The Psychology Of Money

I recently purchased a book called The Psychology of Money.  Not just one book, but dozens of them, which I gave to clients.

It isn't the best finance book I've read, nor is it close to being the best behavioral book I've read.  But it is one of the better behavioral finance books I've read.

I'd summarize it this way -- The Psychology of Money explores the different ways people think about money, and how personal experiences with family, friends, and neighbors will often influence their financial behavior – for better or worse.

Put differently, if a person is around others who are (un)disciplined with money, they're more likely to be the same way.  That may not be a revelation, but it should also make one think about how the same philosophy can be applied to other things.

If you're consistently around people of a certain political view, you're more likely to share it.  Same for religion.  Same for social issues.

This makes it pretty simple to understand the formations of group-thinking a/k/a cultish behavior.  The lack of exposure to other views leave one to believe there are no alternatives.

I'm old enough to remember when the internet was supposed to solve all of this.  It made the world smaller and accessible, so presumably humans (with internet access) would be able to see humanity in a broader context.

Unfortunately, that idea has come crashing down under the weight of unregulated social media apps.  Now people just follow other people online who think the same way.  And let's face it, some of this people are ignorant and malevolent, increasing the likelihood their followers will be that or worse.

Which brings me back to the broader lesson of The Psychology of Money.  You learn what you live, which may or may not be a good thing.

A Candidate Guide, Circa 2024

Tonight the spotlight of American politics once again shines on Iowa, as it holds its quadrennial caucuses.  Beginning this year, it'll only be first-in-the-nation for the Republican party (such as it is), as the Democratic party voted to move their version to the more diverse electorate of South Carolina.

As I did in 2012, 2016, and 2020, here's my candidate guide for this cycle:

Nikki Haley --

The only one exceeding expectations in Iowa, she's not-coincidentally the least extreme on social issues, with some foreign policy experience as former U.N. Ambassador.  Very likely would be the next U.S. president if she won the nomination, and eventually agreed to discard the Trump stench.  In an attempt to save democracy, I should probably go caucus for her, but these days I don't want to register as a Republican for even one day to do it.

Ron DeSantis --

The most underperforming given the expectations of 6-9 months ago.  In addition to his aloofness and lack of charisma, he has no views setting him apart from his main competition.  Religious conservatives have boosted him, but everyone knows after Iowa, that gets him absolutely nowhere.  He's basically a dumber, meaner version of Jeb Bush, another Florida governor whose national profile went down after running for president. 

Vivek Ramaswamy --

Another guy who made a fortune running a tech company who thinks that made him an expert on everything.  Achieved his 15 minute of fame after one summertime debate, but once people looked at him more closely, they didn't like what they saw.  Basically, at this point everybody thinks he's kind of an a-hole with no political credibility.  Probably running for VP at this point.

Donald Trump --

More criminal than candidate, the MAGA cult leader is almost sure to win in a state full of caring but intellectually-challenged older rural white people.

Others Formerly Known As Candidates including Asa Hutchinson (technically still in the caucus), Chris Christie, Doug Bergum, Tim Scott, Mike Pence, Will Hurd, Ryan Binkley (who?) -- 

You weren't self-aware enough, and/or were only in it for the attention.  Thanks for visiting.

2024

Time for another entry in my annual list of things I'd like to see happen next year.  But first, let's see how this year stacked up to last year's list, with comments in ALL CAPS:

A rising stock and bond market.

STOCKS UP NEARLY 25%, BUT  BONDS FLAT.

That Vladimir Putin is purged as a leader.  Any mysterious and/or violent way is acceptable.

IT WAS A BIG ASK.

Newly remodeled bathrooms in my house.

100%

Me attending a major sporting event.

DOES A KANSAS BASKETBALL, NOTRE DAME FOOTBALL, OR INDY CAR RACE COUNT?

Elon Musk leaves Twitter, or I leave Twitter for another similar service.

NO BUT PROGRESS HAS BEEN MADE.

Drought relief for the western U.S.

NOT REALLY.

Me getting a golfing hole-in-one or eagle.

NOPE.

MAGA-death, and a crop of moderate presidential candidates for 2024 who aren't aged 70s or 80s.

UNFORTUNATELY, LOST GROUND HERE.

More acceptance and usage of plant-based proteins.

I SUPPOSE YES, BUT NOT AT ALL WIDESPREAD.

And now, my new annual list of things I'd like to see happen next year:

The demise of the MAGA movement via defeat of their candidates in the 2024 elections (repeat).

Streaming service mergers and resulting price decreases.

Downside my residence -- or in the alternative, have my trailer trash neighbors relocate.

Finally get my Real ID driver's license.

Delegitimization of the LIV golf tour.

Consistently avoid working on Mondays and/or Fridays.

More pay-at-the-table restaurants.

A new technology device or service I want but don't have

It Isn't WOITH It

Over a decade ago, I started to write a number of blog posts about people (politicians) I considered to be Whacked Out In The Head, shortened to the acronym WOITH.  I stopped adding to it years ago, it seemed / seems a juvenile thing to do, it took time away from other things I wanted to write about, and frankly, there would be no end to the list.

