Investor Profile: Patrick at Cash Money Life
Enough geeks, it’s time to invite a military guy for a blitz interview. Do you expect a disciplined and dry officer? Don’t. Patrick from Cash Money Life is very friendly fellow and has a glib tongue. His blog offers a mix of personal finance and personal development topics which makes it quite useful even for those who don’t know what a 401K plan means (i.e. those like me).
So, let’s ask Patrick a few questions:
SI: What’s the importance of the education in your life and finances? Would you be doing better or worse if you hadn’t a degree – and is getting a degree worth it?
Patrick: I believe education is one of the most important things anyone can do to improve their situation in life – be it financial situation, career situation, or simply the way they enjoy life. I don’ think the education necessarily has to be a college degree either. There are hundreds of ways to learn without getting a degree. Learning can be as easy as reading a blog or watching an instructional video, or it could be more involved, like going through a doctorate course.
Is a degree worth it? Yes, for me it was. I started my career as an enlisted member of the USAF where I repaired aircraft. I learned a lot in that job, but there was only so far that I could advance without a degree. Fortunately, I was able to get the USAF to pay for my degree, and I took full advantage of that opportunity. I don’t, however, believe a degree is necessary for everyone. I believe people should follow their dreams and base their career decisions on what they want to do. If that means obtaining a degree, then by all means, go for it.
SI Note: Fully agree here, go study if you feel like you want to have a degree or want to work in a field that requires it. Don’t do it only because everyone else does.
SI: How do you feel about taking significant financial risks? Would you like to risk, say 50% of your net worth for the chance to become rich in an year and never have to worry about money again? Or would you prefer to slowly build your wealth and avoid risks?
Patrick: I’m of the mindset that slow and steady wins the race. I will take risk if it is something I believe in, but I’m not willing to risk everything. I’m comfortable where I am financially, and I am in no rush to become “rich.”
SI Note: Well for someone whose net worth is negative, I guess this would be out of question *grin*. But when people are in comfortable situation, it becomes much harder to take risks. It really depends on one’s goals – I would advise everyone who is not happy with his life to be more courageous about taking risks.
SI: Why do you want to be a millionaire?. And what are you going to do after you become one?
Patrick: Ha! This contradicts the last question, doesn’t it? Well, actually, I don’t think it does. Becoming a millionaire is not the end all be all financial goal for me. Becoming a millionaire is more like a road sign on the journey. It is a round number that has a certain aura to it and it certainly lets me know I am moving in the right direction. My goal in becoming a millionaire, isn’t so much about having the word millionaire next to my name, but rather the opportunities that I believe I could have with such a high net worth. I believe it would allow me to have more freedom when making financial decisions, especially those related to employment. I like my job, but no so much that I want to give the prime years of my life to someone else. 🙂
SI Note: Since most people will have to work most of their life, all I have to say is – don’t look at the job like giving your time to someone else. Look at it as working on your self development. You may just notice a big chance. Other than that I agree with Patrick that a million buck could give you a lot of freedom.
If you have just few minutes, I recommend you to read Patrick’s article Is A Job Worth Your Life? where you’ll be reminded that money is not everything. And of course it’s best if you subscribe to Cash Money Life by RSS or email.