Want to live a stress-free financial life? One of my favorite movies has a 60-second lesson on how to do just that.
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In 2014’s “The Gambler,” Mark Wahlberg is broke after gambling away $2.5 million. He goes to a loan shark, John Goodman, who delivers a speech about money that’s absolutely epic.
Bottom line: “A wise man’s life is based around (screw) you.”
See if this resonates:
“You get up $2.5 million… you get a house with a 25-year roof… you put the rest into the system at 3%-5% to pay your taxes, and that’s your base. That’s your fortress of solitude. That puts you, for the rest of your life, at a level of (screw) you.”
For sure, I operate from a position of “screw you.” I have money in the bank, my house is paid off, and I’m self-employed. If I wanted to quit everything, I could quit.
If I’m putting up with people’s crap, it’s because I want to put up with people’s crap. I don’t need anybody for anything.
Here’s Looking at You, Kid
On my radio show, I always say that your goal should be to live a stress-free financial life. The way to do that is from a position of screw you.
Humphrey Bogart was said to have kept $100 in his dresser drawer at all times. It was his screw-you money.
Instead of taking a part he didn’t want, he could just say screw you. In his words…
“The only good reason to have money is this: so that you can tell any SOB in the world to go to hell.”
It’s your turn.
It’s Time to Deal from a Position of “Screw You”
If you have a mortgage on your house, you are not dealing from a position of screw you. You’re working for the bank.
If you have debt… you have a boss. Even if you’re self-employed, the boss is the bank.
If you have debt on your car… you’re not dealing from a position of screw you.
If you have a job at a company, if you work for a large organization… you’re not dealing from a position of screw you.
If you are gambling like Mark Wahlberg and you are in over your head with loan sharks, you are also not dealing from a position of screw you. Capisce?
Take a Risk
Goodman’s character didn’t tell Wahlberg to not take risks. After all, America was founded on the position of “screw you.”
Do I take risks? Absolutely.
In a couple of months, I’m not going to be dealing from a position of screw you. I’m taking out a loan to build a house. My goal is to pay that sucker off as fast as humanly possible because I don’t like being in that position.
You’re allowed to take risks. I encourage you to take them. Gigantic ones. You just have to do it from a position of financial strength, not weakness.
Jared Dillian is an investment strategist at Mauldin Economics, a former head of ETF trading at Lehman Brothers, and the author of The Awesome Portfolio. Subscribe to his weekly investment newsletter, The 10th Man, and listen to his daily radio program, “The Jared Dillian Show.” You can follow Jared on Twitter @dailydirtnap.
Article By Jared Dillian, Mauldin Economics
