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Financial Clarity Blog

Helping people make smart financial decisions.  

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Fear of Missing Out

Every investor is looking for the next big thing that starts from the ground and revolutionizes the world in a few short years. The problem is, for every one of those companies, hundreds fizzle out and fade into the sunset. Some of the most popular and valuable companies 20 years ago don’t even exist today. And some of the most popular and valuable companies today didn’t exist 20 years ago!

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What Would I Do If I Won the Lottery?

Last week, with the Powerball winner claiming the grand prize of $730 million and the Mega Millions at $1 billion, it got me thinking – what would I do if I won the lottery that much?  Doesn’t everyone wonder that every once in a while?  What would I do first with the money?  I know my wife wants a new backsplash in the kitchen, so I supposed we could get that done. Or buy the forever home. Should I claim the lump sum or the 30-year payout?  Do I tell my friends and family?  Do I tell my wife?  (Just kidding….sort of).  How do I ensure I don’t go bankrupt like a lot of lottery winners?  It all starts with putting together a plan.  Here are some initial thoughts on how I would react and what I would do.

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Luck and Risk: Two Sides of the Same Coin

I have heard Mark Cuban in many interviews – he doesn’t shy away from the microphone. In one interview a handful of years ago, he was asked if he could replicate what he did with Broadcast.com by building another successful company. His answer was interesting to me. Cuban was confident he could grow another company and sell it to them for a handsome profit. However, he went on to say, doing it during one of the biggest stock market bubbles of all time is just plain luck. “I couldn’t replicate that.”

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21 Financial Goals for 2021

I’m really good at contradicting myself and making sense (in my head) while doing it. For example, I am a big advocate of setting goals and creating a plan to achieve those goals. The simple process of creating a goal and an action plan to achieve it can help you accomplish a lot. I’m not a big fan of New Year’s resolutions because they are usually a half-hearted self-improvement “goal” that we bail on by February. For example, every year, I tell myself I will swear less, say more positive things, and less negative things. I don’t make much progress.

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