Maintaining integrity in both public and private: thoughts on public and private integrity. According to Pres. Theodore Roosevelt.

Hello again, dear reader.

During yesterday's discussion, we talked about the importance of financial health, and some basic steps that can be used to ensure that, you dear reader stay financially healthy. I don't know why, but yesterday while doing the research for the financial health discussion. I started thinking about "integrity" probably because I subconsciously associated finances (at least on a professional level). As a subject that should have a certain level of integrity, but often doesn't usually people think of places like Wall Street or corrupt bankers or businessmen. So I thought maybe we should have a minor discussion about integrity, not just for finances, but for life in general, and then I came across this speech from Pres. Roosevelt, which is an excerpt from. "Citizenship in a Republic" given in 1910; this speech deals with integrity in both a person’s public and private life; so hopefully dear reader, Pres. Roosevelt's views on integrity will help to inspire you to contemplate. Integrity in your own life...

                                           

From the speech, Citizenship in a Republic, 1910
By Theodore Roosevelt
The very last thing that an intelligent and self-respecting member of a democratic community should do is to reward any public man because that public man says he will get the private citizen something to which this private citizen is not entitled, or will gratify some emotion or animosity which this private citizen ought not to possess.
Let me illustrate this by one anecdote from my own experience. A number of years ago I was engaged in cattle-ranching on the great plains of the western United States. There were no fences. The cattle wandered free, the ownership of each being determined by the brand; the calves were branded with the brand of the cows they followed. If on the round-up an animal was passed by, the following year it would appear as an unbranded yearling, and was then called a maverick. By the custom of the country these mavericks were branded with the brand of the man on whose range they were found. One day I was riding the range with a newly hired cowboy, and we came upon a maverick. We roped and threw it; then we built a little fire, took out a cinch-ring, heated it at the fire; and the cowboy started to put on the brand. I said to him, “It is So-and-so’s brand,” naming the man on whose range we happened to be. He answered: “That’s all right, boss; I know my business.” In another moment I said to him: “Hold on, you are putting on my brand!” To which he answered: “That’s all right; I always put on the boss’s brand.” I answered: “Oh, very well. Now you go straight back to the ranch and get what is owing to you; I don’t need you any longer.” He jumped up and said: “Why, what’s the matter? I was putting on your brand.” And I answered: “Yes, my friend, and if you will steal for me you will steal from me.”
Now, the same principle which applies in private life applies also in public life. If a public man tries to get your vote by saying that he will do something wrong in your interest, you can be absolutely certain that if ever it becomes worth his while he will do something wrong against your interest.

The four building blocks of financial health: four tips for mastering your personal finances.

Hello again, dear reader.

During yesterday's conversation; we discussed how to choose the best wallet or your personal style and everyday needs. So in keeping with this theme, I thought for today's conversation, we would discuss finance (as what good does having a wallet do, if you have nothing to put in it.) All too often, personal finances are treated as one of those "I don't need to worry about that right now." Sort of things as people think they have plenty of time to get their finances organized. All too often what happens instead of getting organized; dear reader is that you'll run into an unexpected major expenditure such as a car repair or hospital bill. At which point, understand your finances, dear reader, would be like trying to stick your finger in a leaking dam. It's a good idea in theory, but in actual practice, won't accomplish very much. The four tips in today's conversation are designed to put you dear reader a solid path to financial health...



A lot of people mentally file financial plans under “things I’ll worry about later.” For some, the process seems overly complicated. For others, the idea of sifting through the mountain of books, blogs, and opinions seems overwhelming. After all, there are so many money “experts” out there — how do you separate the wheat from the chaff?
Fortunately, building a strong financial foundation starts with four simple, actionable steps. While the road to wealth is long, there are a few key things you can do today to put yourself on track. And you don’t need to take my word for it! Instead, you can draw wisdom from four of the most respected names in finance: John D. Rockefeller, George Clason, Dave Ramsey, and Robert Kiyosaki.
Below you’ll find four of their best tips; by acting on these lessons, you too can become a master of money.

