Iowa, the answer is when it comes to legalizing medicinal marijuana.
This week, a Des Moines Register Iowa Poll found that 70% of adult Iowans favor the legalization of marijuana for medicinal purposes. This is up from just 59% last year, and 58% the year before that.
It's over. It doesn't take a rocket scientist to figure out that this issue has been decided, and Iowans are ready to follow the rest of the country into making this rational, albeit long overdue choice.
Unfortunately, Iowa's elected state legislators don't seem to be any closer to legalizing marijuana for medical uses. Basically, we've elected a bunch of old, white, close-minded, and mostly Republican males (including the governor) who will always believe pot is evil, regardless of its proven therapeutic uses or the desire of their constituents. They continue to use the intellectually dishonest argument that the 'unintended consequences' of legalization will lead to serious drug abuse in Iowa. Simultaneously, they attend numerous political receptions where they, along with many others, can legally drink non-medicinal booze without a thought of the 'unintended consequences' of alcohol abuse.
Some Iowans seem to be buying that 'unintended consequences' argument, because the same Iowa Poll reports that only 30% of adults approve legalizing marijuana for recreational use, a number unchanged over the past two years. We are still years away, or more likely, one big fiscal deficit away, from joining the few other states that have done this.
Oh well. One thing we know about representative democracy it that it works, it's just a matter of time. So it will be with legalizing marijuana use in Iowa and in the U.S.
Sunday, March 1, 2015
Monday, February 23, 2015
Hard(ly) Work
I've posted entries in the past about people who don't work, and live of my taxes in the form of government payments. I'm not linking to them here; you can either assume it wasn't altogether flattering, or find the 'work' label on the blog and check it out for yourself.
In the past couple of years, I haven't changed my mind about that, but I'm more disgusted about another form of not working. By this, I mean people who talk a lot about how hard they work, but who don't really work that hard.
I started to notice this more after being self-employed for a while. Many people with whom I interact seem to believe the scheduling flexibility that comes with self-employment is also a ticket to working less than their mandated 40 hour work-week.
In truth, while the W-2 employee is working an 8 hour day, they generally aren't going farther than that over the course of a year. And as one who worked that life for many years, I also know that there is plenty of time for chit-chat, personal calls, and now more often, social media time. The 8 hour work day or 40 hour work week for most (not all) people is actually a lot less than that, and I'm not even counting the 3 weeks or more of annual paid time off.
Meanwhile, self-employed folks on the pathway to success are usually working at least several hours a week in the evening and/or the weekend. There may be time off every day, with no time off any day. I grew up on a livestock farm, and it's the same deal, except a that's a helluva lot more and harder work.
The only self-employed people I know who consistently work less than 40 hours a week are ones who are failing, or have already succeeded. There is no in-between -- you aren't going to be a success in self-employment unless you are working harder and smarter than the typical 40 hours a week.
The crux of all this is, when someone feels the need to mention how hard they've been working at their job, I don't really want to hear it. Chances are, they're embellishing to begin with. Chances are, they take more vacation than I do. Chance are, they aren't working at their occupation harder than I am at mine.
If they think they're working hard now, they should try running their own business.
In the past couple of years, I haven't changed my mind about that, but I'm more disgusted about another form of not working. By this, I mean people who talk a lot about how hard they work, but who don't really work that hard.
I started to notice this more after being self-employed for a while. Many people with whom I interact seem to believe the scheduling flexibility that comes with self-employment is also a ticket to working less than their mandated 40 hour work-week.
In truth, while the W-2 employee is working an 8 hour day, they generally aren't going farther than that over the course of a year. And as one who worked that life for many years, I also know that there is plenty of time for chit-chat, personal calls, and now more often, social media time. The 8 hour work day or 40 hour work week for most (not all) people is actually a lot less than that, and I'm not even counting the 3 weeks or more of annual paid time off.
Meanwhile, self-employed folks on the pathway to success are usually working at least several hours a week in the evening and/or the weekend. There may be time off every day, with no time off any day. I grew up on a livestock farm, and it's the same deal, except a that's a helluva lot more and harder work.
The only self-employed people I know who consistently work less than 40 hours a week are ones who are failing, or have already succeeded. There is no in-between -- you aren't going to be a success in self-employment unless you are working harder and smarter than the typical 40 hours a week.
The crux of all this is, when someone feels the need to mention how hard they've been working at their job, I don't really want to hear it. Chances are, they're embellishing to begin with. Chances are, they take more vacation than I do. Chance are, they aren't working at their occupation harder than I am at mine.
