When some people want to advance their careers, they get an MBA. That’s what I did—I graduated in 2001 with my MBA from the University of San Francisco. That was a good decision. It has proved valuable, and I learned a lot.
Attaining wealth is harder these days, but in some ways, it is easier. I would not worry too much about it. Think about the future, or the future will think about you.
I have a rule about windfalls. Money is a tool, and it can be used for good or for ill. Don’t be a knucklehead—the money won’t last forever.
You own gold to smooth out the ups and downs in your portfolio. This works because gold has a low or negative correlation to stocks, bonds, and other stuff.
Things are pretty good right now. But I think most experienced market practitioners know that pain could be just around the corner.
The market is not going to go straight up and to the right. You will experience drawdowns. Prepare accordingly.