#1. Budget Wisely, and Give Every Dollar a Job (John D. Rockefeller)

Let’s start with the basics. Before you know where to go with your money, you must understand where you are. No one demonstrated this better than John D. Rockefeller, who started from extremely humble beginnings and became the richest man in the world.
From a young age, Rockefeller kept a small ledger with him at all times. He recorded every dollar he received, spent, donated, and invested. Bookkeeping became a way of life, and even after making millions, he loved to pore over financial records. In his own words, from a talk given at the Fifth Avenue Baptist Church:
“Now let me leave this little word of counsel for you. Keep a little ledger, as I did. Write down in it what you receive, and do not be ashamed to write down what you pay away. See that you pay it away in such a manner that your father or mother may look over your book and see just what you did with your money. It will help you to save money, and that you ought to do.”
Your budget is where it all starts. Budgeting is not a boring chore, but a tool to help you achieve self-mastery. Instead of a basic accounting of inputs and outputs, it becomes a declaration of your priorities.
How do you start budgeting in a sustainable way? First, create a clear and concise record of where your money is currently going. The easiest method is to look at your bank and credit card statements, and record what you have actually spent in the last three months. This is the only way to realistically analyze your purchasing behavior.
Depending on your habits, this may be a bit painful, and a bit embarrassing. And if you’re doing it with your significant other, you may unearth some things you didn’t expect. However, it is crucial to your future success.
Next, you need to determine your priorities. Your past actions do not dictate your future decisions. You can in fact use your money differently.
What’s important to you? Do you want to save up for a nicer place to live? Would you like to go on a great vacation? How about tackling that mountain of student debt? The choice is yours. The point is to decide deliberately, and act intentionally. Working within a budget allows you to gain control of your financial life, and build your future in a direction of your choosing.
Fortunately, you no longer have to use a little notebook like Rockefeller (unless you want to, of course!). There are some great websites and apps to make this process much easier, and help you think differently about your money. My wife and I use You Need a Budget, and it has been a fantastic tool. Other people use Mint.com, and it works well for them. But whether you use a notebook, a smartphone, or a system of envelopes, a budget can change your life.

#2. Pay Yourself First (George S. Clason)

Now that you have a great budget to steer you toward your priorities, it’s time for the next step: increasing your ability to reach those goals. For that, we’ll turn to someone most folks may not have heard of. George Clason was a soldier, author, and entrepreneur, and is best known for parables on thrift and wealth building. While you may not know his name, you’ve probably heard of his most famous work, The Richest Man in Babylon.
First published in 1926, the book contains many gems of wisdom. However, its most famous maxim is simple: pay yourself first. Rather than paraphrase, let’s go right to the source:
“Now I shall tell thee the first remedy I learned to cure a lean purse. Do exactly as I have suggested. . . . For every ten coins thou placest within thy purse take out for use but nine. Thy purse will start to fatten at once and its increasing weight will feel good in thy hand and bring satisfaction to thy soul.
Deride not what I say because of its simplicity. Truth is always simple. I told thee I would tell how built my fortune. This was my beginning. I, too, carried a lean purse and cursed it because there was naught within to satisfy my desires. But when I began to take out from my purse but nine parts often I put in, it began to fatten. So will thine.” 
Sounds simple, right? It is. It also probably seems impossible. Put away the first 10% of your income, without touching it? No way. The utility bills press in, the rent is due, and the internet doesn’t pay for itself. And once your needs are met, there are lattes to sip, movies to see, and new phones to buy.
While there are exceptions, for the most part this applies across income levels. Your standard of living will be remarkably similar when you start living on 90% of your pay, and you will finally have the capital to make progress toward your other goals. Don’t believe me? Run an experiment, and test it for yourself for just three months.
Again, modern tools can aid you in your noble quest. Set up transfer rules with your bank, so the money automatically moves to a less accessible location. Or use one of the budgeting tools above to immediately allocate at least 10% of your gross income to a different category. While it’s tough for the first couple months, you will immediately notice a positive change in your accounts.

