Don’t buy luxuries until you’ve built the assets to afford them
I remember telling a neurosurgeon, "Don't give me too much information, because at the moment my ignorance is my best asset."
A derivative is a bet on whether a stock, or a bond or a real estate asset, is going to go up or down. There's a winner and a loser. It's like betting on a horserace.
There is such a bias against people who have led successful and/or complicated lives. You know, the divestment of assets, the stripping of all kinds of positions, the sale of stocks. It just becomes very onerous and unnecessary.
The conventional asset-allocation method is like sheet music. It is prescribed, it has right answers and wrong answers and it sounds about the same every time. But jamming is different. Jamming is when you make the music. When you improvise and adapt to conditions. When you are creative.
When you default on a secured debt, the creditor takes the asset that backs up that debt. When you convert credit card debt to mortgage debt, you are securing that credit card debt with your home. That's a risky proposition.
Most people don't know this, but if you settle a debt for less than the amount you owed, you are potentially responsible for taxes on the forgiven debt. Look at it this way: You received goods and services for the full amount of debt, but you're only paying for a portion of it - sometimes less than 50%. Anything more than $600 is generally considered taxable, but the IRS will sometimes waive the tax if you can prove that your assets were less than your liabilities when the debt was settled.
For most businesses, America is the most important asset on their balance sheet.
I think my strongest asset, maybe by far, is my temperament.
How many millionaires do you know who have become wealthy by investing in stocks, bonds, mutual funds or savings accounts? Income property is the most historically proven asset class in America, if not the entire world. I rest my case.
Formula One does very well. It is a very interesting asset. Could it be run in a different way? Sure it could be. Could it be improved? I'm sure it could. But all I can say is, it seems to do pretty well.
I'm very, very serious about my Catholicism and Hillary Clinton views that as a real asset. And we've talked about our faith lives, as she asked me to be on the ticket with her.
We take smaller companies and middle-sized companies, all around the world, and we do currency exchange for them; we raise bonds and equities for them; and we do inventory finance, trade finance, and custody of assets.
The most valuable asset we have, actually, is our ability to understand, to do the right thing, to be kind, to be decent.
I believe that close association with one who refuses to compromise with circumstances he does not like, is an asset that can never be measured in terms of money.
Greatest sin of man kind: neglect to use his greatest asset.
What you don’t know can be your greatest asset.
Beauty is a valuable asset, but it is not the whole cheese.
And people really behaved in a fraudulent way or something, we'll go back and find the culprits later on. But that really isn't the problem we have. I mean that's where it came from, though. We leveraged up and if you have a 20 percent fall in value of a $20 trillion asset, that's $4 trillion. And when $4 trillion lands - losses land in the wrong part of this economy, it can gum up the whole place.
Don't let what you don't know scare you, because it can become your greatest asset.
That's been lost. It's a huge problem. What you have is you have the major institutions of the world all wanting to deleverage. They want to take down their assets and liabilities. What seemed so easy to borrow against a year ago now looks like rat poison to them. So they're trying to deleverage. There is only one institution in the world that can leverage up in a way that's all a countervailing force to that, and that's the United States Treasury.
What's the difference between people who feel successful and people who feel they've failed? The answer is mindset: If you learn and grow from failure, suddenly it becomes a personal asset. People who are successful don't want instant gratification. They don't think about hitting a point of success and never working again. Instead they ask, How do I improve myself and continue to do that consistently over time?
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