The Online Investing AI Blog

With St. Patrick’s day just a wee bit away, we wanted to explore ways to live a rich, good life.

The Irish are known for their pluck and–except for the potato famine here and there–their luck.

But I don’t think it’s some smilin’ leprechaun that endowed the people of the Emerald Isle with their ability to be fortunate. It’s really the typical Irish resilient, inquisitive outlook on life that opens up opportunities.

And. you don’t have to be Irish to have good luck. Luck is a matter of being aware of opportunities and seizing them. And both of those skills–awareness and bold action–can be taught, or at least reinforced.

In this edition of Weekly Wisdom, we’ll cover some tips from the blogosphere that will teach you to make your own luck–whether it’s thinking like Albert Einstein or picking stocks.

Here goes:

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Pic by Jeff Belmonte @ Flickr

The Wealth Singularity is a point when the power of technology has become so massive that wealth and abundance becomes ubiquitous.

The theory is based on the works of leading futurists like Ray Kurzweil and Vernor Vinge, who believe that the exponential growth in computing power will lead to a Singularity. Technology, whether it’s the wheel or the personal computer, also leads to a leap in productivity and the ability to generate wealth.

That Singularity may be closer than you think.

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Accelerating Technology, Investing, Money, Online Investing AI ebook, Money, rich, technology, wealth, wealth singularity

Pic by woodleywonderworks @ Flickr

Conventional wisdom is usually not conventional and not really wise. It’s often an agreed-upon lie, at worst, or an excuse to keep trying to do the same things over and over again.

It’s a mass-thinking rut, often.

You can find examples of conventional wisdom everywhere–at work, at schools, and at the town hall. But, if you really want to see conventional wisdom at work, check out the world of investments and personal finance.

How can you tell when conventional wisdom is at work? When you hear the same debate or argument over and over again, chances are you’ve stumbled on a conventional truth.

Conventional wisdom doesn’t have to be a thought that is believed by all of  the population. Different groups have different conventional truths. Ironically, these bits of conventional wisdom can be exactly opposite of someone else’s conventional truth.

And the other problem with conventional wisdom is it leads to fatalism. You believe the conclusion of a certain “truth” is writ in stone, simply because it’s the conventional truth of so many people.

An open mind is the cure for conventional wisdom.

Here’s one way to exercise that open mind and break through the walls of conventional wisdom.

What you do is to define some challenges that are part of conventional thought–things you hear in the mainstream media, or talk about with your friends. Then, write down some options that will contradict their conclusions, or change the game entirely. Try to make them positive. Here are some of mine:

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Home of Grace Groner, secret millionaire

It’s hard to be a buy and hold investor in this economic condition. We’ve seen major companies get bailed out, or evaporate like a pool of water on a hot summer day.

But think what it was like to be a buy-and-holder in 1935, the depths of the Great Depression. That’s when Grace Groner spent $180 on three shares of her employer’s stock. Over the next seven decades, those shares in Abbot Laboratories split many times and she reinvested the dividends, too.

And guess how much she ended up with when she passed away in January?

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Picture courtesy monerd@Flickr

Let’s say we build a time machine and set the dial for about ten years in the future.

In this mind experiment, we spot two people–one rich and one poor. We decide to talk to them.

Besides telling us about their families and letting us in on tidbits about the future, the rich gal tells us why she’s rich and the poor guy laments the reasons for his modest state.

It turns out that the rich person is an owner, a creator, a collaborator, and a value creator; her low-earning friend is an employee, a laborer, a soloist and a wage earner.

We decide to ask why. The reasons, it turns out, are technology and attitudes.

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I’m going to list ten people. They have at least two things in common.

I’ll spot you the first common trait: they’re all billionaires.

1. Sir Richard Branson

2. Kirk Kerkorian

3. Bill Gates

4. Paul Allen

5. Steve Jobs

6. Larry Ellison

7. Michael Dell

8. David Geffen

9. The Ralph Lauren

10. Sheldon Adelson

So, what common thread ties all these guys together? Give up?

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Cloud Living

We believe that there’s a difference between being rich and being wealthy.

Getting rich is easy.

You can rob a bank and, technically, be rich. You’ll also spend the rest of your life watching your back while you’re on the run or really watching your back–in so many senses of the phrase–in jail.

You could create a money scam, like Bernie Madoff, and be “rich.” But, either karma will catch up to you, or the SEC. (The SEC just takes longer and has more lawyers.)

Becoming rich isn’t the goal; becoming wealthy. You want to make enough money to provide for the things you care for and the people you care about. A wealthy person is free–free from the drudgery of work he or she doesn’t care for, but especially free from guilt.

That’s why we are happy to become affiliate partners with Glen Allsopp, who has a terrific blog called Plugin ID and an exceptional wealth-building program called “Cloud Living.”

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We’re designing Automated Trading systems so that people can become financially free.
That, you may say, is just a politically-correct phrase for “rich.” Guilty as charged.

But, when you say rich, a whole bunch of money memes pop up. One of the leading money memes is that when you become rich, you’ll become a selfish jerk.

It’s probably a meme that strikes celebrities the hardest. Ever notice that stars ride around in limos, live in mansions and say how much they hate rich people. It’s because they want to be cool–and still have a limo, mansion, and money. (Even though I contend the very policies they endorse keep people poor, but I digress.)

You can still be rich and not be a selfish jerk.

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Business Strategy, Internet, Online Investing AI Money, rich, rich jerks, riches, wealth

Most people are familiar with the dangers of the debt curve. As we borrow more money, the interest costs us more and more. We in turn borrow more, and the vicious cycle continutes. Sound familiar? It’s the foundation of the credit card industry as well as the federal budget.

It’s a vicious cycle because the problem gets worse as time goes on. Instead of solving the problem, we just put it off until tomorrow. The danger is that tomorrow the problem is a little bit bigger. And then it gets pushed off again.

The good news is that the power of exponential growth goes both ways. Our debt can increase exponentially, but so can our wealth. How? Through investing. Instead of paying 5% or 10% or 20% annual interest on our debt, we can get paid 5% or 10% or 20% on our assets.

Impossible?

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After reading this great post at Bible Money Matters, it reminded me that the most important thing that we want to change is the way that we think. 90% of our thoughts today will be repeated tomorrow. And, the best way to change our finances it to change the way that we think about them.

The post talks about 5 things that millionaires do that helped make them rich. Most millionaires are self made, and it didn’t happen from winning the lottery. It happened through a specific way of thinking, and specific actions that they took to get rich. The interesting thing about these 5 things is that anyone can do them, regardless of their financial situation: Read more…

Investing, Money, Success Investing, Money, poor, psychology, rich, thinking