However, due to the overwhelming number of very deserving new candidates that have crawled out of various holes since 2016 or so, I've decided to make one last(?) update of WOITH award winners.  There are really too many to list, so I'm simply going to name it as a group:

Every so-called MAGA republican.

This includes now high-ranking folks in the U.S. Congress, including current Speaker of the House Mike Johnson, a truly weird, conspiratorial, and homophobic person.

It includes a new, even crazier generation of Iowa politicians, mostly (but not all) older white guys who think people want them to ban books, legislate medical care, and minimize vulnerable people.  

And of course, it includes the leader of the band, DJ Trump, a malignant narcissistic, grifting, admittedly fascist, wannabe dictator.  He's as WOITH as it gets, and unfortunately very good at trying to get weak-minded folks to be more like him.

The Anti-Thanks

We're acknowledging a life-changing milestone today.  No, not the 60th anniversary of the Kennedy assassination, or the 60th anniversary of my conception (if I do the math backwards nine months from my birthday).  It's the 15th consecutive year (14th anniversary of the beginning) of my annual list of things for which I am not currently thankful;

The non-tech, political opinions of tech executives

Airline travelers flying with non-service pets

So-called Freedom Caucus members of the U.S. Congress

Potholes

Vendors who still don't accept Apple Pay

Porch pirates

Convenience store pizza

Reality talent shows on broadcast or streaming TV

People who don't pick up after themselves

Cats

Major college super-conferences

The Charles Schwab investment advisory platform. (professional item)

Sending Us Their Worst And Brightest

With one year to go before a presidential election, the Republican candidates are ramping up their presence in Iowa for the January presidential caucuses.  Most of them have been in the state for months already, either in person or by way of their persistent, local media advertisements.

Now's a good time for my one-sentence review of the viable contenders, each trying their best to appeal to the farthest right of the far right political spectrum, which now dominates the entire GOP.  Not going to comment on the four-time indicted, democracy-hating, malignant narcissist former president who's also running (from something as much as for something).

Ron DeSantis -- An Ivy League educated, military veteran who offsets that by being a demagogue who's consistently awkward when campaigning in person.

Nikki Haley -- The only one who occasionally says some moderate-sounding things, which is probably why she's concentrating more on the New Hampshire primary.

Tim Scott -- Something oft-putting for Iowans about about a single, soft-spoken, southern black man trying to show everyone how conservative he is.

Vivek Ramaswamy -- An annoying, weird, egotistical rich guy who everybody agrees is the least likeable candidate, which isn't great for him.

Chris Christie -- Credit to him for being the only candidate to call out the ex-president and his MAGA cult, but he's really just playing the role of spoiler.

Mike Pence -- He's dropped out, and he may have temporarily saved democracy by doing his job as VP, but wanted to say how much he deserved the disdain he received from all sides.

Waking Up The Echoes

My childhood happened during the pre-cable / satellite television days, meaning there were four analog channels (including public TV) to watch.  On Sunday mornings, this meant religious programming was the only thing on, with one autumn-time exception:  Notre Dame Fighting Irish football reruns.

Not just any rerun, but a condensed, one-hour version of the game played the day before.  I'm not sure why this was on, or who sponsored it, but I remember it well.  I even remember the commentators -- Lindsey Nelson on play-by-play and Paul Horning (former Notre Dame star) as the analyst.  

Notre Dame was a football power then, even more than now.  Consequently, they usually won, and watching them play in these Sunday morning reruns basically made me a Notre Dame fan, even if I knew the outcome of the game beforehand.

The reason all of this matters is because last month, I did something I've wanted to do since childhood -- I attended a Notre Dame home football game in South Bend, Indiana.  It turns out there's a lot more to a Notre Dame football weekend than the game.

Friday afternoon, there was a variety of activities to attend, including free lectures, band and vocal performances, and other sporting events like a soccer or volleyball games.  I attended a lecture that just happened to be given by one of my favorite economists, and also went to the volleyball game, allowing me to see the Joyce Convocation Center.

(Back in the day, the JCC was where a huge pre-game pep rally was held, but apparently not anymore.  It's still home to Notre Dame basketball, and has banners displayed from some great players and teams.  I remember watching on TV as the Notre Dame men end the 88-game winning streak of UCLA in 1974, a famous game from a bygone era.)

Saturday pre-game, there were more free lectures and music performances on the beautiful Notre Dame campus, including a bagpipe band and an a club cappella ensemble.  These happenings seemed to take the place of traditional parking lot tailgating, as it appeared visitors mostly swarmed around these events or other notable campus sites like the Grotto or library.  Meanwhile, there were numerous food tents run by various campus groups for people to get food and beverages.

The late Saturday afternoon game itself wasn't much different than any other major college football experience.  The student section was probably bigger and more active than most, and the fight sang is famous, but otherwise the game was the most ordinary thing of the entire weekend.  I still enjoyed the thought of how many meaningful games held at Notre Dame Stadium that I'd seen on TV in my life, and all of the legends that had been there before me.  And yes, Notre Dame won.

I realize not everyone is a Notre Dame football fan, and I've largely grown out of it myself in adulthood.  But I'll always appreciate the entertainment I got from their Sunday morning football reruns.