If they think they're working hard now, they should try running their own business.
Monday, February 16, 2015
The Circle Of Competence
Among the many profound investing philosophies of Warren Buffett and Charlie Munger are some that extend beyond the area of finance. Today I select one it seems I've cited a lot lately, that being the idea of staying within one's own "Circle of Competence."
The basic premise is simple: When you don't really know what you're doing, it's much riskier than when you do know what you're doing. This is one of those premises that everybody knows, but most still violate from time to time, even very smart people.
This concept is straightforward in finance, where another quote Buffett often refers to (not his) works as an explanation: "When a man with money meets a man with experience, the man with experience leaves with the money, and the man with money leaves with the experience."
Consider, however, the practical, non-financial life applications to the Circle or Competence. How often don't you hear from someone giving you unsolicited and unqualified advice on issues of relationships? What about on issues of fashion? Or how about my most recent favorite, those who have no medical or health training, but want you to accept their understandings and beliefs on all sorts of specific medical or health related issues?
Those offering opinions that are outside their Circle of Competence are doing even more than nothing to help you or themselves. They're actually going into negative territory, because you may be able to take advantage of their incompetence. Here again, this may be most readily apparent in the world of finance, but applies to other walks of life.
The most important part of all this is knowing one's own Circle of Competence. Munger was once quoted as saying, in a bit of a self-fulfilling prophetic way, "It isn't a competency if you don't know the edge of it."
The basic premise is simple: When you don't really know what you're doing, it's much riskier than when you do know what you're doing. This is one of those premises that everybody knows, but most still violate from time to time, even very smart people.
This concept is straightforward in finance, where another quote Buffett often refers to (not his) works as an explanation: "When a man with money meets a man with experience, the man with experience leaves with the money, and the man with money leaves with the experience."
Consider, however, the practical, non-financial life applications to the Circle or Competence. How often don't you hear from someone giving you unsolicited and unqualified advice on issues of relationships? What about on issues of fashion? Or how about my most recent favorite, those who have no medical or health training, but want you to accept their understandings and beliefs on all sorts of specific medical or health related issues?
Those offering opinions that are outside their Circle of Competence are doing even more than nothing to help you or themselves. They're actually going into negative territory, because you may be able to take advantage of their incompetence. Here again, this may be most readily apparent in the world of finance, but applies to other walks of life.
The most important part of all this is knowing one's own Circle of Competence. Munger was once quoted as saying, in a bit of a self-fulfilling prophetic way, "It isn't a competency if you don't know the edge of it."
Sunday, February 8, 2015
Insurance = Bad Investment, Redux
I've covered this before: Generally speaking, insurance is a bad investment.
Last week, I got into a prolonged, disagreeable phone conversation about a mutual client with what I consider to be the lowest form of 'financial advisor' on the planet: A career life insurance agent. Here's my open letter to him:
Last week, I got into a prolonged, disagreeable phone conversation about a mutual client with what I consider to be the lowest form of 'financial advisor' on the planet: A career life insurance agent. Here's my open letter to him:
What gives you the right to call yourself a financial advisor? You have one strategy -- convince everyone that their financial situation can be helped with some type of life insurance product, including (and especially) variable and indexed annuities. Isn't it interesting that these these products generate big commission payments to you? Never mind that your client pays well over 2% and probably closer to 3% of their 'invested' money every year in expenses to help pay those commissions, a fact you don't audibly disclose. Never mind that you have little or no expertise in retirement, investment, or tax planning. Never mind that you don't live by a fiduciary standard, you live by making your insurance company quotas. You either don't know, or don't care, that not everybody needs life insurance. In fact, you want people to believe that it's perfectly normal to buy enough life insurance to cover all the income they might make in the future -- a 'future value' approach that makes absolutely no sense, and profits nobody except you and your company. You are a self-serving loser, and you suck.
This letter doesn't apply to every career insurance agent, just most of them. As a certified financial planner, I do everything in my power not to be closely associated with them. Actually, that's a financial strategy that would help everyone!
Saturday, January 31, 2015
Un-Super Bowl
This weekend includes Super Bowl Sunday.
Like most Super Bowl Sundays, I'll put on my Minnesota Vikings team gear, and eat and drink and watch the game and commercials.
I'll probably root for the team I dislike the least, usually the NFC team.
And for the 38th consecutive year, I will do it all without passion, because it's been that long since the Vikings have been in the Super Bowl.
