Each week the New York Times has a fascinating section devoted to personal finance entitled “Your Money.” The section usually covers a variety of topics like tax strategies or insurance topics. This week’s entire section was different. Entitled “My Biggest Financial Lesson,” the section was full of short essays written by a variety of financial experts, musicians, artists, and people from all walks of life. The essays detailed what each author viewed as their most important financial lesson.
Some investors view participation in the markets as similar to the days of the wild, wild west when uncertainty and the danger seemed to be lurking around every corner. Will I get into a fight at my favorite watering hole? Will a band of marauding Indians attack me on my homestead? Will my crops come in? Will I happen to be in town when a shoot out occurs at high noon? These were the type of risks faced by frontier settlers.