#3. Live Below Your Means (Dave Ramsey)

Now that you’re sticking to a budget, and saving the first 10% of your income, it’s time to make choices about where to spend the rest. And for advice about using the remaining cash, let’s turn to a financial expert of modern times: Dave Ramsey.
Ramsey, just like all of the folks on this list, embraces some ideas I don’t personally believe in (or follow). But when it comes to encouraging frugal living, he is a standard bearer. Here’s but a sample of his wisdom, from The Money Answer Book:
“We live among a bunch of people who are deeply in debt and have no money saved because their emotions were tricked. Just like drug addicts, people have been conned into believing that happiness will come with the next purchase. You probably think I am writing about someone else, but I’m not. I am writing about you. I know because I am suffering from the same disease — but I am recovering and so are many of you. The human spirit was not created to attain peace, contentment, or fulfillment by gathering more stuff.”
Cuts pretty deep, doesn’t it?
Unfortunately, we have been marketed to since birth. Commercials, billboards, and pop culture have told us over and over again that happiness is something that can be purchased. But deep down, you know the truth. That new car, bigger house, or new iPhone cannot, and will not, bring long-term contentment.
By changing our mindsets, we can choose to live more frugally, and be happier as a result. If driving a 10-year-old car reduces your monthly bills by hundreds of dollars, it’s probably worth it. If you choose a smaller home, but don’t get cold sweats thinking about your payment, that’s a worthy trade. If no one ogles your new cell phone, but you have enough money for your dream vacation, you’ve made a wise choice.
Be thrifty and thoughtful about where your money goes. Remember, it’s a lot easier to spend it than earn it.

#4. Understand the Difference Between an Asset and a Liability (Robert Kiyosaki)

If you’re following along, and implementing these tips, you are off to a wonderful start, and probably ahead of 90% of the population. This last key is for folks who want a bit more. Perhaps you’re looking to retire early, or move into full-time charity work. Maybe you want to save your kids from the burden of student debt, or have additional income streams outside of your job.
It is possible to reach those goals through smart budgeting, solid saving, and frugal choices. However, Robert Kiyosaki, of Rich Dad Poor Dad fame, recommends an additional step if you want to become wealthy:
“You must know the difference between an asset and a liability, and buy assets. If you want to be rich, this is all you need to know. It is Rule No. 1. It is the only rule. This may sound absurdly simple, but most people have no idea how profound this rule is. Most people struggle financially because they do not know the difference between an asset and a liability.”
Kiyosaki recommends you keep your day job, and work hard to be a great employee. However, he also champions “minding your own business” by taking control of your own financial future. Instead of putting your retirement in the hands of your company, a financial planner, or the government, he suggests you buy assets and take care of yourself.
So how does he define an asset and a liability? Rather than using complex jargon or advanced accounting methods, he keeps it simple:
“An asset is something that puts money in my pocket. A liability is something that takes money out of my pocket.”  
So, things like income-producing real estate, stocks, bonds, royalties, and mutual funds are assets. These things have value, produce income, or appreciate (and have buyers that want them).
Other stuff, like your personal house, your car, big screen TV, boat, and student loans are liabilities, because they take money out of your pocket.
These are not the definitions according to strict accounting principles. However, they help simplify a complex topic, and act as practical guideposts for your purchasing decisions.
Finding the right balance is crucial. When a dollar comes in, how do you utilize it? Do you have the discipline to use your money to your advantage? Or will you let it put you further in the hole? That decision is yours to make, and it will determine your financial future.

Conclusion

These are four of the best tips from four of the well-regarded financial experts in our recent history. It’s remarkable to note the striking difference between something simple and something easy. Each of these keys is simple at heart. Budget your money. Pay yourself first. Live below your means. Buy things that put money in your pocket, rather than things that take money out.
However, none of these keys are easy. They require tough choices day in and day out, and the ability to delay gratification. So now, the choice is yours. Becoming a financial stud is within your grasp. Will you make it happen?
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Understanding the art of the wallet: how to choose your style and carry just the essentials.

Hello again, dear reader.