The Vikes were in 4 of the first 11 contests, losing all of them, and haven't been back. Their consistent winning tradition in the 1970s made it fun to be a fan growing up, it's just that they never got the brass ring.
Sadder still is that they've come within a game of getting back to the Super Bowl several times in those following 38 years (5 to be exact), only to lose that penultimate game, twice in torturous overtime fashion.
Fortunately, I can at least say I've seen other favorite professional sports franchises win titles over the years, including baseball's Minnesota Twins, hockey's Chicago Black Hawks (recently) and basketball's San Antonio Spurs (very recently).
But not football.
So this weekend, another Super Bowl champion will be crowned, and I won't care.
Maybe next year?
Like most Super Bowl Sundays, I'll put on my Minnesota Vikings team gear, and eat and drink and watch the game and commercials.
I'll probably root for the team I dislike the least, usually the NFC team.
And for the 38th consecutive year, I will do it all without passion, because it's been that long since the Vikings have been in the Super Bowl.
The Vikes were in 4 of the first 11 contests, losing all of them, and haven't been back. Their consistent winning tradition in the 1970s made it fun to be a fan growing up, it's just that they never got the brass ring.
Sadder still is that they've come within a game of getting back to the Super Bowl several times in those following 38 years (5 to be exact), only to lose that penultimate game, twice in torturous overtime fashion.
Fortunately, I can at least say I've seen other favorite professional sports franchises win titles over the years, including baseball's Minnesota Twins, hockey's Chicago Black Hawks (recently) and basketball's San Antonio Spurs (very recently).
But not football.
So this weekend, another Super Bowl champion will be crowned, and I won't care.
Maybe next year?
Thursday, January 22, 2015
Which Doctor / Witch Doctor, Part II
My last entry covered my frustration with traditional physicians and their lack of treatment on my sore shoulder. At the end, I declared my intention of turning to alternative medicine next, if necessary.
Unfortunately, I don't see going 'all-in' on the alternative medicine stuff. That isn't because I question the therapeutic benefits -- I accept that there are scientifically understandable aspects to things like chiropractic care, acupuncture, even natural foods/oils,
The problem is, so many of the practitioners of alternative medicine, ARE all-in. When I see and hear them rejecting any benefits of modern medicine, they and their beliefs lose credibility.
I think the best example of this is treatment for the flu. So many people are affected by it each winter (with this winter being one of the worst), you'd think everyone would get on board with the idea of a getting a flu shot. The science is clear -- introduce the dead virus to the body, essentially training it to attack the virus strain.
However, the alternative medicine folks want you to believe the flu can effectively be avoided, or its impact lessened, by going to the chiropractor or inhaling/ingesting/applying some natural element. They feel the body is already able to counteract any viral or bacterial attack as long as it's in optimum working order. And why introduce something unnatural into the body.
That's mostly crazy-talk. Our bodies are exposed to so many non-natural (chemical) elements these days, it doesn't follow that the body should be expected to manage it on its own, without some non-natural (chemical) elements like over-the-counter or prescription drugs. [Aside: Maybe here we can at least agree that natural but currently illegal elements like cannabis / marijuana would be helpful?]
Here's another way I've framed it for my hard-core alternative medicine friends; Why is it that I'm willing to compromise and accept alternative medicine as part of a holistic health program, but they are so adamantly opposed to any type of modern medicines? Is it because it makes sense, or is it because others who've convinced them to believe in it so much will also profit from that belief (e.g. chiropractors, natural element sellers, etc.)
And finally -- how come I never hear the alternative medicine folks talking about the role of exercise in health? You'd think this would be right down their alley, I mean, what could be a better way to naturally keep the body in top form? I think the answer is the same as it is for everyone else -- it's easier to inhaling/ingest/apply something to the body than it is to spend 30 minutes sweating. Ergo, alternative medicine.
In conclusion, both modern and alternative medicine practitioners (and exercise!) play a role in good health. Also, both modern and alternative medicine practitioners are trying to gain financially from what they say/do, so it's probably a good idea not to believe everything they say/do.
Unfortunately, I don't see going 'all-in' on the alternative medicine stuff. That isn't because I question the therapeutic benefits -- I accept that there are scientifically understandable aspects to things like chiropractic care, acupuncture, even natural foods/oils,
The problem is, so many of the practitioners of alternative medicine, ARE all-in. When I see and hear them rejecting any benefits of modern medicine, they and their beliefs lose credibility.
