A Quote by Ogden Nash
One rule which woe betides the banker who fails to heed it/Never lend any money to anybody unless they don't need it.
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The bankers just got a good cussing by everybody for loaning too much money. Well, they got some awful nice buildings. So when a banker fails, he fails in splendor.
I don't have any particular expertise-I've never been a banker or an investment banker. But I did see an evolution in the system that I thought was problematic.
I lend people money, but I'd never lend something that would jeopardise a friendship if I didn't get it back.
I was never stupid with my money, because I grew up without it. So when I started to make some, I was like, 'Okay, first rule of thumb, I'm not buying it unless I've got the money to buy it,' so I have no debt.
Warren Buffett likes to say that the first rule of investing is "Don't lose money," and the second rule is, "Never forget the first rule." I too believe that avoiding loss should be the primary goal of every investor. This does not mean that investors should never incur the risk of any loss at all. Rather "don't lose money" means that over several years an investment portfolio should not be exposed to appreciable loss of principal.
Reality is a state of mind. To the banker, the money in his ledger book is all very real, though he doesn't actually see it or touch it. But to the Brahma, it simply doesn't exist the way the air and the earth, pain and loss do. To him, the banker's reality is folly. To the banker, the Brahma's ideas are as inconsequential as dust.
Save money; never rely on other people to lend you money. We call it having 'walking the streets' money - money in your back pocket or bank account that belongs to you.
There are two good rules which ought to be written on every heart - never to believe anything bad about anybody unless you positively know it to be true; never to tell even that unless you feel that it is absolutely necessary, and that God is listening.
Every sensible banker understands that Greece should not have received any more money: a bankrupt state that can never be expected to repay loans is not a good debtor.
Set up rules for when you will "give" not lend money. Never lend. My people know that I'll help with college. I'll help if they lose they job thu no fault of their own.
Money is preferable to politics. It is the difference between being free to be anybody you want and to vote for anybody you want. And money is more effective than politics both in solving problems and in providing individual independence. To rid ourselves of all the trouble in the world, we need to make money. And to make money, we need to be free.
Rule number something or other -- never tell anybody anything unless you're going to get something better in return.
When any practice has become the fixed rule of the society in which we live, it is always wise to adhere to that rule, unless it call upon us to do something that is actually wrong. One should not offend the prejudices of the world, even if one is quite sure that they are prejudices.
Unjust war is to be abhorred; but woe to the nation that does not make ready to hold its own in time of need against all who would harm it! And woe thrice over to the nation in which the average man loses the fighting edge, loses the power to serve as a soldier if the day of need should arise!
Is money money or isn't money money. Everybody who earns
it and spends it every day in order to live knows
that money is money, anybody who votes it to be
gathered in as taxes knows money is not money. That
is what makes everybody go crazy.... When you earn
money and spend money every day anybody can know the
difference between a million and three. But when you
vote money away there really is not any difference
between a million and three.
Doing good with other people's money has two basic flaws. In the first place, you never spend anybody else's money as carefully as you spend your own. So a large fraction of that money is inevitably wasted. In the second place, and equally important, you cannot do good with other people's money unless you first get the money away from them. So that force - sending a policeman to take the money from somebody's pocket - is fundamentally at the basis of the philosophy of the welfare state.
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