Today we're going to be discussing something a little different, although I guess it could be considered part of your EDC (everyday carry system), which we've discussed in great detail in a number of conversations. Today we are going to be discussing a very important and personal EDC item and that is. The wallet this everyday item is often overlooked or forgotten about entirely into the needed. The wallet is a very important aspect of everyday life, and it also says a lot about a person's personality and style. I recently decided to go looking for a new wallet, and I thought that maybe, you dear reader, might benefit from my research. Especially because I am trying to de-clutter my everyday carry system and carry just the minimum essentials such as ID a few credit cards and cash. Because the way I look at it is if I have extra space than it will naturally get cluttered with things I don't need. I suppose this advice is geared more towards men than women, although women obviously use wallets. They also have purses, which means they can carry around a few more items (I guess men do often carry messenger bags or backpacks these days, which I suppose serve the same purpose as a purse.) But even if the man carries a backpack or messenger bag with their other essential daily gear such as a tablet or laptop. This does not mean they should let their wallet carrying unnecessary burden. So hopefully by the end of this conversation, dear reader, you will have a better understanding of how to streamline your wallet and de-clutter. A little more of your life...

Picture this: you’re talking to a small group of people.  Things are going great–in fact you feel this could really lead to something big.  Then someone asks for your business card.

You reach into your pocket and pull out……a huge lump of nylon and duct tape with tattered receipts and dozens of dollar bills sticking out from the corners.  Fumbling through the tightly wound ball of “important” items carried “just in case,” you finally manage to find a card after 5 minutes of searching. It’s marked up and bent, but hey–it’s a card, right?

Not a great impression, eh?

Photo credit – Ellisar over at Deviant Art

If you’ve had the same wallet since seventh grade, perhaps it is time to invest in something a little more mature and appropriate.

A gentleman’s wallet needs to be two things:

1) Functional

2) Presentable

Both of these have a lot to do with what you’re carrying, so get ready to clean house.

Functional:  What Your Wallet Needs

If you’re guilty of carrying around a George Constanza wallet, one that’s stuffed to the brim, waiting to explode and blow all your “important” papers to the wind, then you really should consider going through your wallet and stripping it down to its bare essentials. Because not only does an overstuffed wallet look kind of silly when you pull it out in public, it also does a number on your clothing and appearance when it’s being carried around in your pocket. A giant wallet in the back pocket of your pants makes sitting down uncomfortable and your backside look like it’s growing an unsightly tumor. Carrying an overstuffed wallet in your coat pocket weighs you down on one side, making the jacket’s shoulders a little lopsided. And regardless of the pocket you put it in; a heavy wallet will create creases that shorten the lifespan of the garment.

So if you want to streamline your wallet, how do you figure out what should stay and what should go? Here are some suggested guidelines:

Items Every Gentleman’s Wallet Should Have

Cash – Although credit cards and other forms of electronic payment have become dominant in how we exchange money, cold hard cash is still widely accepted and in some instances preferred.  It’s fast, convenient, and from a vendor’s perspective has no processing fee (which is why you see discounts occasionally).   Cash is king when it comes to tips and paying for quick services where electronic payment forms require extra time and you would rather just pay and be on your way.

Identification – Stick to the bare minimum here.  A driver’s license/state identification card should be your default.  You may need a second ID for your job or school, but try to stop there.  No need to carry your international driver’s licenses or passport unless you’re in a foreign country.  And even then I prefer to keep a photocopy and leave my original in a hotel safe or other secure area.

Credit Cards – Carry 1-2 credit or debit cards.  Here is where a lot of people go overboard–in fact the average American has 7 cards!  You do not need to carry your Visa, Mastercard,  American Express, Discover, and 3 fuels cards with you at all times. However, I do like to carry both a debit and credit card.  Although my debit card can be used as a credit card, certain companies will not allow you to use it as a deposit card (car rental services when you are out of state–my experience).  Also the better credit cards offer a wide variety of protections not offered to debit card purchases.

Business Cards – Have them with you at all times–even if you’re unemployed or at a social event.  People want to connect, and no successful man is an island.  If you don’t have a specific title or position, get a set of calling cards with your name, phone number, and e-mail.  You don’t usually need more than a few in your wallet, as the ones here are for random opportune moments.  If you expect to be handing out more than 3, carry a business card case.  Carrying more than 5 cards in a wallet can build up bulk fast.   Although there are apps out there making business cards obsolete, adoption of the technology is still in its infancy.   Even at tech savvy events like SXSW in Austin I found less than 5% of people using the technology.

Photos of Loved Ones – A great personal motivator and reminder to carry close, the only warning is that anything you carry in your wallet should be a copy–never the original.