I think the best example of this is treatment for the flu. So many people are affected by it each winter (with this winter being one of the worst), you'd think everyone would get on board with the idea of a getting a flu shot. The science is clear -- introduce the dead virus to the body, essentially training it to attack the virus strain.
However, the alternative medicine folks want you to believe the flu can effectively be avoided, or its impact lessened, by going to the chiropractor or inhaling/ingesting/applying some natural element. They feel the body is already able to counteract any viral or bacterial attack as long as it's in optimum working order. And why introduce something unnatural into the body.
That's mostly crazy-talk. Our bodies are exposed to so many non-natural (chemical) elements these days, it doesn't follow that the body should be expected to manage it on its own, without some non-natural (chemical) elements like over-the-counter or prescription drugs. [Aside: Maybe here we can at least agree that natural but currently illegal elements like cannabis / marijuana would be helpful?]
Here's another way I've framed it for my hard-core alternative medicine friends; Why is it that I'm willing to compromise and accept alternative medicine as part of a holistic health program, but they are so adamantly opposed to any type of modern medicines? Is it because it makes sense, or is it because others who've convinced them to believe in it so much will also profit from that belief (e.g. chiropractors, natural element sellers, etc.)
And finally -- how come I never hear the alternative medicine folks talking about the role of exercise in health? You'd think this would be right down their alley, I mean, what could be a better way to naturally keep the body in top form? I think the answer is the same as it is for everyone else -- it's easier to inhaling/ingest/apply something to the body than it is to spend 30 minutes sweating. Ergo, alternative medicine.
In conclusion, both modern and alternative medicine practitioners (and exercise!) play a role in good health. Also, both modern and alternative medicine practitioners are trying to gain financially from what they say/do, so it's probably a good idea not to believe everything they say/do.
Thursday, January 8, 2015
Which Doctor / Witch Doctor
This is a story of how traditional doctors failed me. It's also a story about why people turn to those who practice alternative medicine, to a fault.
Last November, I made an office visit to my family physician for chronic 'minor' shoulder pain I'd had for a few months. After an exam and x-ray, I was essentially diagnosed with tendinitis/bursitis and given stretching exercises to do.
Over the course of the next few weeks the pain was reduced by approximately 50%, but I made another office visit in late December, because I didn't want to wait again as long for the rest of the shoulder discomfort to go away. I asked about getting a cortisone shot (more on this later), and my doctor said that seemed reasonable, and scheduled an appointment for me with an orthopedist.
It all seems very reasonable so for, right? Well, here’s where it starts to fall apart.
First, the orthopedist’s office called to take my new patient information over the phone, which I did in a five minute interview. Great idea, right? Then I won’t have to spend a bunch of time filling out those pesky forms at the office.
Unfortunately, when I got to the office, I was given a bunch of paperwork to complete. When I told the reception staff that I’d already taken some time to provide that data over the phone, I was told that my particular doctor “prefers to have you fill out those forms.” Thank you for wasting my time, medical office! Maybe you should inform the person who called me? Just an idea.
Next, the orthopedist’s nurse tells me they need another x-ray. I asked to see the orthopedist to understand why, because that had already been done weeks ago, and was informed they “needed it from a different angle.” Factor in by this time, it’s already been ½ hour since I entered this office (plus a five minute pre-visit phone interview), so I’m officially getting annoyed that no progress has been made, nor will any be made until I get another x-ray.
After the x-ray (again negative – surprise!) and exam, I get a diagnosis of ‘frozen shoulder’ and the orthopedist simply tells me to do more and different stretching exercises. What about a cortisone shot? I was told it might temporarily help, but that would be something to discuss if my shoulder wasn't better in about 30 days, when of course, I should come back.
So let me recap: I've already invested the time and money for three doctor’s office visits and assorted paperwork over the course of about 8 weeks, and for that I've got nothing but a few exercises and a still-problem shoulder that may or may not get better inch-by-inch, plus I can look forward to coming back for another office visit to get more of nothing in another month!
What did I expect? At the least, I expected some temporary relief via a cortisone shot. If you think that’s a dumb idea because it only treats the symptoms, I'd say you were correct, and I’d also say screw you, because you haven’t been bothered by (and lost sleep from) a bum shoulder for almost six months. Throw me a bone, for god's sake. At least give me something for my money.
In the end, I’m pretty much where I was months ago, spending more time with a chronic dull pain in my shoulder, with no immediate relief in sight. This is exactly what I was trying to avoid happening, by going to see a doctor.
At this point, I see no reason to go back to see a traditional doctor if my shoulder is still hurting; I've already done that three times, with almost nothing to show for it. (Note: That won’t keep them from billing my insurance for several hundred dollars, or more, for their ‘work.’)
Can you imagine paying for any other service, on multiple occasions, and getting no satisfaction, but still be expected by the servicing entity to come back to them? If I had a car problem, and went to two different mechanics on three different instances to get it fixed, and it still wasn't repaired, is it reasonable to keep going back to them? That's a 'definition of insanity' alert.
If I feel I still need medical treatment, what medical provider do I want to see now? It isn't a matter of which doctor, it's more a matter of a witch doctor, perhaps -- a practitioner of alternative medicine. Maybe an acupuncturist, massage therapist, or even chiropractor. Why not? At least somebody would be actively trying something.....
Of course, there’s a downside to alternative care, too. For more on that, check back another time for Part II of Which Doctor / Witch Doctor!
Last November, I made an office visit to my family physician for chronic 'minor' shoulder pain I'd had for a few months. After an exam and x-ray, I was essentially diagnosed with tendinitis/bursitis and given stretching exercises to do.
Over the course of the next few weeks the pain was reduced by approximately 50%, but I made another office visit in late December, because I didn't want to wait again as long for the rest of the shoulder discomfort to go away. I asked about getting a cortisone shot (more on this later), and my doctor said that seemed reasonable, and scheduled an appointment for me with an orthopedist.
It all seems very reasonable so for, right? Well, here’s where it starts to fall apart.
First, the orthopedist’s office called to take my new patient information over the phone, which I did in a five minute interview. Great idea, right? Then I won’t have to spend a bunch of time filling out those pesky forms at the office.
Unfortunately, when I got to the office, I was given a bunch of paperwork to complete. When I told the reception staff that I’d already taken some time to provide that data over the phone, I was told that my particular doctor “prefers to have you fill out those forms.” Thank you for wasting my time, medical office! Maybe you should inform the person who called me? Just an idea.
Next, the orthopedist’s nurse tells me they need another x-ray. I asked to see the orthopedist to understand why, because that had already been done weeks ago, and was informed they “needed it from a different angle.” Factor in by this time, it’s already been ½ hour since I entered this office (plus a five minute pre-visit phone interview), so I’m officially getting annoyed that no progress has been made, nor will any be made until I get another x-ray.
After the x-ray (again negative – surprise!) and exam, I get a diagnosis of ‘frozen shoulder’ and the orthopedist simply tells me to do more and different stretching exercises. What about a cortisone shot? I was told it might temporarily help, but that would be something to discuss if my shoulder wasn't better in about 30 days, when of course, I should come back.
So let me recap: I've already invested the time and money for three doctor’s office visits and assorted paperwork over the course of about 8 weeks, and for that I've got nothing but a few exercises and a still-problem shoulder that may or may not get better inch-by-inch, plus I can look forward to coming back for another office visit to get more of nothing in another month!
What did I expect? At the least, I expected some temporary relief via a cortisone shot. If you think that’s a dumb idea because it only treats the symptoms, I'd say you were correct, and I’d also say screw you, because you haven’t been bothered by (and lost sleep from) a bum shoulder for almost six months. Throw me a bone, for god's sake. At least give me something for my money.
In the end, I’m pretty much where I was months ago, spending more time with a chronic dull pain in my shoulder, with no immediate relief in sight. This is exactly what I was trying to avoid happening, by going to see a doctor.
At this point, I see no reason to go back to see a traditional doctor if my shoulder is still hurting; I've already done that three times, with almost nothing to show for it. (Note: That won’t keep them from billing my insurance for several hundred dollars, or more, for their ‘work.’)
Can you imagine paying for any other service, on multiple occasions, and getting no satisfaction, but still be expected by the servicing entity to come back to them? If I had a car problem, and went to two different mechanics on three different instances to get it fixed, and it still wasn't repaired, is it reasonable to keep going back to them? That's a 'definition of insanity' alert.
If I feel I still need medical treatment, what medical provider do I want to see now? It isn't a matter of which doctor, it's more a matter of a witch doctor, perhaps -- a practitioner of alternative medicine. Maybe an acupuncturist, massage therapist, or even chiropractor. Why not? At least somebody would be actively trying something.....
Of course, there’s a downside to alternative care, too. For more on that, check back another time for Part II of Which Doctor / Witch Doctor!
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