Items to Leave Out of Your Wallet

Discount, club membership, library, and medical cards should be left at home unless you’re making a specific trip and know you’ll need them.  My wife and I actually have a system where we keep all these cards in our minivan (we have 2 vehicles–but I rarely use my truck).  In the event we need them and forgot to bring them in, we simply walk back out to the vehicle and retrieve them.

Social Security Card – This isn’t just wasted space; it’s a bad idea.  You don’t ever need this for I.D. purposes, except when you’re actually proving residency status for legal reasons.  Keep it somewhere safe at home–not in your wallet.

(Some guys still think it's necessary to carry these in their wallets) Condoms – Keeping condoms for long periods in your wallet only damages them.  If you need to have some on hand, store them in your vehicle.

Coins – Unless you’re in a country where coin usage is a larger part of society for transportation (I feel for you guys over in Europe)–leave the coins at home.  An exception to this is if you’re headed out to a bar and may possibly run into another military man–then carry a military coin so you can brandish it and have the first round bought by your new (or old) friend.

Receipts – If you like to keep them for your records, transfer them immediately from your wallet to a folder as soon as you get home.  Week to year old receipts don’t have any place in your pocket.

Technology Note

Just because I do not carry the above items does not mean I do not have access to the information.  Using my smart phone, I keep scanned copies of important cards and files on a secure cloud-based service which I can access from anywhere.  Just the other day I had a receptionist make a photocopy of my daughter’s medical insurance card that was displayed on my iPhone via Dropbox.  There are many ways to do this–just remember to think through the security of the system you set up.  A lapse of security here could easily lead to identity theft.

Presentability:  What a Good Wallet Looks Like

The Right Wallet for the Right Job

Not all wallets are created equal.  Your slim day-to-day billfold won’t hold larger papers and tickets when you travel.  A polyester and velcro wallet with your alma mater’s football insignia is fine for shopping on a Saturday but won’t make the best impression at a business lunch.

A quick overview of wallet styles–and yes, a man can own various styles that suit his particular needs:

Billfolds – Your basic bi-fold or tri-fold wallet in plain black leather is a reliable workhorse.  It’s perfectly acceptable in just about any social or business setting and holds the daily essentials year after year.  Simple, elegant, timeless.  Your go-to wallet.

Sport Wallets – Usually made from a synthetic weave, these wallets are made in brighter colors and with features for men who need to ensure the contents of the wallet stay put.  They also can feature straps to secure them to the individual, can be water resistant, and utilize velcro and zippers.  Reserve these wallets for times when their functionality is a requirement–not when wearing a dinner jacket.

Super Slim Wallets – Recently I’ve seen the rise of simple and slim wallets.  Some are made from leather, but can only hold at most a few cards and bills.  Others are made from paper-thin, ultra-strong materials and are almost an empty form given shape by the wallet contents.  The goal is the same–make the wallet smaller and a man will by necessity carry less.  A good philosophy, and one I recommend for those who can’t seem to keep their traditional billfolds slim.

Money Clip – Often underrated, metal clips are even slimmer than wallets and can be eye-catching if you find a good one.  They also fit better in a jacket pocket than most billfolds. If you’re looking for one that’s truly unique, search Etsy.com for hundreds of interesting handmade options. There are even money clips out there like the one below that double as knives!

Travel Wallets – These are usually built larger to accommodate tickets and international passports.  They also come with an attached clip or neck thong to help prevent theft or misplacement.  Travel wallets aren’t practical for daily use, but they’re invaluable when you travel, especially as a family man carrying paperwork and IDs for 5 people.

Wallet/Phone Case – You’ve got a handkerchief, pocket knife, wallet and goodness knows what else in your pockets (seriously, check out what AoMers carry in their pockets each day)…add in having to carry a phone as well, and things start to get pretty bulky. That’s why a wallet that doubles as a phone case can be a smart move.

Stylistically, each of these wallet types comes in an almost infinite range of builds and colors.  Your tastes might run anywhere from alligator skin to recycled materials, but just remember the darker and simpler the wallet, the more formal it is.

I recommend at least a plain leather billfold; beyond that let your personal tastes act as a guide.  A little character never hurt a man’s wallet — as long as it’s kept functional and stylish.